City may say guten tag to Deutsche Bank HQ

Deutsche Bank HQ
An artist’s impression: how 21 Moorfields could look upon completion

Deutsche Bank has given London a major boost by entering into talks to open a new HQ in the City. Developer Land Securities is reported to be in exclusive discussions with the German giant over a pre-let at its planned Moorfields development.

In a leaked memo to staff, the bank’s UK chief executive Garth Ritchie 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. “It will advance the bank’s strategic goals of increasing efficiency, reducing complexity, and strengthening links between the business divisions and infrastructure functions.”

But Land Securities stressed there was still a long way to go in negotiations, and that there was “no guarantee” they would lead to a deal. Still, the talks are being hailed as a major post-Brexit coup when many City jobs are being linked with relocation to Frankfurt – home to Deutsche Bank’s German HQ.

A 500,000 sq ft project at the site of 21 Moorfields – with the existing building due for imminent demolition – has already received consent, though Land Securities has said alterations may need to come into effect should an arrangement be reached with Deutsche Bank.