Bloomberg: Deutsche Bank extends Brexit client migration to 2019

27 April 2018

Deutsche Bank AG is slowing down its Brexit preparations due to the agreed transition period, according to a person familiar with the decision and an internal memo seen by Bloomberg.

While Deutsche Bank still plans to make Frankfurt its global booking hub by year’s end, not all clients booked in London will be moved across to Germany before the start of the new year, according to a memo signed by Rob Casebourne, and the person familiar. Garth Ritchie, the firm’s head of investment banking who also serves as the bank’s U.K. chief, last year appointed Casebourne to oversee the bank’s Brexit preparations in the U.K., according to another person with knowledge of the matter.

According to the memo, Deutsche Bank has decided to use “the extra time provided by the transition period to extend the implementation for client migration. We will be repapering a number of clients in 2018, with the remainder to be repapered in 2019.” Deutsche Bank declined to comment on the memo. [...]

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