C Suisse said to plan to sublet office space at Canary Wharf

Credit Suisse is planning to sublease space in London’s Canary Wharf financial district after cutting staff and squeezing costs, according to two people with knowledge of the plan.

Bloomberg News reports that the bank will offer about 145,000 square feet (13,470 square meters) at its 1 Cabot Square office to potential tenants, the people said, asking not to be identified because the plan is private. The 546,000 square-foot building is equivalent in size to the London skyscraper known as the Gherkin. A spokeswoman for the bank declined to comment.

Credit Suisse launched a cost-cutting program in October 2015 which will result in the elimination of 4,200 London jobs by the end of next year out of 9,200 employees at the start of the cuts. The savings in the U.K. capital should total about $344.5m, Chief Financial Officer David Mathers said last week. Credit Suisse may seek to sublease space in other buildings in the east London financial district, including one at Columbus Courtyard, as it seeks to cut its rental bills, the people said.

To access the complete Bloomberg News article hit the link below:

Shrinking Credit Suisse Said to Weigh London Office Space Cuts

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