Royal Bank of Scotland’s much anticipated Stamford relocation is underway.
Despite the bank’s well-publicized troubles, the plan to consolidate its North American headquarters operations is on track. Some 200 workers have now moved into the 12-story specially constructed building – eventually it will house more than 2,000. Jobs are being moved from New York City and Greenwich to the new location.
RBS spokesman Chris Riley says the move is good news for the city.
“There was a study that was conducted by the Connecticut Center for Economic Analysis, in that it projected that the project would create more than $420m in new state tax revenue, and about $60m in new local tax revenue over the next decade. Another exciting component is that they believe it will generate an additional 2,500 jobs beyond the 2,000 plus jobs that RBS expects to bring into Stamford.”
RBS is now majority owned by the UK government, after suffering the biggest corporate losses in British history.