Bloomberg News reports that most of the 4,000 positions will move to Frankfurt and Berlin under the bank’s base case scenario, the people said, asking not to be identified discussing internal planning. Deutsche Bank will start relocating jobs next year at the earliest once it has dealt with regulatory approvals and other preparations, another person said. No plans have been finalized and numbers could still change depending on the U.K.’s talks with the European Union, the people said.
Banks, concerned by the lack of progress in Brexit talks and the potential for London to be shut out of the single market, are activating contingency plans and establishing hubs on the continent. Frankfurt and Dublin are getting the lion’s share of relocated banking jobs, with Germany’s financial center also set to attract banks including Citigroup and Standard Chartered.
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