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ECB takes oversight of big investment banks fleeing Brexit

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By Reuters
ECB takes oversight of big investment banks fleeing Brexit
FILE PHOTO: European Central Bank (ECB) headquarters building is seen in Frankfurt, Germany, March 7, 2018. REUTERS/Ralph Orlowski   -   Copyright  RALPH ORLOWSKI(Reuters)
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FRANKFURT (Reuters) – The European Central Bank will start supervising the subsidiaries of several global investment banking giants from next year as they move significant operations to the continent ahead of Brexit, the ECB said on Wednesday.

“Owing to Brexit, four banks were expected to significantly increase their business activities and were therefore placed under the ECB’s direct supervision: UBS Europe SE, J.P. Morgan AG, Morgan Stanley Europe Holding SE and Goldman Sachs Bank Europe SE,” the ECB said in a statement.

All in all, the bank will supervise 117 lenders from next year, down from 119, as several banks no longer meet its criteria for supervision.

(Reporting by Balazs Koranyi; Editing by Franesco Canepa)