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 - 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
13 January 2018: Neue Zürcher Zeitung (www.nzz.ch)
Eurofound (2018), Deutsche Bank, Reshoring in Germany, factsheet number 87, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/87.
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