Deutsche Bank says hundreds not thousands of staff will move after Brexit

Deutsche Bank plans to move hundreds of staff out of London as a result of Brexit rather than the thousands first feared, a senior executive has said.

It is the latest global lender to roll back on suggestions of an exodus from the City caused by Britain’s departure from the European Union.

Deutsche previously said it was considering shifting up to 4,000 staff from London to Frankfurt.

The bank’s British boss John Cryan said last July that it was preparing for a Brexit outcome that would be “worse than people can imagine”.

But on Wednesday, Stefan Hoops, head of Deutsche’s capital market division in Germany, told reporters: “Not thousands will move from London, but rather hundreds.”

Deutsche Bank has its headquarters in Frankfurt but 8,600 staff are currently based in Britain.

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