Deutsche Bank, Germany’s biggest lender, has given London a resounding vote of confidence by agreeing a 25-year lease on new UK headquarters in the Square Mile.
Staff at the bank were informed yesterday of the plan to move to a new development being built at 21 Moorfields, in 2023.
Most of Deutsche’s London-based staff currently work from Great Winchester Street, by London Wall. The firm also has offices in Birmingham and Bournemouth.
“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,” Deutsche Bank’s UK chief exec Garth Ritchie said.
Deutsche cited the development of Moorgate station, which will be served by Crossrail, as one advantage of the future premises.
Uncertainty surrounding the UK’s trade relationship with the European Union post-Brexit has stoked fears that thousands of banking jobs could be moved out of London. Plans to shift some jobs have already been announced, but for most roles banks remain in wait-and-see mode.
Earlier this week Goldman Sachs’ European head Richard Gnodde said contingency plans involved moving people out of London before any Brexit deal is struck.
“This is in the hundreds of people as opposed to anything greater than that,” Gnodde said.