JP Morgan, eyeing Brexit, rents more space in Frankfurt - source | Reuters

FRANKFURT (Reuters) - JP Morgan has become the latest big bank to respond to Britain’s looming exit from the European Union by renting extra office space in the German financial capital Frankfurt to accommodate more staff. A J.P. Morgan building is seen at Canary Wharf in London, Britain May 17, 2017.

Reuters November 24, 2017 23:45:10 IST
JP Morgan, eyeing Brexit, rents more space in Frankfurt - source | Reuters

JP Morgan eyeing Brexit rents more space in Frankfurt  source  ReutersFRANKFURT (Reuters) - JP Morgan has become the latest big bank to respond to Britain’s looming exit from the European Union by renting extra office space in the German financial capital Frankfurt to accommodate more staff. A J.P. Morgan building is seen at Canary Wharf in London, Britain May 17, 2017. REUTERS/Stefan WermuthA source familiar with the matter said on Friday that the U.S. investment bank had rented enough room in the Taunusturm for 200 staff, while it could fit more into its existing offices in the 40-storey skyscraper. The news comes days after CEO Jamie Dimon held face-to-face talks with Prime Minister Theresa May to discuss Brexit - Britain’s decision to leave the EU that she has pledged will happen by March 2019. Slow progress in negotiations with Brussels has raised fears of a so-called “hard Brexit” that would cause banks running their regional operations out of London to face barriers to doing business on the continent. JP Morgan plans to build hubs in Frankfurt, Dublin and Luxembourg - it already has banking licences in all three. Exactly which functions will be hosted at which location has yet to be decided, the source said, requesting anonymity due to the sensititivity of the matter. JP Morgan joins an exodus in which competitors like Goldman Sachs - which is expanding in Frankfurt and Paris - are shifting operations to more than one location, a reflection of the sheer scale of London’s financial district and how difficult it would be to replicate operations elsewhere in short order. The Frankfurter Allgemeine newspaper first reported on JP Morgan’s decision to rent more space in the Taunusturm, saying it would be able to accommodate up to 300 staff in addition to the 450 already based in the 170-metre (560 ft) building. JP Morgan declined to comment on the report.

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

Apple will enable storage of IDs like drivers licenses on iPhones
Business

Apple will enable storage of IDs like drivers licenses on iPhones

By Stephen Nellis (Reuters) -Apple Inc on Monday said it will offer the ability to store state-issued identification cards digitally on iPhones and that it is working with the U.S. Transportation Security Administration to accept the digital IDs at airports, one of several updates to the software that runs on its devices. It also showed updates to its FaceTime video chat app, adding the ability to schedule calls with multiple attendees and making the software compatible with Android and Windows devices.

Airline bosses call on UK and U.S. to lift trans-Atlantic travel restrictions
Business

Airline bosses call on UK and U.S. to lift trans-Atlantic travel restrictions

LONDON (Reuters) - The bosses of all airlines flying passenger services between Britain and the United States called on Monday for the countries' governments to relax COVID-19 restrictions to reopen travel routes between the two countries. After more than a year of restrictions, the CEOs of American Airlines, IAG unit British Airways, Delta Air Lines, United Airlines and JetBlue Airways Corp said high vaccination rates in both countries meant travel could restart safely. The push for reopening trans-Atlantic routes on Monday comes ahead of meetings between U.S.

EU patience wearing thin with UK on N.Ireland, weighing options
Business

EU patience wearing thin with UK on N.Ireland, weighing options

BRUSSELS (Reuters) - The European Union's patience towards Britain over Brexit arrangements in Northern Ireland is wearing thin and the bloc will consider its options should Britain continue its "confrontational path", an EU official said on Monday.