Deutsche Bank is preparing for a hard Brexit and will probably book the “vast majority” of its assets in Frankfurt, chief executive John Cryan has told employees in a videotaped message.
“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 minimise disruption for our clients and for our own people,” Mr Cryan said in the video. “But inevitably roles will need to be either moved or at least added in Frankfurt.”
A year after Britons voted to pull out of the European Union, the world’s biggest banks are eyeing other potential locations for some London operations. The turmoil around Brexit dovetails with Mr Cryan’s desire to concentrate more business at its base in Frankfurt, Germany’s financial hub.