From the outside, the word “confidence” wouldn’t seem to have any place in a discussion about Deutsche Bank. Morale is cratering, bonuses are drying up, layoffs are accelerating, fines are mounting, and everything that the bank does seems to be a challenge. John Cryan hasn’t even been CEO for two years and some are already looking to the next inheritor of the Teutonic mess, even if Cryan says he’s open to staying on the job beyond 2020. But will Deutsche Bank even still be around in 2020?
It certainly thinks so: The bank has grand plans to move however many of its 7,000 employees in London are left to a new home in 2023, which means that not only does the other DB think it will still be banking then, it also thinks there will be banking to be done in London in 2023—and for 25 years thereafter. That’s how long a lease Cryan & co. are considering for their new Moorgate digs, an impressive show of confidence in the British capital even as better-run banks with their own plans for new London HQs begin a slow-motion exodus from the Square Mile.
"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 memo, sent by Garth Ritchie, Deutsche Bank's UK chief executive and head of its corporate and investment bank, said….
"The site will provide a long-term, sustainable location for the Corporate & Investment Bank (CIB) and infrastructure colleagues who need to be situated alongside CIB. Locating these staff in one building will increase productivity and strengthen controls and communication between functions," the memo said.