Nomura pulls plug on Canary Wharf move

By Simon Hayes on November 17, 2008 10:16 AM |

Tagged with:

Nomura is unlikely to move its headquarters to Canary Wharf.

The Japanese bank was mulling over moving its 3,600 staff to the former Lehman Brothers office in Bank Street but seem set to stay in the City.

Nomura acquired part of Lehman's business after the American bank's collapse in September, and inherited 2,000 staff as part of the deal.

It was widely thought it would centralise its operations in the former Lehman's building.

But reports this morning indicate the bank's chiefs would prefer to stay in the Square Mile and are looking at sites on Upper Thames Street and in Moorgate.

It represents a blow to Canary Wharf but the reason seems to be the travel time between the Wharf and the City.

A Nomura source said: "It does take a long while to get between the two points for meetings. Whilst a deal is yet to be done, there is a City focus favoured above anywhere else."

Canary Wharf Group, who own the Bank Street site, are yet to comment.