Deutsche Bank could relocate 9,000 jobs if Britain leaves EU

The Deutsche Bank, Green Towers Building in Frankfurt
The Deutsche Bank, Green Towers Building in Frankfurt
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Deutsche Bank has launched a review into whether it should relocate some of its UK operations if Britain leaves the EU amid mounting fears over the impact of a “Brexit” vote.

The German lender confirmed it had established a working group to look at the implications of a possible decision for Britain to quit the European Union following an in/out referendum, which David Cameron has pledged to hold by 2017.

A spokesman for the bank said the working group will do scenario-based planning on implications on the group’s presence in the UK, including whether it should move some of its British business back to the EU, specifically to Germany.

Deutsche Bank employs just under 9,000 staff across 16 locations in the UK and has had a presence in Britain since 1873.

The spokesman stressed the review was at an early stage and that no decisions had been made.

The British Bankers’ Association (BBA) announced that former City regulator chief Sir Hector Sants has been appointed to look at the competitiveness of the UK banking industry as concerns grow over the implications of the EU vote as well as recent tax and regulatory reforms.

He will chair the review through his role at Oliver Wyman, the consulting firm.

Anthony Browne, chief executive of the BBA, said: “The banking industry is increasingly concerned about how Britain is becoming an uncompetitive place to do business.

“Some banks have recently moved operations and jobs out of the UK due to punitive hikes in bank taxes. Other banks have deferred decisions about whether to invest in Britain until after the referendum.”