Speculation suggests Deutsche Bank will open Birmingham trading floor
SPECULATION is rife today that Deutsche Bank is on the verge of opening a new trading floor in Birmingham, creating 150 new jobs.
It is thought the bank may have snubbed London in favour of setting up the new facility at its offices in Brindleyplace.
The German-owned bank is already a major employer in the city with more than 1,000 staff mainly working in back-office support roles.
Most of the major banks have similar operations in Birmingham, where salaries are more competitive than in London.
Reports have suggested Deutsche Bank may be looking at doubling the size of its Brindleyplace offices with the move being completed as early as next year. Those employed are likely to work in sales, trading, structuring and research.
Should the reports be substantiated then the opening of a trading floor in the city will be a major coup for Birmingham and a boost to its status as a financial services centre.
Inward investment body Marketing Birmingham has been promoting the city’s credentials to financial services companies and would-be investors in the hope of persuading them to relocate.
Should the now cost-conscious banks be looking to trim their budgets then relocating services away from the capital and out to cheaper cities such as Birmingham could become normal practice.
The move will be welcomed by the city’s commercial property sector, which is keen to attract fresh investment.
