Results tagged “Citigroup”

CITIGROUP may be about to axe up to 2,000 jobs in Canary Wharf as it tries to off-set its credit crunch losses.

The banking giant has announced worldwide cuts of 9,000 jobs after revealing a first quarter loss of £2.7billion ($5.11bn) last week. Commentators predict a number will come from the bank’s UK headquarters in Canada Square.

Citigroup is the biggest bank in the US, but only Swiss firm UBS has been forced to announce more write-downs and credit losses since America’s sub-prime mortgage market collapsed last year. Worldwide job losses of 4,200 were scheduled by the bank in mid-January after it was forced to write off £11.3billion in sub-prime investments and losses in the fourth quarter last year.

Reuters got the better of Canary Wharf rivals Citigroup in a keenly contested City League cup clash.

The plate competition match at Charlton Park saw the media company beat their banking neighbours 43 - 31 on Wednesday evening (March 26).

It was a game of two very different halves in wet and windy conditions. Citigroup led 24-5 at half-time and also scored first in the second period.

THE SIX Nations might just have finished but for Canary Wharf rugby players the biggest tournament of the season is about to take place.

The City Scrum touch rugby tournament next Thursday (April 3), at the Honourable Artillery Company in City Road, will see 10 teams from banks and other institutions battle it out to be the City’s top rugby dogs.

The tournament is being organised by law firm Norton Rose, and Canary Wharf is well represented with teams from HSBC, Reuters, Citigroup and Credit Suisse all taking part.

LINKS between the classroom and the boardroom are set to improve as a financial services school moves into new premises on the doorstep of Canary Wharf.

The National Skills Academy for Financial Services officially opens at its new facility in the George Green Building in East India Dock Road today (Thursday, February 21).

The Academy, supported by Canary Wharf firms including Citigroup and HSBC, provides training across a range of financial disciplines for budding Wharf workers from Tower Hamlets. It will be opened by Hector Sants, chief executive of the Financial Services Authority.

Courses have been run at Tower Hamlets College in Poplar for the last 18 months but with £1million
of investment from London Thames Gateway Development Corporation students now have a purpose-designed building in which to work.

CITIGROUP is planning to clear nearly six floors of office space at its Canary Wharf headquarters.

The banking giant wants to release 150,000 square feet at its 25 Canada Square base, the largest batch of completed tower space available in London.

It has appointed Knight Frank and Cushman and Wakefield as joint agents in the deal.

Citi has approximately 25 years remaining on its lease with Propinvest and Derek Quinlan, who bought the building for £1billion in December.

The bank looks set to cut around 400 jobs in the UK as part of a re-structuring plan, mainly in the fixed income sector.