Bank Brexodus Gets Closer as Deutsche Bank Relocates Booking

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The banking Brexodus is coming a step closer.

Deutsche Bank AG on Wednesday became the first large bank to publicly announce the beginning of a wholesale relocation of client business out of the U.K. in response to Britain’s vote to leave the European Union. The Frankfurt-based lender said it plans to complete the shift this year unless negotiators in Brussels agree on a transition period that will give banks more time.

“We have today begun to engage with clients regarding the global booking hub,” Deutsche Bank said. “We believe it is prudent to begin this process now, given less than 14 months remain until the U.K. is scheduled to leave the European Union.”