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
Northern Trust Universe reports pension plan investment gains
08 August 2017 | Chicago | Reporter: Jenna Lomax
This marked the seventh consecutive quarter of positive investment performance
NEX Group sees European repo boost
04 August 2017 | London | Reporter: Jenna Lomax
European repo grew from €169.4 billion in July 2016 to €228 billion at the end of July 2017
Asset allocations in private equity and real estate increased in early 2017, according to Matt Davey, head of business solutions at Societe Generale Securities Services
European cities eye European Banking Authority
02 August 2017 | Brussels | Reporter: Mark Dugdale
The European Council has received eight applications from cities vying to host the European Banking Authority once the UK leaves the EU
FundBPO to continue using StatPro Revolution
31 July 2017 | Sydney | Reporter: Jenna Lomax
Australian fund administrator FundBPO has signed a three-year contract extension with StatPro Group
Fund administrator LeverPoint acquires Lamplighter
27 July 2017 | New York | Reporter: Jenna Lomax
Lamplighter Financial will boost LeverPoint’s back-office administration and reporting services, specifically SBIC fund reporting, further solidifying its place in the market
Citi ceases to restructure
27 July 2017 | New York | Reporter: Stephanie Palmer
Citi has announced the end of the restructuring that came as a response to the financial crisis, now the franchise has been “streamlined”, according to the bank’s CEO Michael Corbat
More Industry news