That will make the firm one of the largest banks in Germany
JP Morgan is reportedly planning to move about €200 billion from the UK to Frankfurt due to Brexit and plans to finish the migration by the end of the year, Bloomberg reports citing people familiar with the matter.
The shift will see the firm become Germany's sixth-largest bank - based on assets at least.
The sum is rather substantial and if anything, may be a tailwind for EUR/GBP flows in general - should there be any material FX transactions coming out of this.
But in any case, it only adds to the headwinds - even if just a little - for the pound at the moment amid pressure from Brexit talks, rising virus cases, economic recovery slowing with a lack of fiscal support, and potentially negative rates by the BOE.
