U.S. Banks Pull More Assets From London Ahead of Crucial Brexit Deadline

London’s standing as the one-stop shop for American banks doing business in Europe is slipping, as lenders speed up movement of people and assets from the U.K. to the continent before a Brexit transition period ends Dec. 31. 

For decades, American banks poured resources into London as it became the gateway to Europe’s rapidly developing capital markets and securities trading was deregulated. Now, hundreds of employees at banks including JPMorgan Chase & Co., Goldman Sachs Group Inc. and Morgan Stanley are moving to Frankfurt,…

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