Morgan Stanley to shift $120 billion to Germany in post-Brexit move: source

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Frankfurt’s banking scene has been one of the primary beneficiaries of Britain’s exit from the European Union as many big global banks chose Germany’s financial capital to house staff and assets. Dozens of financial institutions have applied for licenses in Germany.

The person, who spoke on condition of anonymity to discuss internal planning, said that the volume of assets slated for transfer was a rough estimate and would likely be moved in the first quarter of next year.

Britain and the European Union are currently in discussions to hammer out a post-Brexit trade deal.

Banks that have increased their presence in Frankfurt include Citigroup (NYSE:C) , JPMorgan (NYSE:JPM) , Standard Chartered (OTC:SCBFF) and Goldman Sachs (NYSE:GS) .

Frankfurt has been dubbed Bankfurt or Mainhattan, after the river Main that the city straddles.

A steady increase in banking jobs has however likely come to an end because of the coronavirus pandemic, according to a study by German lender Helaba.

Bloomberg first reported Morgan Stanley’s plans.

($1 = 0.8243 euros)