Deutsche Bank’s bold experiment basing front-office staff in Birmingham appears to be paying off. It is to hire additional debt and equities sales executives after seeing revenues from clients serviced from the office more than double.

While other banks have admin, technology and other back-office functions outside London, Deutsche Bank has gone beyond this. Starting last April, it has covered sales and trading clients from Birmingham, with the bank expecting to finish the year with 170 front-office staff in the UK's second city.