MARKET INFRASTRUCTURE

Deutsche Bank allays Brexit fears with new London HQ

Deutsche Bank will remain in the UK and plans to move HQ to new location in London.

By Hayley McDowell hayley.mcdowell@strategic-i.com March 27, 2017 10:09 AM GMT
Deutsche Bank is to remain in London once the UK has left the European Union and will move to a new head quarters, according to reports.

The German bank is allegedly in talks with Land Securities Group for a 25-year lease at 21 Moorfields in the city to begin in 2023.

An internal memo written by Deutsche Bank’s chief executive officer in the UK, Garth Ritchie, explained the decision reflects the bank’s commitment to the city despite Brexit.

“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 memo said.

“It will advance the bank’s strategic goals of increasing efficiency, reducing complexity and strengthening links between the business divisions and infrastructure functions.”

The majority of staff currently working at Great Winchester Street, close to London Wall, are expected to relocate to Moorfields as part of the move.

Deutsche Bank recently confirmed it intends to raise €8 billion raise through a partial listing of its asset management business, as well as the construction of da new corporate and investment banking unit.

Its corporate finance, global markets and global transaction banking businesses will merge under one roof, “aiming primarily for a corporate client-led business”, Deutsche Bank stated.