Deutsche Bank picks new London HQ, highlights commitment to UK

LONDON - Agence France-Presse

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Germany’s Deutsche Bank revealed on March 24 that it has picked a site for its new British headquarters, highlighting its commitment to London despite looming Brexit.

The lender has entered into exclusive talks with British property developer Land Securities over a 25-year lease, starting in 2023, for a building under construction in London’s City finance district at 21 Moorfields, near Moorgate tube.

“Deutsche Bank today announced plans to move to a new London headquarters in 2023,” said UK chief executive Garth Ritchie in an internal memo.

“Staff are due to begin transferring to the building from the second half of 2023, subject to an agreement to lease being reached and planning consents being obtained.”   

The bank’s commitment to London will bring some comfort to British politicians and business leaders who are concerned that the City’s cherished status as a global financial centre will be diminished by 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,” Ritchie wrote.

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

Financial firms with headquarters in the City are already looking to shift jobs to finance hubs on the continent amid fears they will lose crucial EU trading rights when Article 50 is triggered next week.

Passporting rights allow banks to trade freely across the EU, but Britain looks set to lose access unless it agrees an equivalent regime when it exits the European single market.

HSBC has already stated that it will shift 1,000 jobs from London to France.

JP Morgan chief executive Jamie Dimon has said that around 4,000 of its 16,000 UK staff could potentially be shifted out of Britain, depending on the government’s Brexit negotiations.

UBS has also said it could move up to 1,500 of its London staff to the continent.