Deutsche Bank is moving a quarter of its staff at its UK corporate bank from London to offices in the European Union and Asia following Brexit.
The roles of 100 Lonon-based bankers are being made redundant, and moving instead to Dublin, Berlin, Frankfurt and cities across Asia, the Financial Times reported citing anonymous sources.
Those who have the right to work in the EU can reapply for their jobs, the FT reported, but would see their pay slashed by 25%.
Analysis by Financial News found that the number of senior European bankers at major banks in London has dropped by almost a third since 2016.
The latest moves from Deutsche Bank are due to a restructure of the corporate bank and an initiative to cut costs in expensive areas like London.
“We remain strongly committed to the UK, which will continue to be an important centre for our corporate bank as well as our other divisions,” Deutsche Bank said in a statement. “It will continue to serve our many UK corporate bank customers and to provide services to our clients globally.”
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The German lender is not alone in shifting roles to European offices following the UK’s exit from the EU. The chief executive of US bank JPMorgan warned that Brexit could force the banking giant to shift all functions currently serving Europe from the UK across to the continent. Around 7,600 jobs have moved out of the UK to Europe, according to accounting firm EY.
No deal was agreed for the City during the negotiations a year ago and a memorandum of understanding, which laid out the future terms of interaction between the financial sector on the two sides, was agreed in late March.
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Since the referendum in 2016, European cities like Paris, Frankfurt and Amsterdam have worked hard to woo banks and asset managers, rolling out benefits if they open their EU offices in their countries.
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