"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," Garth Ritchie, Deutsche Bank's UK chief executive told staff in a memo seen by Reuters.
Developer Land Securities is constructing the building at 21 Moorfields. Staff from Deutsche Bank's corporate and investment teams will begin moving to the new building in late 2023, Ritchie 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, according to Reuters.
Banking expert Tony Anderson of Pinsent Masons, the law firm behind Out-Law.com said: "In the face of continuing uncertainty for the City regarding the impact of Brexit, it is a reassuring sign that a key European player in financial services is preparing to invest over the long term in London. It will be interesting to see whether other key market participants adopt similar positions."