Salomon move to Canary Wharf
Wednesday 24 February 1999
Staff have already been informed of the move, and one plan under consideration is for a giant dealing floor to connect the two new skyscrapers, which when completed will face the Millennium Dome across the Thames.
Since October, joint chief executives Ron Freeman and James Boshart at SSB Europe have been pondering how to bring all the investment and wholesale banking activities of the new group together under one roof.
It is less clear what will happen to another 90 SSB staff at Lombard Street in the City, and another 300 in Piccadilly. Citigroup refused yesterday to comment on the plan, or what will happen to Citicorp's 3,000 staff in offices in Berkeley Square, The Strand and London Bridge.
Citicorp also has a big back-office operation in Lewisham, a Diners Club head office in Farnham, and other operations in Scotland.
SSB has a trading floor over Victoria railway station the size of a football pitch, one of the largest in Europe. The floor has already been extended twice, and is "bursting at the seams", according to sources close to the bank.
Salomon had the choice of moving to Canary Wharf in 1988 but this was vetoed by John Gutfruend, then the investment bank's chairman, when he discovered there was no Tube line to Docklands.
The much-delayed Jubilee Line extension to Canary Wharf is due to open before the end of the year. Citigroup management have promised staff that no transfers to Canary Wharf will take place until the new line is open.
The Citigroup move coincides with plans by Canary Wharf to raise around pounds 2 billion by an initial public offering (IPO) on the stock market.
Some City analysts voiced doubts this week that the float would go ahead as planned before Easter, following the high-profile pulling of the William Hill float by Nomura last Saturday.
However, the consortium, led by Paul Reichmann, which owns Canary Wharf has refused to confirm in public the property market's conviction that it is planning a spring float, thus making it easy to pull out if the state of the market looks unattractive.
- 1 Pope Francis issues top 10 tips for happiness
- 2 Disney heiress Abigail disowns her share of family profits in West Bank company
- 4 Israel's propaganda machine is finally starting to misfire
- 5 Kelsey Grammer forgives the man who raped and murdered his sister in 1975
Russell Brand accuses Sean Hannity of terrorism after aggressive Israel-Gaza debate
Pope Francis issues top 10 tips for happiness
Kenny Ireland dead: Benidorm actor dies aged 68
Justin Bieber posts Instagram photo of Orlando Bloom crying after Ibiza fight 'over Miranda Kerr'
Air Algerie AH5017 crash: Jet fell 30,000 feet in three minutes ‘due to violent storm’
The secret report that helps Israel hide facts
Land for gas: Merkel and Putin discussed secret deal could end Ukraine crisis
Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
Richard Dawkins tweets: 'Date rape is bad, stranger rape is worse'
Putin is 'thuggish, dishonest and reckless', says British ambassador to US
Boozy, ignorant, intolerant, but very polite – Britain as others see us
- < Previous
- Next >
iJobs Money & Business
£300 - £350 per day: Orgtel: Financial Analyst, Forecasting, Halifax, Banking,...
£500 per day: Orgtel: Business Architect - Banking - Bristol - £500 per day A...
£200 - £500 per day + competitive: Orgtel: I am currently working on a large p...
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...