Deutsche Bank Extends Brexit Client Migration to 2019
- Lender says in memo it’s using extra time from transition deal
- Bank still plans to make Frankfurt global booking hub in 2018
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Deutsche Bank AG is slowing down its Brexit preparations, according to a person familiar with the decision and an internal memo seen by Bloomberg.
While Deutsche Bank still plans to make Frankfurt its global booking hub by year’s end, not all clients booked in London will be moved across to Germany before the start of the new year, according to a memo signed by Rob Casebourne, and the person familiar. Garth Ritchie, the firm’s head of investment banking who also serves as the bank’s U.K. chief, last year appointed Casebourne to oversee the bank’s Brexit preparations in the U.K., according to another person with knowledge of the matter.