Deutsche Bank CEO says UK staff won’t have to move to Frankfurt

John Cryan

  • Deutsche Bank CEO John Cryan told Swiss daily Neue
    Zuercher Zeitung he expects fewer than 4,000 jobs to move from
    the UK to Frankfurt as a result of Brexit.
  • The 4,000 figure was
    previously cited by one of the bank’s executives
    , but Cryan
    says the number is too high.
  • Cryan confirmed the booking center will move to

DUESSELDORF (Reuters) – Deutsche Bank’s chief executive expects
to move far fewer than 4,000 jobs to Frankfurt following
Britain’s departure from the European Union, he told Swiss daily
Neue Zuercher Zeitung.

Deutsche Bank is headquartered in Frankfurt, but has large
operations in the UK with 8,600 staff based there.

“The 4,000 number that comes up again and again in media reports
is much too high,” John Cryan was quoted as saying in the paper’s
Saturday edition, adding that initially several hundreds of jobs
will be created in Frankfurt, but also in other cities such as
Milan and Paris.

“Mainly bankers, technology experts and traders work in London
and they want to stay there,” Cryan was quoted as saying. “The
booking center will move for sure, but that affects less jobs
than many think.”

Deutsche Bank is planning a new booking center in Frankfurt to
handle the billions of euros of non-European business currently
routed through London, which may not be allowed after Brexit.

While the bank has never been specific about how many jobs may
move from London following Brexit, a senior official earlier this
year indicated that up to 4,000 may be affected.

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In April, Chief Regulatory Officer Sylvie Matherat had said: “For
front office people, if you want to deal with EU clients you need
to be based in the EU, in continental Europe. Does that mean that
I have to move all the front office people to Germany or not? …
and we are speaking of 2,000 people.”

She had added that local supervisors were asking for risk
management to be done locally, a demand that would require more
jobs to be moved. “It means another 2,000 people,” she had said
at the time.

(Reporting Arno Schuetze; Editing by Elaine Hardcastle)