Deutsche Bank

Type
Reshoring
Country
Germany
Reshoring from
United Kingdom
Reshored business function
Region
Hessen; Darmstadt; Frankfurt am Main, Kreisfreie Stadt
Location of affected unit(s)
Frankfurt
Sector
Financial / Insurance/ Estate
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
No information on job gains number available
Announcement Date
13 January 2018
Employment effect (start)
1 January 2018
Foreseen end date
1 December 2018

Description

Germany's Deutsche Bank will relocate to Frankfurt some of its financial services. More specifically trading, risk management, legal and support activities will be moved from London. The main motivation is Brexit since the booking of trades might not be allowed outside of the European Union. The process will begin in the coming weeks, and the final implementation should happen in the end of 2018. As far as jobs relocation regards, the company indicates a few hundred. In the past months media outlets had announced that approximately 4,000 jobs cuts were expected but the company denied it. The relocation is expected to concern also other European locations; at the moment media outlets refer movements to Milan and France.

Sources

Citation

Eurofound (2018), Deutsche Bank, Reshoring in Germany, factsheet number 87, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/87.