Deutsche Bank to expand in Edinburgh

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It is building an office complex to accommodate up to 500 new jobs within three years. It is part of a major drive by the bank to strengthen its foothold in the Scottish capital and offer greater opportunities as a job machine for Scotland.

Hermann-Josef Lamberti, a managing director at Deutsche, said: 'We are committed to building on the strong foundations we already have here in Edinburgh. We are seeking to expand our businesses in Scotland and ensure that they continue to take an increasing share of the global market.'

The announcement coincides with Scottish Financial Enterprise's prediction that Scotland would benefit from around 1,000 new jobs in the coming year in the investment administration sector.

Ray Perman, chief executive of SFE, agreed: 'There is significant potential from continued indigenous development and inward investment to create many hundreds of high quality jobs in Scotland over the coming year.'

John Tudor, chief executive officer of WM, added: 'The significant investment from Deutsche Bank is not only to develop the investment administration and performance measurement businesses for WM, but also to improve the working environment for all our staff and help us continue to attract the best from the Scottish financial services industry.'

Perman insisted that while Edinburgh and Glasgow would remain the magnets for investment administration jobs, there were other centres emerging, such as Stirling, which would offer new opportunities to spread development to other areas of Scotland.