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Sorry, Merkel! Deutsche Bank says 'considerable' business to remain in UK despite Brexit

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Deutsche Bank UK and Ireland CEO Tiina Lee has confirmed the company’s financial ties with the United Kingdom will remain strong regardless of Brexit. Ms Lee has insisted that the bank’s presence in Britain will “always be significant.” The announcement comes after concern that leaving the European Union would force the German financial giant to pull assets out of the City of London and move operations to the European continent.   

Asked how many Bank personnel where being transferred from UK operations, Ms Lee told Bloomberg: “So we have moved about in the low hundreds.

“Many of those individuals were individuals who needed to move because they were covering EEA clients.

“As you know we have a considerable presence here in the UK.

“We have about 8,000 people here in London and Birmingham, so in terms of having a presence here in London, it is always going to be significant.

She added: “So I think we need to see what happens, particularly in terms of the ongoing negotiations between the UK and the EU.

“With regard to where the financial services relationship ultimately lands.

“But certainly at this point, we are very comfortable with the progress that we have made both in terms of moving assets and in terms of moving people.

Asked how much the City of London has changed because of Brexit, Ms Lee said: “I think it is quite difficult to tell.”

Jonathan Hill was commissioned by the Treasury to undertake a review to changing company listing rules. In the newly published review, the former EU commissioner for financial services said company founders should hold more votes than other shareholders.

The new measures would allow them to retain control over their businesses.

Lord Hill said the proposals would close “a gap” and attract more firms to list in London in a bid to help the City overtake Amsterdam as Europe’s top share trading hub once again.

He added: “The recommendations in this report are not about opening a gap between us and other global centres by proposing radical new departures to try to seize a competitive advantage.”



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