London
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.

More Industry news
The latest news from Asset Servicing Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
State Street reports double-digit custody and administration growth
27 April 2017 | Boston | Reporter: Stephanie Palmer
State Street has seen a 10.7 percent increase in assets under administration and custody, ending Q1 2017 with just shy of $30 trillion
Hague: Financial services will thrive after Brexit
25 April 2017 | London | Reporter: Stephanie Palmer
Lord William Hague sees a positive future for the UK’s financial services industry post-Brexit, but attendees at SWIFT Business Forum London were not so easily convinced
Sharing is caring is cyber crime combat
25 April 2017 | London | Reporter: Stephanie Palmer
A more holistic and communicative approach is required to tackle cyber crime in financial services, heard attendees of the SWIFT Business Forum
AxiomSL wins commodity transaction and trading reporting mandate
24 April 2017 | London | Reporter: Stephanie Palmer
Commodity trading firm Trafigura PTE has selected the AxiomSL platform for its global trade and transaction reporting
Record-breaking Q1 for BNY Mellon
21 April 2017 | New York | Reporter: Stephanie Palmer
BNY Mellon saw record breaking levels of assets under custody and/or administration in Q1 2017, reaching a total of $30.6 trillion
BlackRock sees uptick in AUM
20 April 2017 | New York | Reporter: Stephanie Palmer
BlackRock’s total assets under management (AUM) have seen a 14 percent increase to reach $5.2 trillion, its Q1 2017 results have revealed
BNP Paribas to improve fund distribution
19 April 2017 | London | Reporter: Becky Butcher
BNP Paribas Securities Services has developed a new digital fund distribution platform in partnership with AXA Investment Managers
More Industry news