RBS executives told reporters in the United Kingdom that the bank is reviewing the need for its Stamford operation, as first reported by the Wall Street Journal, part of its plan to “significantly” scale back its U.S. investment banking operations. RBS maintains a large office and trading floor in Stamford it built with $100 million in state assistance, consolidating operations there in 2010 from its former RBS Greenwich Capital building on Greenwich Harbor and from New York City.
The reporter for this story claims that the abandoned building will be a gift to Stamford from Connecticut taxpayers, but given the source of Connecticut’s funding, it’s really a gift from Greenwich to Stamford and from Stamford to itself. When UBS flees, just ahead of RBS, Stamford will have 1,600,000 sq.ft. of additional vacant office space to fill, built with our tax dollars. Such a deal.