Deutsche Bank CEO tells staff: Prepare for Brexit “worst outcome“

Jon Government

Deutsche Bank CEO John Cryan told employees that the German lender is preparing for a hard Brexit in which roles will “inevitably” move from London to Frankfurt.
Cryan said in a video announcement on July 11 that the bank “will assume a reasonable worst outcome” from the U.K.’s talks with the European Union, according to a Bloomberg News report.
“The worst is always likely to be worse than people can imagine,” Cryan said.
Deutsche Bank operates a branch in the U.K., and while London is one of the firm’s major investment banking hubs, Cryan said he will move “the vast majority” of the markets balance sheet to Frankfurt. As a result, some roles will move too.
“There’s an awful lot of detail to be ironed out and agreed, depending on what the rules and regulations turn out to be,” Cryan said in the video. “We will try to minimize disruption for our clients and for our own people, but inevitably roles will need to be either moved or at least added in Frankfurt.”

This post was published at Business Insider