Saturday, 21st November 2009

 

15 June 2009 - Press Briefing

UBS raises £127m from sale of City property

UBS has sold Milton Gate, at 1 Moor Lane, to Al Salam Bank-Bahrain, a Bahraini financial institution, and Evans Randall for £127m (€149m), in one of the largest City office transactions this year, according to a report in the Financial Times.

The deal represents the first UK acquisition for Al Salam Bank, which is said to have a war chest of up to £500m, and is part of a push into Europe in partnership with the private equity group.

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Relocation, relocation, relocation

Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.

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