Brexit pangs: JP Morgan leads $283 billion assets shift to Frankfurt

JPMorgan, Goldman Sachs and Morgan Stanley have all said that they will convert their Frankfurt offices into their EU hubs

The major US 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 UK’s exit from the EU to comply with requirements, the people said. They asked not to be identified discussing private information.

The post-Brexit estimates below are according to people familiar with the matter and figures for 2017 are from the annual reports of the