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.