Deutsche Bank executive warns Brexit could endanger 4,000 jobs

The German company's chief regulatory officer Sylvie Matherat told the Frankfurt Main Finance conference on Wednesday that it was important for clients based in the European Union to be able to conduct business within the area.

Brexit talks have officially begun between the EU and the UK government in a process which is expected to take up to two years, as a host of financial institutions have stated their intentions to move certain operations out of the country.

Brexit talks have officially begun between the EU and the UK government

"For front office people if you want to deal with an EU client, you need to be based in the EU," Matherat told the conference in Frankfurt. "And we are speaking of 2,000 people - that's not a small number."

The compliance officer added that the final number of jobs at risk could total 4,000, as the bank attempts to safeguard associated risk management functions. Deutsche Bank currently employs 9,000 people in the UK, with 7,000 of those working in London.

"It means another 2000 people. Everybody needs clarity - and the sooner the better."

Earlier on Wednesday, Barclays CEO Jes Staley said that banks would soon begin the process of relocating jobs to the continent as a result of the fallout from Brexit.