There have as yet been no details on the type of assets the bank is moving, but judging by banks making similar moves, it would seem likely to include cash and financial securities such as stocks and bonds that banks hold in inventory for clients to trade.

In January, the bank had announced a plan to buy a building in central Paris from France’s BNP Paribas to house up to 450 staff in the coming years as part of plans to relocate some services from London after Brexit.

JP Morgan is America’s largest bank and has a history in the UK dating back to the mid-1800s. London is its headquarters in Europe, the Middle East and Africa and it also has offices in Bournemouth, Glasgow and Edinburgh.

While other banks including UBS, Standard Chartered and Citi have already moved to reinforce their operations in Frankfurt, JP Morgan’s plans would represent the biggest shift any lender has made to Germany’s financial hub.

Last year, consultancy EY said assets worth nearly £800 billion were being moved from Britain to new financial hubs in the European Union ahead of Brexit.