Citigroup’s Tokyo office shifts to new building

TOKYO • 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, sales and traders — are scheduled  to be in the 9th, 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-storey Otemachi Park is located across the road 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 centre, 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. — Bloomberg