By Paul Clarke

Of Financial News

Deutsche Bank is reviewing its Canary Wharf office space and is set to move former Numis staff into its City headquarters in another potential blow to the Docklands financial district.

The German lender is considering shrinking or leaving its 10 Upper Bank Street office in Canary Wharf when its current lease expires in 2028, the Financial Times reported citing people familiar with the matter.

The bank has approached real estate agents on a potential move from the office, which would need substantial upgrades should it chose to stay, the paper said.

Separately, Deutsche Numis employees are set to vacate its office in Gresham Street to move into the German lenders new 50,000 square feet U.K. headquarters at 21 Moorfields.

After Deutsche's surprise takeover of Numis in 2023, executives have looked to maintain the broker's independence by shifting the German lender's U.K. bankers to Gresham Street. Executives told Financial News in November that dealmakers were seen racing between the two offices--which are a 10 minute walk apart--for client meetings.

Canary Wharf has seen a number of large financial and professional services firm leave the district in recent months. Most notably, HSBC is set to leave its U.K. headquarters at 8 Canada Square for a new office in the City.

However, Barclays has signed a new lease for its U.K. headquarters at One Churchill Place in Canary Wharf until 2039 and JPMorgan has considered expanding its presence in the financial district to Credit Suisse's former office in Cabot Square.

Citigroup, which purchased its U.K. headquarters in Canary Wharf, is also undergoing an extensive renovation of the tower on Canada Square.

Deutsche Bank was contacted for comment.

Financial News is owned by News Corp, the parent company of The Wall Street Journal and Dow Jones Newswires.

Write to Paul Clarke at paul.clarke@dowjones.com

Website: www.fnlondon.com

(END) Dow Jones Newswires

March 14, 2025 06:00 ET (10:00 GMT)

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