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Deutsche Bank commits to London, negotiation lease for new U.K. headquarters


Big News Network.com
24 Mar 2017

LONDON, U.K. - In what is being seen as a vote of confidence for post-Brexit Britain, Germany’s biggest bank has said that it will be moving ahead with plans for its new U.K. headquarters.

Deutsche Bank, expressing its commitment to London said that it 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.

The bank, that has a 7,000-strong staff in London is in the process of overhauling its businesses.

It is reporedly negotiating with Land Securities Group Plc on a 25-year lease for the building.

The lender said in a memo to its staff that it plans for employees to start moving across in 2023, subject to the lease being agreed to and the building gaining planning consent. 

Apart from some staff working at Deutsche Bank’s offices in Birmingham and Bournemouth, a majority of the lender’s London-based staff currently work from Great Winchester Street, by London Wall.

Garth Ritchie, Deutsche Bank’s U.K. chief executive officer, said in the memo, “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. It will advance the bank’s strategic goals of increasing efficiency, reducing complexity and strengthening links between the business divisions and infrastructure functions.”

Soon after the Brexit vote, demand for office space by Corporates in London witnessed a massive drop. 

BNP Paribas SA estimated that firms leased 19 percent less space in central London in 2016 than a year earlier. 

Earlier this month, Deutsche Bank said that the next phase of its plan will cause additional job losses. 

In 2015, the bank had predicted that 9,000 jobs would be eliminated through 2018.

Britain is meanwhile preparing to trigger Article 50 of the Lisbon treaty on March 29, officially beginning divorce talks with the EU.

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