Deutsche Bank expects to move 4,000 jobs to EU after Brexit

Deutsche Bank’s most likely Brexit scenario foresees shifting 4,000 jobs to continental Europe from the UK over several years, according to people briefed on the planning.

The bank is expected to transfer most of the positions to Frankfurt and Berlin when the UK quits the EU.

Deutsche Bank declined to comment.

Chief regulatory officer Sylvie Matherat said in April that as many as 4,000 jobs could be at stake in the UK post-Brexit, especially front-office staff dealing with EU clients and associated risk managers.

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He said at the time that about 2,000 jobs would be affected if all of the bank’s client-facing staff had to move, and an additional 2,000 could be at risk in associated functions.

Deutsche Bank will probably move about €300 billion of balance sheet assets out of London as it books more trades in Frankfurt following Brexit, people briefed on the matter said last month.

Chief executive John Cryan told Bloomberg TV last week that "we genuinely don't" know what the impact of Brexit will be on the lender's presence in London.

In a sign that it has not entirely turning its back on London, Deutsche Bank signed an agreement with Land Securities Group to move its UK headquarters to a building being constructed at 21 Moorfields in the City of London financial district, according to a filing Tuesday.

The lender will lease at least 469,000sq ft (43,570sq m) for 25 years if planning approval is secured. – Bloomberg