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Deutsche Bank commits to London with new UK headquarters plan

Invest / Development Finance


Mar 23 2017

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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.”

SOURCE: Bloomberg


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