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24.07.201720:54:00UTC+00Deutsche Bank Considers Major Operations Migration to Frankfurt

Deutsche Bank AG may relocate around 300 billion euros from the balance sheet of its British entity to Frankfurt as client trading and assets move out of the continent after Britons voted to withdraw from the European Union, according to sources.

The project called Bowline sets a timeline for trading to be live in the German city in September 2018 and for the assets to be completely moved by March 2019, according to the source. Moving 300 billion euros would mean relocating almost a fifth of Deutsche Bank's balance sheet. Last year, it listed 1.59 trillion euros in total assets.

CEO John Cryan told employees of the lender that he is preparing for a hard Brexit, with majority of the trades currently in London probably shifting to Frankfurt, but the bank has not officially laid out its plan. Sources said that the bank intends to shift chunks of trading and investment-banking assets from London to Frankfurt, with the jobs hundreds of traders and as high as 20, 000 customer accounts likely to be moved.

Under the project, trade and balance-sheet migration will start in September 2018, with six months required for the shift of the balance sheet, the source said.

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