With less than four months to go until the Brexit transition period expires, international banks have been beefing up operations in the European Union to make sure they can service clients given the prospect that U.K.-based firms, including JPMorgan’s London operations, won’t retain passporting rights in a trade deal.
Given that increasingly likely prospect, the bank last week told about 200 London staff to move to continental European cities including Paris, Frankfurt, Milan and Madrid, Bloomberg News has reported
While JPMorgan has made the biggest shift to Frankfurt, other banks have chosen to bulk up in Germany’s financial hub, including Citigroup Inc., UBS Group AG and Standard Chartered Plc.
