Deutsche Bank’s most likely Brexit scenario foresees shifting about 4,000 jobs to continental Europe from the UK over several years, according to people briefed on the planning.
The bank will transfer most of the positions to Frankfurt and Berlin when the UK quits the European Union, the people said, asking not to be identified discussing internal planning. The bank will start moving jobs next year at the earliest to get infrastructure and regulatory approvals in place first, another person said. No plans have been finalised and numbers could change depending on the outcome of the UK’s negotiations with the EU, the people said.
An official for Deutsche Bank declined to comment.
Chief Regulatory Officer Sylvie Matherat had said in April that as many as 4,000 jobs could be at stake in the UK post Brexit, especially front-office staff dealing with EU clients and associated risk managers. Deutsche Bank will probably move about 300bn euros (£268bn) of balance sheet assets out of London as it books more trades in Frankfurt following Brexit, people briefed on the matter said last month.
Chief Executive Officer John Cryan told Bloomberg TV last week that “we genuinely don’t” know what the impact of Brexit will be on the lender’s presence in London. In many cases, Germany’s biggest bank would likely move jobs rather than employees, the people said.
In a sign that it’s not entirely turning its back on London, Deutsche Bank signed an agreement with Land Securities Group to move its UK headquarters to a building being constructed at 21 Moorfields in the City of London financial district, according to a filing on Tuesday. The lender will lease at least 469,000 square feet (43,570 square metres) for 25 years if planning approval is secured.
Matherat, speaking at a conference in Frankfurt in April, said at the time that about 2,000 jobs would be affected if all of the bank’s client-facing staff had to move, and an additional 2,000 could be at risk in associated functions.
Bloomberg
