• JPMorgan indicated plans to expand its hub in Paris by reassigning services based in London post Brexit
• The bank plans on completing the migration of its assets to the Frankfurt subsidiary by the end of 2020

As per reliable sources, American multinational investment bank and financial service provider, JPMorgan Chase & Co. has recently made it to the headlines for moving assets worth around USD 234 billion (2 billion Euros) from United Kingdom to Germany as a result of Britain’s exit from the European Union.

The bank reportedly indicated plans to expand its hub in Paris by reassigning services based in London post Brexit. Apparently, JPMorgan plans on completing the migration of its assets to the Frankfurt by the end of 2020. However, the bank was unavailable for additional details regarding the development.

Although details regarding the type of assets JPMorgan is moving are unknown, sources close to the matter claim that the bank is transferring cash and financial securities such as bonds and stocks to the German units.

Besides JPMorgan, other leading banks have also apparently chosen to strengthen their operations in Dublin and Frankfurt. In fact, Barclays plc, a leading British investment bank, has reportedly moved 200 billion euros worth of assets to Dublin last year and has also reallocated its European headquarters.

If sources are to be believed, the clients of these banks will now be required to trade directly with the lenders’ local banking entities instead of the U.K.-based subsidiaries.  In this context, experts claim that the banks that are using Brexit as a gateway to the European Union will be required to prioritize serving the existing EU customers over Britain’s citizens.

In other news, the Finance Minister of U.K has reportedly announced a new emergency package measure, namely the Job Support Scheme, in order to contain the growing unemployment rate in the UK amid the COVID-19 pandemic.

Source credits: https://uk.reuters.com/article/instant-article/idUSKCN26E1GK