As part of an effort to simplify its structure for EU-based clients and to make its business more competitive after Brexit, the American banking giant JPMorgan has merged most of its European Union businesses into a single entity in Germany.
It transferred its Irish and Luxembourg-based businesses into a new entity in Frankfurt. With a total capital base of about 34 billion euros ($38.51 billion), JP Morgan AG will not just be one of the five largest banks in Germany, but also among the top 20 financial institutions supervised by the European Central Bank (ECB).
Moreover, JP Morgan intends to continue its expansion in Frankfurt significantly. The workforce in Germany is expected to grow by up to a quarter to 700 employees this year. New jobs are to be created in all areas, from asset management to private banking and commercial banking to investment banking.