Deutsche Bank considers pulling nearly half of its 9,000 UK jobs

Deutsche Bank at One Brindleyplace
Deutsche Bank at One Brindleyplace (Credit: Elliott Brown/Creative Commons)

Deutsche Bank is considering the possibility that it may have to move as many as 4,000 of its 9,000 UK jobs to a country within the European Union once the United Kingdom leaves the European Union.

Its chief regulatory officer Sylvie Matherat told a conference in Frankfurt that “everybody needs clarity – and the sooner the better”.

Deutsche Bank employs hundreds of people at Brindleyplace in Birmingham.

It has been through a difficult period and last summer it was in crisis, with its market value falling by half. It cut 3,300 jobs globally in the last year, with around half of those job losses coming in the first quarter of 2017.

Financial firms have been planning for the consequences of Brexit, with rival financial centres in Frankfurt, Paris and Dublin keen to attract jobs should firms decide to move parts of their operations from the UK.

“For front office people if you want to deal with EU clients you need to be based in the EU, in continental Europe. Does that mean that I have to move all the front office people to Germany or not?” said Matherat, in comments reported by Reuters.

“And we are speaking of 2,000 people – that’s not a small number.”

She also risk management jobs could also move which “means another 2,000 people”, she said.

Click here to sign up to receive our new South West business news...
Close