Brexit: JPMorgan rents additional office space in Frankfurt

FRANKFURT (Reuters) – JPMorgan (NYSE:JPM) has rented additional office space in Frankfurt in anticipation of the exit of Britain from the european Union, has it learned Friday from a source informed of this initiative.

The us bank has hired enough additional space in the Taunusturm, a skyscraper of 40 floors) in Frankfurt, to install 200 employees, said the source.

The large international banks are considering relocating some of their european activities from London to other cities in the EU to be able to keep their european passport after the Brexit, which is expected to occur no later than march 2019.

JPMorgan plans to develop three hubs in Frankfurt, Dublin and Luxembourg, the three cities where it already has licensing of banking. She has not yet decided the distribution of activities between these cities, the source said.

The newspaper Frankfurter Allgemeine Zeitung first reported that the us bank had decided to rent the extra space in the Taunusturm. According to the journal, JPMorgan might as well install up to 300 additional employees in addition to the 450 already present in this building.

JPMorgan has refused to speak on the subject.

(Hans Seidenstücker; Bertrand Boucey for the French service)