DEUTSCHE ON THE BREXIT MARCH? – Deutsche Bank’s CEO John Cyran said to workers, on the 11th of July in a video announcement, that the lenders are preparing for a ‘hard Brexit’, causing roles to move from London to Frankfurt. “We will try to minimize disruption for our clients and for our own people, but inevitably roles will need to be either moved or at least added in Frankfurt”. Deutsche’s Chief Regulatory Officer, Sylvie Matherat, warned that there is a possibility that 4,000 employees could be moved away from London. She said, “for front office people, if you want to deal with an EU client, you need to be based in the EU. Does it mean I have to move all the front office people to Germany or not? We’re speaking of 2,000 people”, going on to add, “Then you have the local supervisors who rightly say, come on, if you have your client here, if you book your operation here, you need to have your risk management capacity here. It means another 2,000 people.” Whilst it is necessary for banks to have an EU base to speak to clients on the Continent, are they just using this as an excuse to lower the cost base for their bank? #SpartanInternational