The large American bank JPMorgan is moving approximately 200 billion euros from the United Kingdom to Frankfurt in preparation for Brexit.
This makes it one of the larger banks in Germany in one fell swoop.
news agency reports this
on Wednesday based on multiple sources.
The bank wants to complete the move by the end of the year.
If the money is in Germany, JPMorgan is the sixth largest bank there, based on 2019 data. Although the amount is huge, less than 10 percent of the bank's total balance sheet will be moved this year.
The transition period, the period between Brexit and the new relationship between the UK and the European Union, will end in less than four months.
The UK still applies European rules to facilitate the transition for companies.
To prepare for an increasingly likely no trade deal, JPMorgan announced last week that approximately 200 employees will be moving from London to European cities such as Paris, Frankfurt, Milan and Madrid.
However, this is not only due to Brexit.
JPMorgan has long been looking for ways to control a larger share of the German market.