News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

JPMorgan merges EU operations into single German business

01/24/2022 | 03:56am EDT
A sign outside JP Morgan Chase & Co. offices is seen in New York

LONDON (Reuters) - American banking giant JPMorgan has merged most of its European Union businesses into a single entity in Germany, it said on Monday, seeking to make its business in the bloc more competitive after Britain's departure.

The bank said it had simplified its European structure by merging its Luxembourg and Irish entities into German business JP Morgan AG.

JPMorgan said the new combined operation "will be among the five largest banking legal entities in Germany" and go into the top 20 of those supervised by the European Central Bank (ECB). It said it would have a total capital base of about 34 billion euros ($38.51 billion).

Major U.S. banks have been reorganising their European operations since Brexit because they can no longer serve EU clients out of London. Channelling most of its EU business through a single entity will make it cheaper for JPMorgan to operate by reducing how much capital it needs to hold in total and combining different pools of liquidity.

The reorganisation of the group's EU legal entity structure does not involve any change to its existing office locations, JPMorgan added.

($1 = 0.8829 euros)

(Reporting by Rachel Armstrong; Editing by David Goodman)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
US DOLLAR / EURO (USD/EUR) 0.01% 0.931819 Delayed Quote.5.95%
Latest news "Economy & Forex"
05:52pUKRAINE AND RUSSIA : What you need to know right now
RE
05:41pThe WSJ Dollar Index Falls 1.18% to 94.31 -- Data Talk
DJ
05:40pEuro Gains 1.62% to $1.0736 -- Data Talk
DJ
05:40pSterling Gains 1.11% to $1.2632 -- Data Talk
DJ
05:40pDollar Lost 0.60% to 127.11 Yen -- Data Talk
DJ
05:39pTechnology Shares Climb as Investors Embrace More Risk -- Tech Roundup
DJ
05:38pRobinhood agrees to settle customer lawsuit over 2020 outages
RE
05:37pFinancial Shares Move Higher as EY Considers Split -- Financials Roundup
DJ
05:34pDogecoin Gained 3.27% to $0.081 at 5 p.m. ET -- Data Talk
DJ
05:34pEthereum Lost 4.48% to $1744.16 at 5 p.m. ET -- Data Talk
DJ
Latest news "Economy & Forex"