An article in The Financial Times has set off shock waves, as it revealed that Deutsche Bank was developing a plan to shift what it describes as a large volume of assets from London to Frankfurt next year when the UK leaves the European Union. The bank is also planning to make its UK operations a ringfenced subsidiary at a cost of hundreds of millions of euro. In all, DB could end up moving up to €450bn in assets to Frankfurt, a process that would as much as five years to complete. This would mean its UK operations would be smaller than its US division.
