RBS Slims Down, Ships Out of London Office Where Big Bosses SitBy
Royal Bank of Scotland Group Plc plans to vacate and sell the London office where top executives including Ross McEwan, Ewen Stevenson and Howard Davies are based as it continues a cost-cutting drive.
The bank will leave the 280 Bishopsgate building by the end of 2019, moving staff up the road to 250 Bishopsgate, where modernization work will begin later this year, an RBS spokesman said by email. Ultimately, the bank plans to sell the vacant building, which it has occupied since 2002.
RBS no longer requires as much space as it becomes a smaller, more U.K.-focused bank that encourages more flexible working practices, the spokesman said. The Telegraph newspaper reported the plan to vacate 280 Bishopsgate earlier.
RBS, which is headquartered in Edinburgh, has slashed the amount of office space it occupies in London as it slims down in the wake of the global financial crisis. The bank already vacated the 135 Bishopsgate building across the street from the executive office and sold an adjacent site called Premier Place last year. It previously exited a large office on the south bank of the River Thames and sold another property in the Aldgate district in 2015.