Business / Corporate

Citigroup plans to move Tokyo headquarters, bringing brokerage and banking ops together

Bloomberg

Citigroup Inc. will move its Japan headquarters and about 1,200 employees to a new building in Tokyo by the end of the third quarter, according to people familiar with the matter.

The New York-based firm will officially move the location of its main Japan office to the Otemachi Park Building from the Shin-Marunouchi Building on Aug. 28, said the people, who asked not to be identified as the details haven’t been announced yet. Employee relocations will start then and the workers — including bankers, analysts, sellers and traders — are scheduled to be in the ninth, 10th and 11th floors of the new building by Sept. 30, they said.

Bloomberg reported plans for the office move last year. The shift will bring Citigroup’s Japanese brokerage and banking operations together, helping to strengthen the businesses after the bank closed down its consumer-banking and card divisions in late 2015. The firm has hired about 20 bankers, analysts, economists, sales staff and traders in Japan in the past year.

The 29-story Otemachi Park is located across the street from the Imperial Palace grounds and was completed in February. The building is equipped with fitness, shower and napping facilities, along with serviced apartments and a day care center, according to the website of developer, Mitsubishi Estate Co.

Mika Nemoto, a Tokyo-based spokeswoman at Citigroup, confirmed the schedule for the relocation, without commenting further.

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