20 July 2017

Financial Times: Deutsche Bank tells staff it is preparing for the ‘worst outcome’ from Brexit

The chief executive of Deutsche Bank has told employees the group is preparing for the possibility of a hard Brexit and would “inevitably” move a large portion of its assets and some employees to Frankfurt.

In an internal video released earlier this month, chief executive John Cryan said the group could not afford to wait for the outcome of Brexit negotiations before acting, and warned that he was “assuming a reasonable worst outcome” from the talks.

“There’s an awful lot of detail to be ironed out and agreed; depending on what the rules and regulations turn out to be, we will try to minimize disruption for our clients and for our own people,” said Mr Cryan in the video. “But inevitably roles will need to be either moved or at least added in Frankfurt.”

“The worst [outcome] is always likely to be worse than people can imagine,” he added.

Full article on Financial Times (subscription required)

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