(Bloomberg) – Deutsche Bank AG is considering moving some of its 4,600 Manhattan employees to other major US cities, though there are no concrete plans yet.
The German bank is studying how to allow more employees to work from home and from elsewhere as it moves operations to the Time Warner Center in New York City, its spokesman Daniel Hunter said.
Previously, Christiana Riley, chief executive of the Americas division, had told the Financial Times that Deutsche Bank could cut its New York workforce by half in the next five years.
“I am optimistic that New York will continue to be, to some extent, a hub,” Riley told the FT. “There will still be a significant amount of institutional capital in and around New York … But that may not be relevant to all of those people.”
Banks and other businesses are looking at how to rebalance their office locations and work in them in the aftermath of the covid-19 pandemic, which has caused unprecedented numbers of people to work from home.
Bloomberg reported last week that Goldman Sachs Group Inc. is looking for possible locations in South Florida for part of its asset management arm. Also, Ken Moelis said he will allow his banking executives to work in the sunny state of Florida if they wish.
Deutsche Bank said last week that it expects to reduce its adjusted costs by 2022 by 300 million euros ($ 363 million) more than previously announced, in part thanks to the impact of the pandemic on work habits.
The bank said in September that New York employees could continue to work from home until the middle of next year.
Nota Original:Deutsche Bank May Eventually Allow NYC Staff to Move Elsewhere
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