Pandemic speeds last major bank’s exit from Wall Street

The last major bank on Wall Street is leaving the street, ending an era where working on Wall Street meant being on Wall Street.

Deutsche Bank announced in 2018 that it would exit its current headquarters at 60 Wall Street and consolidate its workforce at the Time Warner Center in 2021. However, the coronavirus pandemic has accelerated its departure, according to the Commercial Observer.

In a memo obtained by the Commercial Observer, the bank announced that employees could wait to return to the workplace until July 2021, when the Columbus Circle location opens.

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“We’ve gone from Wall Street as a physical address to a label,” Bob Goodman, an executive managing director at Colliers International, told the publication.

Some specific Deutsche Bank teams have been called to return to 60 Wall Street, and it remains open for employees who wish to work from the office, but the bank will never fully reoccupy its space there.

Citigroup was the first to leave Wall Street, moving its headquarters to 399 Park Avenue in the early 1960s. Since, major banks have continuously decamped from the area. Midtown has been a popular destination because it is more accessible from the suburbs north of the city. [CO] — Sasha Jones