Projo Biz Blog

Royal Bank of Scotland Group, owner of Providence-based Citizens Financial Group, is moving its New York employees from an office near Grand Central Terminal and relocating them to Stamford, Connecticut, where the Edinburgh-based bank is centralizing U.S. operations.

The new 12-story headquarters of RBS Americas stands on more than 4 acres along Stamford's Washington Boulevard, spokesman Peter Ward said. The move will generate more than $420 million in tax revenue for the state through 2028, the bank said, citing the Connecticut Center for Economic Analysis.

"We are moving our operations from 101 Park Avenue in New York,'' Ward said. "We began moving a number of employees into Stamford earlier this month and expect to have approximately 1,850 employees in the new building by July, and more than 2,000 by the end of the year.''

Britain's biggest government-owned bank is selling assets and cutting costs worldwide following a taxpayer bailout that forestalled its collapse. Construction of the Stamford site began under former Chief Executive Officer Fred Goodwin, who expanded the bank's balance sheet to $3.23 trillion. Goodwin stepped down in November.

Ward declined to say how many RBS staff worked in New York City.

RBS is also moving employees from its Greenwich, Connecticut, offices to Stamford. RBS has renamed its Greenwich Capital Markets Inc. broker-dealer business RBS Securities Inc.

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