JPMorgan Among Banks Added to ECB Oversight as Brexit Looms
- Goldman Sachs, JPMorgan local units entered oversight in 2019
- ECB will oversee a total of 117 banks from start of 2020
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The European Central Bank has started supervising some of the world’s top securities firms’ businesses in the region, as they build up their operations across the European Union ahead of Brexit.
European units of Goldman Sachs Group Inc., JPMorgan Chase & Co., Morgan Stanley and UBS Group AG entered the ECB’s oversight this year as a result of their shift of operations from the U.K. to the euro area, according to a statement on Wednesday. “Banks directly supervised by the ECB are generally becoming larger and more complex as banking groups consolidate or relocate activities” from the U.K., it said.