JPMorgan to Move $230 Billion Assets to Germany Under Brexit
- Migration will make the U.S. firm a top 10 bank in the country
- Head of the Frankfurt unit has taken on more responsibilities
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JPMorgan Chase & Co. is moving about 200 billion euros ($230 billion) from the U.K. to Frankfurt as a result of Britain’s exit from the European Union, a shift that will make it one of the largest banks in Germany.
The U.S. bank plans to finish the migration of the assets to its Frankfurt-based subsidiary by the end of the year, people familiar with the matter said. The change could boost its balance sheet enough to become the country’s sixth-largest bank, based on the assets of the biggest commercial lenders last year.