Deutsche Bank’s chief executive has reassured staff in London that he plans to keep a significant presence in the capital after Brexit and reiterated his call for the embattled German lender to restore its “hunter mentality”.
Christian Sewing, who flew into London on Wednesday morning for a town-hall meeting with the bank’s more than 8,000 UK employees, said in order to service global clients Deutsche needs to maintain significant operations in the British capital, which will remain one of the world’s top financial centres even after it leaves the EU.
Staff in London have cause to be concerned about headcount. The bank has moved almost half its euro clearing activities to Frankfurt to ensure continuity in the event of a no-deal Brexit and is in the middle of a programme to cut 7,000 jobs, the brunt of which will be felt by the corporate and investment bank.
