Goldman Sachs is set to shift up to $60bn in assets from the UK to Germany in the latest example of a large investment bank preparing for the Brexit deadline in less than two months.

The US banking giant will move between $40bn to $60bn to its Germany branch before the end of this year, according to a person familiar with the matter. Goldman joins rivals including Barclays, JPMorgan and Natwest Markets in shifting billions away from London to their post-Brexit hubs as the transition period for the UK leaving the European Union expires on 31 January 2021.