FRANKFURT (Reuters) - Deutsche Bank is evaluating whether to move a large part of its securities trading business from London to Frankfurt or elsewhere in Europe as it prepares for Britain's exit from the European Union, a source told Reuters on Thursday.
Germany's largest lender is considering creating a booking center for non-UK transactions which are currently reported through London, the person said on condition of anonymity because talks are ongoing and the plans not yet finalised.
Deutsche Bank <DBKGn.DE> will make changes as Brexit negotiations unfold, but the bank is preparing for a worst-case Brexit scenario that could entail a loss of so-called passporting rights between Britain and the EU, the person said.
Bloomberg News first reported details of plans for the booking center on Wednesday.
A handful of banks have recently said that they were setting up subsidiaries in Frankfurt as they prepare for Brexit, including Nomura Holdings Inc <8604.T> and Daiwa Securities Group <8601.T>.
It remains unclear how many of its staff could be moved in the implementation of such a plan over the next 18 months and Deutsche Bank is also exploring the option of transferring some roles to Berlin or other financial capitals in Europe.
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However, Deutsche Bank board member Sylvie Matherat suggested in April that it could move as many as 4,000 employees out of London as a result of Brexit.
Its annual report showed it employed 8,575 people in Britain out of 99,744 worldwide at the end of 2016, with about 5 billion euros in revenue coming from the UK out of 30 billion globally.
Deutsche Bank has signaled a vote of confidence in the British capital despite Brexit, informing staff in March that it had chosen a new office for its London headquarters slated to open in 2023.
(Reporting by Tom Sims; Editing by Maria Sheahan and Alexander Smith)