ECB takes oversight of big investment banks fleeing Brexit
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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..