Deutsche Bank AG will shift its New York headquarters from Wall Street to a location midtown, at a time when Germany’s largest bank is scaling back its US operations.
The bank will relocate to One Columbus Circle from 60 Wall Street, according to an internal memo to employees.
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The move is expected to start in the third quarter of 2021 and will be completed in 2022, according to a source familiar with the matter.
The new location will consolidate the bank’s New York presence and would reduce its commercial presence in the city by 30 per cent, according to the memo.
Chief Executive Officer Christian Sewing said last month that the bank would cut back bond and equities trading and would invest in German retail banking and asset management in Europe.
The bank is expected to cut around 1,000 jobs or 10 per cent of its workforce in the United States, Reuters reported last month.