Follow Us

Follow us on Twitter  Follow us on LinkedIn

09 November 2018

Bloomberg: JPMorgan leads $283 billion Brexit shift to Frankfurt

Default: Change to:

The major US investment banks are planning to shift about 250 billion euros of balance-sheet assets to Frankfurt because of Brexit, several people briefed on the matter said.

Goldman Sachs Group Inc., JPMorgan Chase & Co., Morgan Stanley and Citigroup Inc. have presented plans to increase the assets held through their Frankfurt subsidiaries tenfold after the U.K.’s exit from the EU to comply with requirements, the people said. They asked not to be identified discussing private information.

The post-Brexit estimates below are according to people familiar with the matter and figures for 2017 are from the annual reports of the bank’s German subsidiaries; all figures are in billion of euros.

The final size of the assets, including a large chunk of derivatives contracts with EU clients, may change depending on the outcome of Brexit talks, the people said. Any shift will likely be very sizable unless banks can keep their EU passporting rights, they said. [...]

Full article on Bloomberg

© Bloomberg

< Next Previous >
 Hover over the blue highlighted text to view the acronym meaning
Hover over these icons for more information

Add new comment