JP Morgan is to move some of its wealth management operations from London to Luxembourg ahead of the UK leaving the EU.
According to the Financial Times, some investment banking and corporate banking operations will also move.
The US firm plans to create a “significant” business in Luxembourg, according to the report, which will allow it to serve more fund management clients across the European Economic Area.
The FT says that as part of the restructure the London-based JP Morgan International Bank will be dissolved with assets and clients moved to JP Morgan Bank Luxembourg.
JP Morgan follows other fund managers in deciding to change parts of their business ahead of Brexit.
Columbia Threadneedle announced in May its plans to transfer EU customer assets from its UK Oeic range to equivalent funds in its Luxembourg Sicav range.
The same month Legal and General Investment Management received regulatory approval for its new business unit in Dublin as it plans to shift part of its operations in preparation for Brexit.