Wall Street’s Penchant for London Remains Even as Brexit Nears
- U.S. banks moved small share of assets by end of 2019
- Greater shift could start happening in the coming months
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Wall Street’s big banks may have started shifting some assets from the U.K., but their European Union operations have a way to go before they can match those in the City of London.
JPMorgan Chase & Co. is moving about 200 billion euros ($230 billion) of total assets to its Frankfurt-based subsidiary by the end of the year as a result of Britain’s exit from the EU. Other banks have also been beefing up operations in the bloc.