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Deutsche Bank to move 4,000 workers to Canary Wharf

Reuters - UK Focus

FRANKFURT, June 18 (Reuters) - Deutsche Bank (Xetra: 514000 - news) is preparing to move about 4,000 back office workers from five buildings in the City of London (LSE: CIN.L - news) financial district to one in Canary Wharf in the east of the capital, where much of Britain's financial sector is now based.

Deutsche said the move, scheduled to start towards the end of 2016, would increase efficiency and strengthen controls. It would mostly affect workers in technology and operations.

The new office is located at 10 Upper Bank Street in Canary Wharf. It will house some 4,000 work spaces. The largest building to be exited is located at 6-8 Bishopsgate in the City.

Deutsche Bank said the move was part of the its new Strategy 2020 plan, which is aimed at cutting costs, reducing investment banking operations and selling its Postbank retail chain. (Reporting by Thomas Atkins; Editing by Mark Potter)