In a support for Brexit, Deutsche Bank (ETR:DBK) has announced plans to move its current headquarters to another location within the capital.
In a memo sent by Garth Ritchie, the UK CEO, the new headquarters, which is yet to be constructed, will be at 21 Moorfields.
“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.”
“The site will provide a long-term, sustainable location for the Corporate & Investment Bank (CIB) and infrastructure colleagues who need to be situated alongside CIB. Locating these staff in one building will increase productivity and strengthen controls and communication between functions,” he wrote in the memo.
This move signals support for the UK in the Brexit process. In recent weeks, other banks have shown less support and plan to move jobs out of the UK. For example, Richard Gnodde, the CEO of Goldman Sachs International (NYSE:GS) said earlier this week that it plans to relocate hundreds of jobs away from London before the UK and the European Union agree on a Brexit deal.
Currently, Deutsche Bank has about 9,000 employees in the UK, where approximately 7,000 of them are spread across 15 buildings in London. The new London headquarters would see many of them work together under one roof.
The bank is hoping to save money after many years of legal investigations and fines for misconduct. Earlier this week the bank reported that it had cut its bonus pool by more than 75 percent to shore up its balance sheet. It paid €500m in bonuses last year, compared with a €2.4bn pot in 2015.
Deutsche Bank is not the only bank moving headquarters within London. According to the Financial Times, Société Générale is preparing to move to its new Canary Wharf headquarters in 2019.