JPMorgan to move $230 billion of assets to Germany ahead of Brexit

JPMorgan Chase & Co is moving about 200 billion euros ($234 billion) of assets from the United Kingdom to Germany as a result of Britains exit from the European Union, a source familiar with the matter said on Wednesday.

In January, the bank had also announced it would significantly expand its Paris hub as part of plans to relocate some services from London after Brexit.

The shift sees JPMorgan follow similar moves by other big banks in Britain, as regulators in continental financial hubs such as Frankfurt and Dublin urge banks to book their assets locally.

The source did not specify what type of assets JPMorgan was moving to Germany, but for banks making similar moves, it would typically include cash and financial securities such as stocks and bonds that banks hold in inventory for clients to trade.