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Deutsche Bank said on Monday that it would move assets from London to Frankfurt after Britain's planned exit from the European Union next year, in line with British and EU regulators.
"The terms on which banks will operate in the EU and UK after Brexit remains unclear in the absence of a firm political agreement but our intention is to operate in the UK as a branch in line with the Prudential Regulation Authority's guidance", the lender said in a statement.
It added that it announced in 2017 that would make Frankfurt rather than London the primary booking hub for its investment banking clients.
According to a source close to the matter, Deutsche Bank is considering shifting large volumes of assets from London to Frankfurt and to transform its UK arm into a smaller, less complex and ringfenced subsidiary.