DB - Deutsche Bank seeks big slash to Frankfurt offices as more staff work from home - report

2023-05-17 12:20:05 ET

Deutsche Bank ( NYSE: DB ) wants to reduce office space by 40% across Frankfurt, Germany, where the lender is headquartered, and Eschborn by the end of next year, Bloomberg reported Wednesday, citing a response to an investor question at its annual meeting.

The move comes after the Covid-19 pandemic accelerated the work-from-home trend, which in turn has boosted vacancy rates. On Tuesday, asset management giant BlackRock ( BLK ) said in a memo that it's pushing its staff back to the office at least four days a week starting Set. 11.

The move to cut office space also coincides with Deutsche Bank's ( DB ) cost savings initiative, the article pointed out, noting it has some 3.5K leases that consisted of the largest portion of its EUR 1.4B in real estate costs in 2022.

As such, Germany's largest bank is seeking to move staff into just "a few buildings," which will be fitted “with a higher standard and designed to facilitate collaborate work," DB reportedly said in the meeting.

More on Deutsche Bank

• Deutsche Bank: Profitability And Turnaround Progress Are Simply Impressive

• Deutsche Bank Is Not Credit Suisse, But It's Certainly Not 'Safe'

• Deutsche Bank adds to investment banking team ahead of deal-making rebound - report

For further details see: