Deutsche Bank is moving 100 jobs out of London and relocating the roles to the EU and Asia as the lender overhauls its corporate bank in the aftermath of Brexit.
Germany’s biggest lender is making a quarter of the division’s 400 staff redundant, with their roles moved to Dublin, Berlin, Frankfurt and cities across Asia, the Financial Times reported.
Some of the London-based staff who are eligible to work in the EU will be able to reapply for their roles but must take a 25 per cent pay cut, a source told the newspaper.
The move comes as banks with EU clients scramble to relocate staff after financial services were largely left out of the Brexit trade deal.
Deutsche previously said it would move staff in the “low hundreds” region from its divisions in London, but the latest changes at the corporate bank will hike those figures.
It is estimated that banks have moved or plan to move more than £900bn in assets to the EU, equivalent to 10 per cent of the entire UK banking system.
HSBC and Citigroup are among the lenders that have already announced job shifts to the continent, while JP Morgan has warned it may have to move its European operations out of the UK.
While Brexit is the major driving force behind these changes, not all of the Deutsche Bank moves are a direct result of the UK’s departure from the bloc.
The bank is said to be using Brexit as an opportunity to cut costs by moving staff away from expensive cities such as London.
Deutsche also has a political incentive to hire more staff in Frankfurt and Berlin, according to the report, as it seeks to rebuild its reputation following a string of scandals.
“We remain strongly committed to the UK, which will continue to be an important centre for our corporate bank as well as our other divisions,” Deutsche Bank said in a statement.
“It will continue to serve our many UK corporate bank customers and to provide services to our clients globally.”