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21 February 2018

Bloomberg: Bank Brexodus gets closer as Deutsche Bank relocates booking

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Deutsche Bank became the first large bank to publicly announce the beginning of a wholesale relocation of client business out of the UK 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.”

Chief Executive Officer John Cryan, speaking at a reception in Brussels Wednesday, said the bank needed to get the consent of its clients to move ahead with the relocation, a process that will take months. The lender is assuming a reasonable worst-case scenario with regard to Brexit -- a stance he said was confirmed in talks with regulators and supervisors. [...]

Full article on Bloomberg

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