Deutsche Bank commits to new London HQ despite Brexit
German banking giant Deutsche Bank has opted to shift its London headquarters to a new location, easing concerns over the exit of large financial firms from the city after Brexit.
The lender is in exclusive negotiations with developer Land Securities for the new office to be constructed at 21 Moorfields in the City of London.
It has obtained a 25-year lease for the building, where the bank will run corporate and investment banking operations, according to a memo sent to staff and seen by Reuters.
Deutsche Bank's UK chief executive and head of its corporate and investment bank Garth Ritchie said: “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.”
The bank will start transferring the employees to the new building in the second half of 2023. Currently, it employs nearly 7,000 people in London.
The memo said: "The site will provide a long-term, sustainable location for the Corporate & Investment Bank (CIB) and infrastructure colleagues who need to be situated alongside CIB. Locating these staff in one building will increase productivity and strengthen controls and communication between functions.”
At present, Deutsche Bank operates from 15 buildings across London, including its current CIB HQ at Winchester House in the City of London financial district.
The banking major reported a net loss of €1.9bn ($2.05bn) for the fourth quarter of 2016, due to an increase in litigation charges and lower revenues.