Deutsche Bank will "inevitably" move jobs from UK to Frankfurt because of Brexit, says chief executive John Cryan

by

Frankfurt is having a good week (Source: Getty)

Brexit will “inevitably” lead to Deutsche Bank jobs being moved from the UK to Frankfurt, the German bank’s boss has said.

Chief executive John Cryan also told staff in a video that the bank is preparing for a hard Brexit and that it will probably book the “vast majority” of its assets in the German city.

“There’s an awful lot of detail to be ironed out and agreed; depending on what the rules and regulations turn out to be, we will try to minimize disruption for our clients and for our own people,” he said in a video seen by Bloomberg and shared with staff on 11 July.

“But inevitably roles will need to be either moved or at least added in Frankfurt.”

It has been a good week for Frankfurt. It has emerged that both Citigroup and Morgan Stanley have chosen the German city as their new post-Brexit EU hubs, with both set to move hundreds of jobs there.

Unlike many large banking rivals, Germany-headquartered Deutsche Bank will not need to set up a new EU subsidiary.

Deutsche Bank chief regulatory officer Sylvie Matherat previously indicated that up to 4,000 UK jobs could be affected by the Brexit vote.

Read more: Morgan Stanley chooses Frankfurt for post-Brexit EU hub