---
title: "Credit Suisse logo disappears from Canary Wharf"
publisher: "Share Talk"
author: "sharetalk"
published: "2023-10-30T17:21:19+00:00"
modified: "2023-10-30T17:21:19+00:00"
date: 2023-10-30
canonical: "https://www.share-talk.com/credit-suisse-logo-disappears-from-canary-wharf/"
category: "B2B"
categories: ["B2B", "Blogs", "Business & Support Services", "Technology", "Technology, Media & Telecoms"]
tags: ["banking", "BT headquarters", "Canary Wharf", "City of London", "Credit Suisse", "HSBC", "Liverpool Street", "London", "One Cabot Square", "St Paul’s Cathedral", "The Tower of Doom", "UBS"]
image: "https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/10/Credit-Suisse-30_10_23.jpg?fit=1200%2C800&quality=89&ssl=1"
format: "news"
language: "en-GB"
---

# Credit Suisse logo disappears from Canary Wharf

**Published:** October 30, 2023
**Author:** sharetalk
**Categories:** B2B, Blogs, Business & Support Services, Technology, Technology, Media & Telecoms
**Tags:** banking, BT headquarters, Canary Wharf, City of London, Credit Suisse, HSBC, Liverpool Street, London, One Cabot Square, St Paul’s Cathedral, The Tower of Doom, UBS
**Featured image:** ![](https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/10/Credit-Suisse-30_10_23.jpg?fit=1200%2C800&quality=89&ssl=1)

---

The Credit Suisse emblem is no longer visible at Canary Wharf, as UBS, the new proprietor, begins the process of relocating employees away from the financial hub.

On Sunday, the facade of One Cabot Square, Credit Suisse’s London headquarters since 1991, stood bare.

UBS has removed the logo from the high-rise in Canary Wharf as part of the transition of Credit Suisse staff to its UK main office near Liverpool Street in the City of London.

In a government-mediated, discounted transaction in March, UBS came to the aid of its major competitor, Credit Suisse, in an effort to avert a burgeoning European banking crisis. UBS acquired the 167-year-old bank, which was once valued at over £65bn, for £2.6bn.

Since the acquisition, UBS has been in the process of eliminating positions and restructuring Credit Suisse.

The decision to relocate bankers from Canary Wharf deals another setback to the district, which is already grappling with a surge in vacant office space.

According to CoStar, a property information provider, approximately 15% of desks in Canary Wharf are currently unoccupied. This is the highest rate in 18 years, significantly surpassing the central London average of 9.1%.

Businesses have been reducing their size or vacating Canary Wharf entirely as they transition to hybrid working models, with staff splitting their time between the office and home.

Earlier this year, HSBC, one of the most prominent entities in Canary Wharf, disclosed plans to vacate its headquarters, colloquially known as “The Tower of Doom.” The bank intends to leave its 45-story building when the lease concludes in 2027, relocating to the old BT headquarters near St Paul’s Cathedral.

The diminished demand for office space has financially strained the Canary Wharf Group, resulting in a debt accumulation of £1.4bn. Last year, the company’s losses expanded from £87m to £107m.

In May, Moody’s downgraded the credit rating of the company, cautioning that it might face challenges selling its office spaces without offering significant discounts.

In a bid to reinvent itself, Canary Wharf has been transforming into a residential and leisure destination, constructing apartments and introducing attractions such as paddle boarding in the docks.

Last week, the area’s proprietors, Qatar and Brookfield Asset Management injected £400m in equity and credit to stabilize the company.

Credit Suisse had just completed renovations on its Canary Wharf building in 2019, shortly before the pandemic struck. However, even before the UBS acquisition, the top nine floors of the building were already listed on the market.

The Canary Wharf Group has chosen not to comment on the situation, and UBS has been approached for a statement.

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