Deutsche Bank is planning to establish a new headquarters (HQ) in London.

Discussions are taking place between the bank and developer Land Securities regarding a pre-let at the 21 Moorfields development in the city.

In a leaked internal memo to staff, the bank's UK chief executive Garth Ritchie said: "The move underlines the bank's commitment to the City of London and the importance it attaches to being an employer of choice in the capital.

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"It will advance the bank's strategic goals of increasing efficiency, reducing complexity and strengthening links between the business divisions and infrastructure functions."

The move is seen as a financial business boost for London following the UK's decision to leave the European Union.

In a statement today, 24 March, Land Securities confirmed talks were ongoing and demolition work of existing buildings on the site is nearing completion.

Once finished, piling and construction work will start on an above station raft, with completion scheduled by June 2018.

The statement reads: "Land Securities is also in discussions with Deutsche Bank regarding a pre-let for the development which would require alterations to the design of the building above ground.

"These negotiations will take several months and there is no guarantee they will lead to a transaction."

(LM/CD)