After the banks Nomura Holdings and Daiwa Securities Group, which have recently said they would create subsidiaries in Frankfurt to prepare for the Brexit, the turn of the hulking German. Deutsche Bank is studying the possibility of transferring a large part of its trading activity of securities from London to Germany, or elsewhere in Europe. It would create a centre of registration for transactions outside the Uk are currently being processed by the british capital, said the source close to the dossier to Reuters.
The facility will make adjustments as the negotiations on the Brexit, but the bank is preparing for the worst, including the case in which the activities are based in London would no longer benefit from a “european passport” to carry on the whole of the EU, added the source, about a information first reported by Bloomberg on Wednesday.
Up to 4,000 employees moved ?
Ignoring for the moment the number of employees of Deutsche Bank who may be affected by a potential transfer over the next 18 months and the German bank is also considering transferring some positions in Berlin or to other financial centres in Europe. Sylvie Matherat, a member of the supervisory board of Deutsche Bank, has, however, hinted in April that the bank could move up to 4,000 employees currently installed in London after the Brexit.
In its annual report, Deutsche Bank said to use 8.575 people in Britain on a global workforce of 99.744 the end of 2016. Out of the 30 billion euros of revenue generated by the group, approximately $ 5 billion from the United Kingdom.
Also read : Deutsche Bank is going to (significantly) better
This year, analysts forecast on average a net profit of 2.29 billion euros for the bank including the chairman of the board, John Cryan said Wednesday they had no intention of leaving the head. Asked during an interview with the newspaper “Die Zeit” if the designation of Christian Sewing and Markus Schenck to the posts of vice-presidents of the management board in march opened the way for his succession, Cryan responded : “You can be sure of one thing, I have no project to go elsewhere, not for a long time.”
(With Reuters)
