Deutsche Bank is considering whether to move up to 4,000 jobs away from London as a result of Brexit, according to a compliance executive for the German lender.
Chief regulatory officer Sylvie Matherat said today: “For front-office people if you want to deal with an EU client, you need to be based in the EU… Does it mean I have to move all the front office people to Germany or not? We’re speaking of 2,000 people.”
According to Bloomberg, she also indicated at the Frankfurt Finance Summit that more jobs in associated risk management functions, where 2,000 people are employed in the UK, could be affected.
Matherat also indicated that Deutsche Bank needs more certainty before making a final decision on potential job moves.
Meanwhile, in London, Barclays boss Jes Staley said that City firms would need to begin implementing contingency plans before they are given clarity on Brexit, because he does not expect certainty any time soon.
However, he also said this would not mean “great disruptions and mass migrations”.
Economics think tank Bruegel has estimated that the City stands to lose 10,000 banking jobs and between 18,000 and 20,000 other professional services positions.