(Bloomberg) -- Deutsche Bank AG is considering subletting the London offices occupied by its wealth management business and its asset-management arm DWS Group, according to people with knowledge of the matter.
The bank has discussed the possibility of moving staff out of the Zig Zag building near Westminster Cathedral, though no decision has been made, said the people, who asked not to be identified because the deliberations are private. Deutsche Bank signed a 15-year lease for the property with Land Securities Group Plc and started moving employees in two years ago. Property Week reported the news earlier.
Respresentatives of Deutsche Bank and DWS declined to comment.
The German lender is planning to eliminate about 18,000 jobs globally under a restructuring plan announced this month by Chief Executive Officer Christian Sewing. While much of the layoffs are in the investment bank, the asset management unit under CEO Asoka Woehrmann has accelerated cost cuts amid industrywide pressure on fees and has also been reducing staff.
The bank has separately signed an agreement with LandSec to move its U.K. headquarters to a building being constructed at 21 Moorfields in the City of London financial district on a 25-year lease. The project won planning approval last year. The new property will have space equivalent to about 10 soccer fields and is expected to be completed in 2021.
--With assistance from Suzy Waite and Nicholas Comfort.
To contact the reporter on this story: Jack Sidders in London at jsidders@bloomberg.net
To contact the editors responsible for this story: Shelley Robinson at ssmith118@bloomberg.net, Patrick Henry, Christian Baumgaertel
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