Deutsche Bank will move hundreds, rather than thousands, of jobs from the U.K. to the Continent because of Brexit, CEO John Cryan said.
“The number of 4,000 mentioned again and again in media reports is way too high,” Cryan told Switzerland’s Neue Zürcher Zeitung newspaper in an interview published Saturday.
He said Deutsche’s bankers, technology experts and traders would largely remain in London, while the bank’s booking center would “for sure” move to Frankfurt.
“But this affects fewer jobs than many people think,” he added in the interview, published in German.
Cryan said he expected Deutsche to create “several hundred jobs, at first” on the Continent as a result of Brexit. Those jobs, however, would not only be in the bank’s hometown of Frankfurt, he added.
“An Italian employee might prefer to move from London to Milan, to take care of Italian customers from there,” he said, noting that “Italy also supports people moving there with favorable tax conditions — just like Paris does.”