Brexit May Force Deutsche Bank to Move 4,000 Jobs Out of UK

Deutsche Bank is one of many financial institutions that may be forced to move jobs out of the UK and the City of London following Brexit.
(Londonplanters/Wikimedia Commons)

Sylvie Matherat, Deutsche Bank’s chief regulatory officer, said that the bank may be forced to move 2,000 front office jobs to EU nations after Brexit and that an additional 2,000 jobs could be at stake. She explained, “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?”

The French finance minister, Michel Sapin, said of the issue:

I believe that there is an issue of sovereignty and security of European monetary markets and therefore the majority of the clearing houses cannot remain in London.

Leaders of numerous other banks and financial institutions, including Lloyd’s of London, JP Morgan, Citigroup, Goldman Sachs, HSBC, and Barclays, have also spoken out about the post-Brexit eventuality of having to move jobs out of the UK.

Experts estimate that anywhere from tens of thousands to more than 200,000 banking jobs could be lost in the UK following Brexit.

For its part, Deutsche Bank employs 9,000 people in the UK, most of them — 7,000 — in the City of London.

To read the full story in the Guardian, click here: