A Deutsche Bank executive has said the company may have to relocate 4000 staff after Brexit, citing concerns over changes to EU free movement rules, and lack of single market access.
The biggest worry is the UK’s loss of the ‘financial passport’, which allows firms based in Britain to conduct activities across Europe.
A Brexit deal which involves pulling out of the single market, would almost certainly mean the end of Britain’s ‘financial passport’ privileges, and could therefore have serious repercussions for the City.
In recent months, other big names in the banking sector have issued similar warnings, with Frankfurt being touted as the destination of choice for those leaving Britain.
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