Deutsche Bank Considers Withdrawing 4,000 Jobs from Britain Due to Brexit

Deutsche Bank is considering withdrawing 4,000 jobs from the United Kingdom, which is nearly half of the bank’s current employees in that country, as a result of the British referendum decision to leave the EU.

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The Director for Regulatory Affairs at the German bank, Sylvie Matherat, stated on Wednesday that not only client-facing positions are being considered for relocation but also jobs in the IT sector, as well as in the risk management sector.

– Regarding employees in the sales department, if you want to do business with clients from the EU, you must be located in the EU. Does this mean we will move all banking officials to Germany or not? We are talking about two thousand people, she said during a panel discussion at a financial conference in Frankfurt. As she pointed out, an additional two thousand jobs related to risk management could also face relocation.

The possibility announced by the Director for Regulatory Affairs at Deutsche Bank is the latest warning from the financial institution since the British voted in the referendum to leave the EU.

Due to job cuts and cost reductions, Deutsche Bank reported a pre-tax profit of €878 million in the first quarter of this year, a jump of 52 percent compared to the same period last year. However, the revenues of Germany’s largest bank fell by 9 percent to €7.3 billion.

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As the bank announced in its business report on Thursday, operating costs were reduced by 5 percent, while the number of employees in the first three months of this year is down by 1,600. Since the first quarter of last year, that number has decreased by a total of 3,300 people.