Germany wins as Deutsche plans post-Brexit jobs shift
Frankfurt/Zurich — Deutsche Bank envisions shifting almost half its UK positions to the European continent over coming years as the lender’s Brexit plans take shape, people briefed on the matter say. Most of the 4,000 positions would move to Frankfurt and Berlin under the bank’s base case scenario, the people said, asking not to be identified discussing internal planning. Deutsche Bank would start relocating jobs in 2018 at the earliest, once it had dealt with regulatory approvals and other preparations, another person said. No plans had been finalised and numbers could still change depending on the UK’s talks with the EU, the people said. Deutsche Bank’s scenario underscores how executives are increasingly preparing for a hard Brexit, something CEO John Cryan told employees in July. HSBC Holdings, Europe’s biggest lender, is planning to move about 1,000 roles from the UK, and JPMorgan Chase has said 500 to 1,000 jobs might initially be shifted. Deutsche Bank’s planned moves are mor...
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