JP Morgan to shift €200bn from UK to Germany - report

JP Morgan will become one of Germany's biggest banks when it moves about €200bn (£184bn) of assets from the UK to Frankfurt because of Brexit, Bloomberg reported.

The biggest US bank by assets plans to complete the transfer by the end of 2020 in a move that could make it Germany's sixth-biggest bank. The assets are almost 10% of JP Morgan's total balance sheet and almost half the assets held by German branches of foreign banks at the end of June, Bloomberg said.

The Brexit transition period expires on 31 December and international banks in London look unlikely to retain passporting rights between the EU and the UK. As a result, many are expanding their European operations.

JP Morgan has told about 200 London employees to move to European cities including Frankfurt, Paris and Milan. The bank also wants to expand its German operation in investment and corporate banking and wealth management, Bloomberg said.