deutsche bank plans to build new hq in london
Last Updated : GMT 06:49:16
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Last Updated : GMT 06:49:16
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Deutsche Bank plans to build new HQ in London

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Arab Today, arab today Deutsche Bank plans to build new HQ in London

Deutsche Bank
London - Xinhua

Deutsche Bank on Friday said it plans to build a new headquarters in London, despite the uncertainty in the financial and banking sectors caused by Britain's decision to quit the European Union (EU).

Deutsche Bank currently employs at least 5,000 workers in London at its corporate and investment bank.

Deutsche employees are scattered at several locations across the financial district, and elsewhere.

The new headquarters, which is planned to come into operation in 2023, will house all the employees in one place in the north of the city, allowing better communication and economies to be made.

Garth Ritchie, Deutsche's UK chief executive said: "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 current building at the proposed site is being demolished, the developer Land Securities said.

Work on the new offices will see construction take place above a new railway station for the multi-billion pound Crossrail link from the West to the East of London, and could start in 2018 according to Land Securities.

Land Securities said in a statement: "Land Securities is in discussions with Deutsche Bank... these negotiations will take several months and there is no guarantee they will lead to a transaction."

London is a major global financial hub, which handles more than 40 percent of global foreign exchange transactions.

The uncertainty about the future trading relationship between Britain and the EU after Brexit has led to speculation that London's status as one of the top financial hubs may be damaged, and some financial institutions have revealed plans to relocate some employees.

Earlier this week U.S. investment bank Goldman Sachs revealed a plan to move several hundreds of workers to mainland Europe as part of its Brexit contingency plans.

Earlier this year the banks HSBC and UBS confirmed that some staff would leave London as a result of Brexit.

However Goldman Sachs is also in the process of building a new office in London, despite its plan to move some workers out of Britain.

French bank Societe Generale is also preparing to move to new headquarters in London in 2019, while Japanese bank Mizuho moved into new offices last summer, after the Brexit vote.

source: Xinhua

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