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JPMorgan leads $283 billion Brexit shift to Frankfurt

from Bloomberg

The major U.S. investment banks are planning to shift about 250 billion euros ($283 billion) 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. more


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