JPMorgan is shifting some of its wealth management operations from London to Luxembourg in anticipation of the UK leaving the EU.
The US bank announced on Tuesday that it will restructure its wealth management division, establishing a significant business in Luxembourg. The enlarged Luxembourg operation will also bolster JPMorgan’s ability to serve its fund management clients “across the European Economic Area.”
As part of the restructuring, London-based JPMorgan International Bank Limited will be dissolved and its assets and clients accounts transferred to JPMorgan Bank Luxembourg SA. The changes are expected to be complete in early 2019.
The bank described the restructuring as long planned. A JPMorgan spokesperson said that the wealth management business will continue to have a significant presence in London. [...]
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