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Business

Deutsche Bank picks new London headquarters

Germany's biggest lender, Deutsche Bank, has chosen a new office for its London headquarters. Policymakers viewed the move as a vote of confidence in Britain's capital despite the country's decision to leave the EU.

Germany's Deutsche Bank revealed Friday it had picked a site for its new British headquarters. The lender entered into exclusive negotiations with developer Land Securities over a 25-year lease on a new building to be constructed at 21 Moorfields in the City of London, a memo sent to staff and seen by Reuters said.

"The move underlines the bank's commitment to the City and the importance it attaches to being an employer of choice in the British capital," Deutsche Bank's UK CEO Garth Richie said in the memo.

The lender employs 9,000 people across the UK - 7,000 in London alone, and currently has 15 buildings scattered across London, including its current Corporate & Investment Bank (CIB) headquarters at Winchester House in the City of London.

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Deutsche Bank said it would advance its strategic goals of "increasing efficiency, reducing complexity and strengthening links between the business divisions and infrastructure functions in the UK."

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The German lender's commitment to London is set to bring some comfort to British politicians and business leaders.

They are concerned that the City's cherished status as a global financial hub will be diminished by Brexit.

Other financial firms with headquarters in London are already looking to shift jobs to centers on the Continent amid fears they may lose crucial EU trading rights post-Brexit.

hg/jd (AFP, Reuters)

 

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