In the aftermath of the Brexit vote from a year earlier, German banking giant Deutsche Bank has been making plans to downsize its London operations.
Now, the bank led by CEO John Cryan is reportedly thinking about moving an Exxon-Mobil’s worth of assets out of the U.K.
Bloomberg reported Monday, citing people with knowledge of the matter, that the bank is considering moving about a fifth of its balance sheets, about $350 billion, from the U.K. to Frankfurt. Exxon Mobil was valued at about $335 billion by market cap as of Monday’s close.
That comes as banks in London consider moving from the financial center post-Brexit. That’s because after the U.K. decided to exit the European Union a year earlier, banks no longer know for sure whether they will still be able to legally do business in any country within the union from the U.K.
If Deutsche Bank’s plan goes into place, trading of those $350 billion assets is expected to start September 2018, with all assets moved over by March 2019. The plan has been dubbed Bowline, Bloomberg reported.
Previously, Deutsche Bank has warned that it could move about 4,000 jobs out of the U.K. after the country decided to leave the EU, and to Frankfurt. In total, Deutsche Bank has about 12,000 employees in the country.
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“There’s an awful lot of detail to be ironed out,” he said in the message. “Depending on what the rules and regulations turn out to be.”
Shares of the banking giant rose 2.5% in trading Tuesday.