Job loss claims rubbished
THE chief executive of Germany’s biggest bank has rubbished European attempts to steal an essential part of London’s prized currency trading business, saying as few as 74 UK jobs would be lost.
Deutsche Bank boss John Cryan poured scorn on antiBrexit campaigners’ claims that up to 100,000 roles could disappear from the City if so-called euro ‘clearing’ has to move. The business underpins the trade of trillions of euros every year and helps London maintain its supremacy over EU rivals.
Countries on the Continent have cast jealous eyes on the operation, hoping it will help them attract huge investment banks.
But Mr Cryan dismissed this as wishful thinking.
‘I don’t understand why the Europeans want clearing. There’s confusion about what it is. The idea of 74,000 jobs being at risk is ridiculous, it’s more like 74.’