Deutsche Bank eyes shifting £270bn from UK on Brexit

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Deutsche Bank is considering shifting €300bn (£270bn) from the balance sheet of its UK entity to Frankfurt on the back of Brexit, representing almost a fifth of its total assets.

According to a person familiar with the project, which has been dubbed Bowline, the assets would be moved by March 2019, Bloomberg reports.

The bank declined to comment.

Chief executive John Cryan recently told employees that he was preparing for a hard Brexit.

Several hundred jobs are expected to be shifted to Frankfurt as well as 20,000 client accounts.