Deutsche Bank AG is reviewing whether to move parts of its U.K. operations to Germany if Britain leaves the European Union, the Financial Times reported.
The bank, with 9,000 employees in the U.K., is the first large lender to begin a formal review of the potential fallout from a future referendum on EU membership, the newspaper reported Monday, without saying it how it got the information. Frankfurt-based Deutsche Bank has established a working group composed of senior risk, strategy and research executives to plan for a possible exit, the FT said.
Prime Minister David Cameron has promised a referendum on EU membership by the end of 2017, and Bank of England Governor Mark Carney called last week for the government to act with “appropriate speed” on the vote. The Confederation of British Industry, part of the country’s business lobby, asked members to campaign for Britain to remain within a “reformed EU,” with Cameron preparing for tough negotiations with European partners over issues such as migrant worker rights.
Other foreign lenders with a large U.K. presence, including Goldman Sachs Group Inc., JPMorgan Chase & Co., Bank of America Corp., BNP Paribas SA and UBS Group AG, said they haven’t begun formal contingency planning for the referendum, according to the FT.
Michele Allison, a spokeswoman for Deutsche Bank in New York, didn’t immediately respond to phone and e-mail messages seeking comment on the FT report.