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3/23/2017, 7:24 PM (Source: TeleTrader)
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Deutsche Bank to stay in London despite Brexit

Deutsche Bank AG revealed on Thursday plans to relocate its London headquarters to a new location in the city in 2023 thus confirming it intends to remain in the United Kingdom despite the country’s departure from the European Union.

"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 bank's UK chief executive Garth Ritchie stated.

Following Britain's vote to leave the bloc last year, several banks have considered moving a number of jobs from London to elsewhere in Europe. HSBC said it will close 62 of its UK branches this year, while Goldman Sachs said it intends to move "hundreds" of London jobs and is set to take extra space in Frankfurt and Paris as a part of its Brexit "contingency plan." 

The UK government is set to officially start the Brexit process by triggering Article 50 next week and is expected to complete negotiations and leave the EU in the spring of 2019.

Breaking the News / NP