Deutsche Bank is reportedly moving 100 bankers from the capital to offices in the EU and Asia, as part of its post-Brexit restructuring plan.
One quarter of the corporate bank’s 400 UK staff will be made redundant – with their roles transferred to Dublin, Berlin, Frankfurt and a number of cities across Asia, people familiar with the decision told the Financial Times.
They said that some London-based staff that are able to work in the EU could reapply for their jobs, but must take a 25 per cent pay cut.
The bank has around 7,500 employees in the UK, with most of those roles based in London. But there are also 1,000 support staff in Birmingham.
“We remain strongly committed to the UK, which will continue to be an important centre for our corporate bank as well as our other divisions,” the bank said in a statement. “It will continue to serve our many UK corporate bank customers and to provide services to our clients globally.”
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