BREXIT will not mean a mass exodus of financial service employees from Deutsche Bank after claims 4,000 jobs could be moved to the continent, the institution’s Chief executive John Cryan has revealed.
London’s lucrative financial services have been the target of persistent Brexit scaremongering – with the Bank of England facing criticism last year after claiming 75,000 jobs could head to the continent.
Some have claimed the German financial institution will move 4,000 employees due to the bloc’s attempts to steer banking services away from the UK capital.
But Mr Cryan claimed the figure was false – and far fewer job relocations would be carried out.
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The CEO said: “The number of 4,000 mentioned again and again in media reports is way too high.”
Professor Patrick Minford, chairman of the pro-Brexit Economists for Free Trade, said: “We welcome this news that we always expected and note that it tallies with our estimates of the extent of passporting – which gives the City access to the single market – and the need to ‘work around’ any new obstacles.
“It is also consistent with all our research on the City: that it will prosper mightily under Brexit due to better – home-based – regulation, lower input costs as prices come down in the rest of the economy, and its existing huge strengths as the number world financial centre which means it can sell as much as it likes anywhere in the world.”
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