News January 31, 2020

Christian Sewing on the UK's withdrawal from the European Union

Tonight, the United Kingdom will leave the European Union.

This is a historic event that is likely to have a long-term impact on many of us. The UK has been a member of the European Union for 47 years.

As a proud European with many UK colleagues and friends, I am saddened by this.

But while it is the end of an era, it is also the beginning of a new one and we must all look forward. The UK and the EU will now enter into negotiations to agree a new relationship that will decide the future.

My strong hope is that the UK and the EU will reach an agreement that allows trade in both goods and services to continue as freely as possible. This would be in the interests of citizens both in the EU and the UK.

But if such an agreement is not possible, Deutsche Bank will still be prepared. We began getting ready for Brexit more than three years ago, and our plans always assumed the risk of a No Deal Brexit.

The final future regulatory landscape could lead to changes in the structure of the financial services market for all banks. We are in close contact with regulators to ensure our business is well positioned to make any adjustments needed.

But whatever happens, we remain absolutely committed to retaining our substantial presence in the UK. I believe London will always be a global financial centre. So, as I made very clear last week at Davos, we will always have a material and significant operation there.

Christian Sewing

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