Deutsche Bank CEO says London fi­nan­cial cen­tre will weaken

Pakistan Observer - - ECONOMY WATCH -

Cur­rency Sell­ing Buy­ing BER­LIN—The chief ex­ec­u­tive of Deutsche Bank says London will not die as a fi­nan­cial cen­tre but it will be­come weaker af­ter Bri­tain voted to leave the Euro­pean Union.

John Cryan, a Bri­ton who di­vides his time be­tween Frankfurt and London, told Germany’s Han­dels­blatt busi­ness daily that he ex­pects higher volatil­ity than usual on the fi­nan­cial mar­kets in the com­ing weeks.

“The fi­nan­cial cen­tre won’t die but it will get weaker,” Cryan said of London.

Cryan did not com­ment on the pos­si­ble di­rect im­pact on Deutsche Bank af­ter the ref­er­en­dum.

Deutsche Bank em­ploys at least 11,000 staff in Bri­tain. Cryan is work­ing on a strate­gic over­haul at Germany’s biggest lender, an­nounc­ing in 2015 that it would cut 9,000 staff po­si­tions, of which 4,000 would be in Germany.—Reuters

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