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January 25, 2022

JPMorgan merges major EU units under one entity

US banking giant JPMorgan is consolidating most of its European Union businesses into one legal German entity, known as JP Morgan SE (JPMSE), in a bid to simplify its structure for the bloc following Brexit.

The bank has merged Luxembourg and Irish units into the German entity – JP Morgan AG, which has been converted into a European public company.

Frankfurt-based JPMSE has branches across the European Economic Area (EEA), with considerable presence in Dublin, Luxembourg, and Paris.

It offers products/services across JPMorgan’s businesses including its corporate & investment bank, commercial bank and private bank.

JPMSE also provides access to EU liquidity for clients operating globally.

Additionally, the combined entity will operate a branch in London to support the firm’s private banking business.

The restructure will not impact existing office locations, the bank noted.

With a total capital base of around €34bn, JPMSE is said to be among the five largest banking entities in Germany and among the top 20 in the EU. 

Stefan Behr is JPMSE’s CEO who is also a member of the firm’s Europe, Middle East and Africa (EMEA) management committee.

In a separate development, JP Morgan Asset Management formed a new sustainability-focused growth private equity investment team.

JPMorgan will support the team’s first investment strategy by investing $150m. 

The new team sits within JP Morgan Private Capital, a growth equity platform.

JP Morgan Asset Management CEO George Gatch said: “We are in a unique position to leverage our global scale, data science capabilities, and the expertise of our sustainability leaders to source and invest in best-in-class companies driving the sustainable future.” 

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