The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64.1 - Monetary Intermediation
No information on job gains number available
Announcement Date
5 July 2017
Employment effect (start)
1 July 2017
Foreseen end date
1 January 2018
Description
Deutsche Bank is a German bank, based in Frankfurt (Germany). The Group Deutsche Bank is a global investment bank with financial and banking solutions for private, business and institutions and it is one of the world's leading banking groups. The bank announced that it wants to move a large part of its securities trading business from London (UK) to Frankfurt (Germany). It means that the bank will concentrate its business on European corporate clients. This relocation project will be probably implemented in the next 18 months, but the strategy which is still being finalised and could be reviewed if another scenario arises for the UK's exit from the European Union. In principle, Deutsche Bank plans to move all advisors in the securities business serving continental European clients out of London. The majority of these advisers are likely to be moved to Frankfurt, but those who deal with customers from specific countries may be moved to cities in those specific countries. This movement will affect hundreds of employees. This project will also include the shift of 18,000 to 20,000 client accounts. The clearing will be carried out in Frankfurt. Despite London still being an important location, Deutsche bank plans to bundle its reporting systems, risk control, legal experts and compliance banking for the corporate banking business, as well as the billing and management of business, in Frankfurt.
Eurofound (2017), Deutsche Bank , Reshoring in Germany, factsheet number 119, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/119.
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