Mar 23 2017Add to Favorites
Sarah Jones, Bloomberg
Deutsche Bank AG is in exclusive talks to move its U.K. headquarters to a new building being constructed at 21 Moorfields in the City of London financial district.
Germany’s biggest bank is negotiating with Land Securities Group Plc on a 25-year lease for the building, with staff due to start moving across in 2023, according to a memo sent to the lender’s staff and seen by Bloomberg News. The move is subject to the lease being agreed to and the building gaining planning consent. Sky News reported the talks earlier Thursday.
Corporate demand for office space in London has fallen in the wake of the Brexit vote, with BNP Paribas SA estimating that firms leased 19 percent less space in central London in 2016 than a year earlier. Deutsche Bank, which is in the process of overhauling its businesses, said this month that the next phase of its plan will cause additional job losses. In 2015, it predicted that 9,000 jobs would be eliminated through 2018.
“The move underlines the bank’s commitment to the City of London and the importance it attaches to being an employer of choice in the capital,” Garth Ritchie, Deutsche Bank’s U.K. chief executive officer, said in the memo. “It will advance the bank’s strategic goals of increasing efficiency, reducing complexity and strengthening links between the business divisions and infrastructure functions.”
At MP Funds Management, we are constantly searching for the opportunity to extract as much value out of the market as possible with as little risk as possible.
With the global interest rate environment at all-time lows and banks paying a meager annual rate on savings, which is typically lower than the inflation rate, investors are having to search for opportunities to make their capital work harder.
Balmain Private is enabling investors to consider stand-alone investments in individual first mortgage loans, via a unique online platform.
Creating an account with MP Report allows you to save articles and update your preferences to filter the content based on your interests and what content you would like to receive from us via our email alerts and newsletter.SIGN UP HERE >