Deutsche Bank Is Said to Retreat From London for Frankfurt
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German bank would move assets booked in U.K. to home nation
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Plan is response to both Brexit and investment bank overhaul
Deutsche Bank AG is preparing to move large parts of the trading and investment-banking assets it currently books in London to its hometown of Frankfurt in response to Britain’s exit from the European Union, people familiar with the matter said.
Germany’s largest lender would move most of the business reported in London to a so-called booking center in Frankfurt under the plan, said the people, who requested anonymity because the discussions aren’t public. The jobs of several hundred traders and as many as 20,000 client accounts will likely be shifted as well, said another person. The strategy, which is still being finalized and would be reviewed if the Brexit scenario changes, will probably be implemented over the next 18 months, the people said…
Deutsche Bank Is Said to Retreat From London for Frankfurt
