DUESSELDORF (Reuters) - Deutsche Bank’s chief executive expects to move far fewer than 4,000 jobs to Frankfurt following Britain’s departure from the European Union, he told Swiss daily Neue Zuercher Zeitung.

FILE PHOTO: The head quarters of Germany's largest business bank, Deutsche Bank, is photographed in Frankfurt, Germany, December 6, 2017. REUTERS/Kai Pfaffenbach

Deutsche Bank is headquartered in Frankfurt, but has large operations in the UK with 8,600 staff based there.

“The 4,000 number that comes up again and again in media reports is much too high,” John Cryan was quoted as saying in the paper’s Saturday edition, adding that initially several hundreds of jobs will be created in Frankfurt, but also 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 as saying. “The booking center will move for sure, but that affects less jobs than many think.”

More at Reuters