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Deutsche Bank preparing for hard Brexit

Deutsche Bank is girding for a hard Brexit, with plans to book the “vast majority” of its trades in Frankfurt, chief executive John Cryan said in a videotaped message to its 98,000 employees.

“There’s an awful lot of detail to be ironed out and agreed, depending on what the rules and regulations turn out to be,” Cryan said in the video. “We will try to minimise disruption for our clients and for our own people, but inevitably roles will need to be either moved or at least added in Frankfurt.”

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