Deutsche Bank AG may shift about 300 billion euros ($350 billion) from the balance sheet of its U.K. entity to Frankfurt as client trading and assets migrate to the continent following Britain’s decision to leave the European Union, according to a person familiar with the matter, Bloomberg reported.
The project, dubbed Bowline, calls for trading in the German city to go live in September 2018 and for the assets to be moved over by March 2019, said the person, who asked for anonymity in discussing internal matters. Shifting 300 billion euros would be equivalent to almost a fifth of Deutsche Bank’s balance sheet, which listed 1.59 trillion euros in total assets at the end of last year.
Chief Executive Officer John Cryan told employees in a recent videotaped message that he’s girding for a hard Brexit, with the “vast majority” of trades currently booked in London probably moving to Frankfurt, but the bank hasn’t officially detailed its plan. People familiar with the matter told Bloomberg that the lender intends to move chunks of trading and investment-banking assets from London to Frankfurt, with the jobs of several hundred traders and as many as 20,000 client accounts likely to be shifted.
Monika Schaller, a spokeswoman for Deutsche Bank, declined to comment.
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