Deutsche Bank's Schenck Calls for Clarity on Brexit Transition

(Bloomberg) -- Deutsche Bank AG’s co-head of investment banking said more clarity is needed on the deal reached by the U.K. and the European Union on a post-Brexit transition period.

Marcus Schenck said he hoped the agreement would give banks time to implement their own contingency arrangements, but that it was too early to make that call. The two sides said Monday they’d agreed to a 21-month transition period that’s due to start on Brexit day next March.

“What we know is, a bit more than 12 months from now, we need to be ready,” Schenck said during a panel discussion at Bloomberg’s London headquarters on Wednesday. “As always, when you implement huge projects, when you’re given a bit more time, you can be more thoughtful, you avoid mistakes, quite frankly you can also be a bit more efficient.”

Barclays Plc Chief Executive Officer Jes Staley echoed Schenck’s remarks, saying that a transition arrangement can’t be relied upon until Britain reaches a final deal with its European partners.

To contact the reporters on this story: Gavin Finch in London at gfinch@bloomberg.net, Steven Arons in Frankfurt at sarons@bloomberg.net.

To contact the editors responsible for this story: Ambereen Choudhury at achoudhury@bloomberg.net, Paul Armstrong, Jon Menon

©2018 Bloomberg L.P.