Deutsche Bank moves euro clearing from London to Frankfurt

Move by bank to divert business away from UK since Brexit vote is 'largely symbolic'

Deutsche Bank has moved a "large part" of its euro clearing activity to Frankfurt from London in a boost to the efforts of the eurozone's top financial centre to lure business away from the City before Brexit.

Germany's biggest bank said its decision would not affect jobs because it would simply involve pushing a different button to route clearing to Eurex, the clearing division of the German exchange Deutsche Birse.

Related: Brexit: UK warns EU of tit-for-tat measures over financial services