Deutsche Bank CEO expects to move far fewer than 4,000 jobs for Brexit

Deutsche Bank’s (DBKGn.DE) chief executive expects to move far fewer than 4,000 jobs to Frankfurt following Britain’s departure from the European Union, he told Swiss daily Neue Zuercher Zeitung.

Deutsche Bank is headquartered in Frankfurt, but has large operations in the UK with 8,600 staff based there.

“The 4,000 number that comes up again and again in media reports is much too high,” John Cryan was quoted as saying in the paper’s Saturday edition, adding that initially several hundreds of jobs will be created in Frankfurt, but also in other cities such as Milan and Paris.

“Mainly bankers, technology experts and traders work in London and they want to stay there,” Cryan was quoted as saying. “The booking center will move for sure, but that affects less (sic) jobs than many think.”

Deutsche Bank is planning a new booking center in Frankfurt to handle the billions of euros of non-European business currently routed through London, which may not be allowed after Brexit.

(REUTERS)