Deutsche Bank has begun negotiations over a move to new London headquarters in 2023, underscoring the bank’s commitment to the UK despite the uncertainties wrought by Brexit.

The German lender, which employs 5,000 people at its UK corporate and investment bank, has picked a proposed development at 21 Moorgate for its new base, subject to planning permission.

Garth Ritchie, Deutsche’s UK chief executive, told staff the new offices would “advance the bank’s strategic goals”.

Support and frontline banking staff, at present scattered across several London locations, would be brought together at the new site, allowing for stronger links between businesses and their support teams and “reducing complexity”, Mr Ritchie said.

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,” Mr Ritchie said.

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