Deutsche Bank Relocates Bankers Away from London
(25 May 2021 – Global) Deutsche Bank is relocating 100 bankers from London to offices in the EU and Asia as Germany’s largest lender accelerates a restructuring of its corporate bank following Brexit.
Under the plan, a quarter of the division’s 400 UK staff are being made redundant, with their roles moved to Dublin, Berlin, Frankfurt and cities across Asia, according to people familiar with the decision.
Some of the London-based staff able to work within the EU can reapply for their jobs, but must take a 25 per cent pay cut, the FT has reported.
Financial services was largely left out of the UK-EU trade deal that came into force in January, leaving some UK-based employees unable to directly serve clients in the 27-member bloc.
Deutsche had previously said it would move a “low hundreds” number of people from its divisions across London — put at around 250 to 300 by people familiar with the matter. The changes at the corporate bank, run by Stefan Hoops, will increase this figure.
Not all of the relocations within the corporate bank are directly the result of Brexit, however.
Deutsche is also using Britain’s exit from the EU as a broader opportunity to cut office costs in expensive cities such as London, shift staff to cheaper locations, hire locally and base bankers closer to their regional clients.
The bank also has a political incentive to hire more employees in Frankfurt and Berlin, according to one of the people familiar with its plans, as it seeks to rebuild its reputation with the country’s politicians.