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May 25, 2023

German bank scales back HQ revamp over construction costs

BERLIN (AP) — Germany's central bank is scaling back plans to revamp its Frankfurt headquarters, citing a sharp rise in construction costs and the fact that many of its employees want to continue working from home.

The Bundesbank started work on modernizing its 50-year-old main building in 2022. It said Wednesday that it is “recalibrating” plans to create more room for employees, and will now add only one new building — an office block with nearly 54,000 square feet of space.

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