Deutsche Bank considers UK exit plan

The German bank becomes the first bank to formally consider its position over the EU referendum

The German bank has set up a working group to review whether it should move parts of its business out of the UK (PA)

Deutsche Bank has become the first bank to formally consider what it would do if the UK voted to leave the EU.

The German bank has set up a working group to review whether it should move parts of its business out of the UK, including some of the 9000 staff that work in the UK. A spokesperson said that no decisions had yet been made.

David Cameron has promised to hold a referendum on the UK’s membership of the EU before the end of 2017. Some businesses are pressuring him to move forward the date to dispel uncertainty, which can destabilise markets.

HSBC, Europe's biggest bank, had previously launched a review into moving operations overseas but this had been thought to be related to banking laws in the UK such as the bank levy, which is effectively a tax on banks.

On Monday, Lord Anthony Bamford, the chairman of the construction maker JCB, said that the UK should not fear an exit from the EU.

"We are the fifth or sixth largest economy in the world. We could exist on our own, peacefully and sensibly," said the head of the family-owned business.

He went on to add that split would allow the UK to "negotiate as our own country rather than being one of 28 nations".