Deutsche Bank AG expects to have to move around 4,000 staff from Britain as a result of Brexit, Bloomberg reported on Wednesday.
Most of the 4,000 positions are to be transferred to the German cities Frankfurt and Berlin. The relocation process will commence next year in order to obtain the necessary infrastructure and regulatory approvals in time.
The plans are not finalized, however, and the ultimate figures could be either lower or higher, depending on the outcome of the two-year Brexit negotiations.
British-based financial institutions are concerned that they will lose access to the bloc’s single market after Brexit.
The British financial services lobby group TheCityUK estimates that 70,000 jobs could be lost in the industry if Britain does not remain in the single market, while London Stock Exchange Chief Xavier Rolet put the figure as high as 270,000 in the event of a loss of euro-clearing activities.
In July, Deutsche Bank had already announced moving hundreds of trading and investment banking staff to its headquarters in Frankfurt.
So far, lenders including Goldman Sachs and UBS, and the Japanese banks Nomura, Daiwa and Sumitomo Mitsubishi Financial Group have announced plans to open new offices in Frankfurt, making the German city the leading competitor ahead of rivals Paris and Dublin.