Prospective Canary Wharf tenants Deutsche Bank has warned investors it is facing at net loss of £4.5billion for the third quarter.
Higher capital requirements and question marks over the value of its retail division are partly responsible for German bank's loss.
It is also setting aside £800million for legal costs relating to its roles in the Libor-rigging scandal and possible price-fixing in the precious metals market.
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Chief executive John Cryan, who took over in July, is preparing to cut about 23,000 jobs – a quarter of the workforce – to cut costs. This is part of its Strategy 2020 plan which will see the bank move 4,000 back office workers to 10 Upper Bank Street in Canary Wharf.
It is consolidating mostly technology and operations staff from five buildings across the City to space leased from law firm Clifford Chance.
The move will start towards the end of 2016 with a lease due to expire in 2028, at the same time as Clifford Chance.