Deutsche Bank AG is making moves to shrink its London office space, transitioning several workers to the Canary Wharf district from its City of London office building.
Deutsche plans to relocate half its back-office staff from its Appold Street building to the Docklands office by end of year. The lender extended its Appold Street building lease through 2023 last year and plans to sublease the extra space left from relocated workers, Bloomberg reports.
The move aligns with the bank’s business plan announced last year that includes cutting about 9,000 jobs globally through 2018—a 9% reduction of its workforce. Deutsche is one of several banks in London’s financial district that have been making staff cuts to reduce costs since before the Brexit vote. [Bloomberg]
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