Brexit impact: Goldman shifting up to $60 bn of assets from UK to Germany

With fewer than 40 working days until the UK's transition period expires, international banks are accelerating plans to beef up in Europe to handle the increase in client activity from Jan 1

Goldman Sachs Group Inc. is shifting as much as $60 billion of assets from the UK to Frankfurt, the latest sign that banks are beefing up their European Union operations ahead of Brexit.

The Wall Street bank plans to move between $40 billion to $60 billion to its German subsidiary by the end of the year, according to people familiar with the matter who asked not to be named discussing private information.

Goldman Sachs Bank Europe SE, the Frankfurt-based subsidiary that will house the assets, had just 3.4 billion euros ($4 billion) at the end of last year, according to