Deutsche Bank Preparing for Hard Brexit, CEO Cryan Tells Employees
- ‘Vast majority’ of assets to be booked in Germany, he says
- CEO says roles will need to be moved or added in Frankfurt
Deutsche Bank Said to Prepare Retreat From London
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Deutsche Bank AG is girding for a hard Brexit, with plans to book the “vast majority” of its trades in Frankfurt, Chief Executive Officer 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 in the video. “We will try to minimize disruption for our clients and for our own people, but inevitably roles will need to be either moved or at least added in Frankfurt.”