London/ Zurich — Deutsche Bank was girding its loins for a "hard Brexit", with plans to book the "vast majority" of its trades in Frankfurt, CEO 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. "We will try to minimise disruption for our clients and for our own people, but inevitably roles will need to be moved or at least added in Frankfurt." A year after Britons voted to pull out of the EU, banks are starting to prepare employees for the repercussions, which may include moving some London operations. The turmoil around Brexit dovetails with Cryan’s desire to concentrate more business at Deutsche Bank’s base in Frankfurt, Germany’s financial hub. The CEO said the bank could not afford to postpone decisions on Brexit pending the outcome of negotiations on Britain’s future relationship with the EU. Although Deutsche Bank would not need ...
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