Deutsche Bank says hundreds, not thousands, likely to move after Brexit
Frankfurt — A Deutsche Bank executive gave more detail on how "hundreds" of London employees will relocate to Frankfurt and other cities as Germany’s largest lender moves fewer staff on Brexit than some initial estimates had suggested. The personnel to be moved from London "won’t be thousands, but hundreds", Stefan Hoops, head of the bank’s capital markets division in Germany, said at a press briefing on Wednesday in Germany’s financial capital. Some of the affected employees "can go to the country that corresponds to their preference or clients", not just Frankfurt, he said. London will remain Deutsche Bank’s trading hub, and most traders will continue to be based there, even over a long time horizon, Hoops said, noting that the ultimate number of moves remains unclear, as the process will play out over a long period of time and depend on market developments. His comments are in line with an interview CEO John Cryan gave last week, telling Neue Zürcher Zeitung that estimates of 4,0...
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