Deutsche Bank expects far fewer staff than some had expected to move from London to the continent following Britain's departure from the European Union.
"Not thousands will move from London, but rather hundreds", Stefan Hoops, the head of Deutsche Bank's capital market division in Germany, said today.
While the bank has never been specific about how many jobs may leave London following Brexit, a senior official said in 2017 that up to 4,000 may be affected.
Last week, the bank's chief executive John Cryan told a newspaper that initially several hundred jobs will be created in Frankfurt, as well as in other cities such as Milan and Paris.
"Mainly bankers, technology experts and traders work in London and they want to stay there," Cryan was quoted by Neue Zuercher Zeitung as saying.
"The booking centre will move for sure, but that affects less jobs than many think."
Deutsche Bank is planning a new booking centre in Frankfurt to handle the billions of euros of non-European business routed through London, which may not be allowed after Brexit.
While Deutsche Bank is headquartered in Frankfurt, it has large operations in Britain, where 8,600 of its staff are based.