The chief executive of Deutsche Bank (DBKGn.DE) says London will not die as a financial center, but it will become weaker after Britain voted to leave the European Union.

John Cryan, a Briton who divides his time between Frankfurt and London, told Germany's Handelsblatt business daily that he expects higher volatility than usual on the financial markets in the coming weeks.

"The financial center won't die, but it will get weaker," Cryan said of London.

Cryan did not comment on the possible direct impact on Deutsche Bank after the referendum. Deutsche Bank employs at least 11,000 staff in Britain.

Cryan is working on a strategic overhaul at Germany's biggest lender, announcing in 2015 that it would cut 9,000 staff positions, of which 4,000 would be in Germany.