Deutsche Bank to move London operations to Frankfurt, report says

The UK’s departure from the European Union is a major factor in the decision to move hundreds of jobs and client accounts out of London. However, the plans are reportedly subject to change depending on the outcome of Brexit negotiations.

Little over a year after the UK voted to leave the bloc, several large multinational banks have either begun to move or indicated they would transfer some of their operations out of the country.

The key issue for many investment banks lies around the issue of passporting rights

The key issue for many investment banks lies around the issue of passporting rights, which could be lost following the conclusion of negotiations between the EU and Theresa May’s government.

The report added that Deutsche Bank is preparing to make the move to Frankfurt over a period of 18 months, with as many as 20,000 client accounts likely to be shifted towards the German economic hub.

Deutsche revealed new strategic goals earlier this year, which included an increased focus on corporate clients and a return to its German roots, with two top executives being appointed under CEO John Cryan.