US bank Morgan Stanley has chosen Frankfurt as the location for its new post-Brexit EU hub.
Under its preparations for Brexit, Morgan Stanley would also likely shift jobs from London to other EU cities, such as Dublin and Paris.
The bank could double the number of staff it has in Frankfurt, from 200 to 400, under the plans, it is understood.
Morgan Stanley currently has more than 5,000 staff in London, its European headquarters. As part of preparations for Brexit in March 2019, the number of staff moved will be in the low hundreds.
The bank has not made a formal announcement and Press Association first reported today that Frankfurt had been chosen as its new hub.
It emerged earlier this week that Citigroup had chosen to move several hundred sales and trading jobs to Frankfurt.