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Deutsche Bank Confirms Shift of Assets From London Amid 'Unclear' Brexit Impact

Martin Baccardax

said Monday that it has been transitioning its business away from London, including the shifting and ring fencing of financial assets, thanks in part to the uncertainty surrounding Britain's exit from the European Union. Deutsche Bank said its Frankfurt headquarters will be the global "hub" for its investment banking business and that its London operations will operate as "branches" to the global office. The bank's statement follows a report in the Financial Times that suggested Europe's second-biggest bank could move as much as 75% of its estimated €600 billion ($698 billion) balance sheet from London.