Deutsche Bank — currently cutting thousands of jobs around the globe in a desperate effort to restructure — is slashing the amount of office space it plans to take at Time Warner Center.
The German bank has reduced its space by 60K SF across two floors, The New York Post reports, and it could cut more in the future by subleasing it to other firms.
Deutsche Bank last year agreed to occupy 1.1M SF in the Columbus Circle tower for a new headquarters, and landlord Related Cos. plans to rename the building after the bank. The deal was one of the biggest office leases of 2018.
The move is slated for 2021, and would see Deutsche moving north from its longtime 60 Wall St. headquarters. The 1.1M SF lease is already 30% smaller than its footprint at 60 Wall.
The bank has lost 95% of its market value, according to The New York Times, and is now in the midst of a massive restructuring that may involve the axing of up to 20,000 jobs, largely in New York and London. The bank is still moving into a new City of London headquarters in 2023, despite the changes.
