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After Britain triggered Article 50 last month and has begun
divorce talks with the EU, financial firms have stepped up
planning on how to deal with any disruption that might ensue,
such as losing access to the bloc's single market.
"For front office people if you want to deal with EU clients you
need to be based in the EU, in continental Europe. Does that
mean that I have to move all the front office people to Germany
or not?" said Deutsche Bank's Chief Regulatory Officer Sylvie
Matherat.
"And we are speaking of 2,000 people – that's not a small
number," she told a conference hosted by Frankfurt Main Finance,
a group that promotes the German financial capital.
Matherat said that any such move would require the bank to build
up its information technology in Frankfurt and would also depend
on local regulators' stance on how trillions of euros in future
deals should be cleared or processed.
"What are you going to do: Do you have the technical capacity to
move it? Do you have the willingness of the local regulators to
supervise something that looks like hundreds of trillions in
terms of exposure," Matherat said.
She said that some local supervisors also are asking for risk
management to be done locally, a demand that would require more
jobs to be moved.
"It means another 2000 people. Everybody needs clarity - and the
sooner the better." She said the bank had 9,000 staff in
Britain.
Despite Deutsche considering such moves, it is likely to retain
a large presence in the UK and recently chose a new office for
its London headquarters.
(Reporting by Andreas Kröner; Writing by Arno Schuetze; Editing
by Keith Weir)
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