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Deutsche Bank looks to shift assets from London to Frankfurt on Brexit

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Deutsche Bank is gearing up to re-home many of its trading and investment-banking assets back to Frankfurt from London over Brexit, according to a Bloomberg report.

People with knowledge of the matter have told the media outlet that most London reported business would be transferred to a ‘booking centre’ in Germany.

Trading jobs and up to 20,000 client accounts could also be shifted, a source told Bloomberg.

The 18-month period the strategy is likely to be executed over remains subject to the outcome of Brexit negotiations, but Deutsche has become the latest in a line of banks eyeing up oversees moves in the wake of Brexit.

UBS and Goldman Sachs are also understood to be eyeing opportunities in Frankfurt. HSBC is thought to be looking at Paris jobs, Barclays at Dublin, and Morgan Stanley and JP Morgan at destinations yet to be decided.

Earlier this year Deutsche highlighted its German roots with a new strategy that including two senior German hires and a renewed focus on corporate clients.

Deutsche Bank declined to comment to Bloomberg.

Banks were asked by the Prudential Regulation Authority for details of their Brexit contingency plans last month.

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