27 March 2017
Reporter: Mark Dugdale

Deutsche Bank plans new HQ in London

Deutsche Bank has signalled its commitment to staying in the UK post-Brexit by entering into negotiations over a new headquarters in London.

Staff were reportedly told on 23 March that the German bank would remain in the UK following the country’s exit from in the EU in 2019 and move to a new building at 21 Moorfields.

Deutsche Bank UK chief Garth Ritchie reportedly said the move, scheduled for 2023, “underlines the bank's commitment to the City of London”, where it currently employs more than 7,000 people across a dozen or more sites.

Site owner Land Securities confirmed 21 Moorfields is undergoing redevelopment, with demolition of the site’s current buildings to be completed shortly, although it was reluctant to confirm that any pre-let deal with Deutsche Bank had actually been agreed.

The property company commented: “Land Securities is also in discussions with Deutsche Bank regarding a pre-let for the development which would require alterations to the design of the building above ground. These negotiations will take several months and there is no guarantee they will lead to a transaction.”

UK Prime Minister Theresa May will trigger Article 50 of the Treaty of Lisbon on 29 March, formally notifying the EU of its intention to leave the 59-year-old political union.

Negotiations can then begin on the terms of the UK’s exit. The process can take no more than two years, unless the European Council approves an extension.

Goldman Sachs was the last high-profile bank to confirm it would move jobs away from the UK and create a stronger presence in mainland Europe following Brexit. It did point out that these are contingency plans and didn’t confirm any specific details.

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