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Deutsche Bank is reviewing its presence in Canary Wharf in a move that could result in the German lender quitting the east London financial district altogether or shedding a third of its space.
People familiar with the discussions said the bank would either leave its premises at 10 Upper Bank Street in Canary Wharf when its current lease expires in 2028 or cut back its space in the building, where it has maintained an outpost for close to a decade.
Deutsche, which has its main UK headquarters at Moorgate in the Square Mile, has identified a surplus of 125,000 sq ft of space above its current London office requirements, the people added. The bank currently occupies 375,000 sq ft in Canary Wharf.
The shift will make Deutsche the latest financial services tenant to retreat from the docklands, following HSBC and law firm Clifford Chance. Both Barclays and Morgan Stanley have consolidated their space by pulling out of smaller buildings in the district while committing to remain in the area.
Deutsche opened an outpost in Canary Wharf in 2016 as a supplement to its former City of London premises. It subleases 11 floors in Clifford Chance’s building at 10 Upper Bank Street, where the lease expires in 2028.
The bank has hired real estate agents to advise it on a potential move and approached several landlords on its shortlist in recent weeks seeking terms for new premises, according to people familiar with the matter.
Options under consideration included staying in the current building with a reduced presence, moving to a different premises in Canary Wharf or moving to another location in London, the people said.
It started moving staff into its new London headquarters at 21 Moorfields in 2023, where it occupies more than 550,000 sq ft of space, and is now preparing to move all Deutsche Numis staff from the UK broker’s office on Gresham Street by early next year, people familiar with the matter said.
Remaining at 10 Upper Bank Street could pose challenges as the nearly 25-year-old tower is expected to need substantial upgrades, meaning Deutsche could face disruption from building works if it stays beyond 2028.
The property is majority owned by insurer China Life, with minority stakes held by the Qatar Investment Authority and Canary Wharf Group, which serves as manager.
While the east London financial centre has faced several high-profile tenant exits, the Canary Wharf office traffic is not all one way.
JPMorgan and Citi both own their towers, with Citi committing £1bn to a refurbishment. JPMorgan is looking to expand its space by taking unused floors in the former Credit Suisse building.
HSBC is also considering taking additional office space due to concerns its new headquarters near St Paul’s will be too small, while fintechs Revolut and Zopa Bank are preparing to move into new headquarters in Canary Wharf.
Deutsche Bank and Canary Wharf Group declined to comment.
