24 Jan 2022
JPMorgan Combines European Enterprises to Form Single German Entity
The Index Today
Prominent American banking firm JPMorgan has instituted a merging of its companies in Europe into a single business in Germany with the intention of furthering their commercial prospects in the region following Britain’s exit.
The company has stated that the new merger "will be among the five largest banking legal entities in Germany" to be supervised by the European Central Bank (ECB). The banking firm has merged its Irish and Luxembourg branches to a single German enterprise named JPMorgan AG with a capital of $38.51 billion.
This comes as notable banks continue to implement important business changes to seamlessly cater to their clients both within and beyond London following Brexit. However, JPMorgan has assured that the current changes will not be affecting its present office locations in the European Union.
©Photo: financial times