Banks are back in the Brexit spotlight. In a blow to the U.K., Deutsche Bank is preparing to move large parts of the trading and investment-banking assets it currently books in London to its hometown of Frankfurt, people familiar with the matter told Bloomberg. Germany’s largest lender would relocate most of the business reported in London to a so-called booking center in Frankfurt under the plan, said the people. The strategy, which is still being finalized and would be reviewed if the Brexit scenario changes, will probably be implemented over the next 18 months, the people said. “It’s another milestone in what we call the Brexodus,” said Gildas Surry of Axiom Alternative Investments, whose holdings include Deutsche’s bonds and shares. “Every single continental European bank is working on plans to repatriate their trading and plumbing in their home cities.” How to limit such shifts will be a key topic at Thursday’s annual meeting of TheCityUK, whos...