Financial advisory firm Lazard has begun a search for a new London office, indicating that it is committed to maintaining a presence in the capital for a number of years.
The firm is understood to be seeking between 70,000 and 80,000 sq ft for its London staff, as the lease on its current office in Mayfair nears an end.
The proposed size of its new office is similar in size to its current base – a fact that is likely to cheer City officials amid widespread reports that the Square Mile’s big employers would be scaling back their London presence in the run-up to the UK’s departure from the EU.
Lazard can trace its roots back to the 1840s when three French brothers founded a dry goods merchant called Lazard Fréres & Co in New Orleans. It later expanded into banking and foreign exchange. The company has had a branch in London since 1877 and is understood to be considering both City and West End locations.
On Wednesday, the chief executive of the Bank of England’s Prudential Regulation Authority, Sam Woods, warned that around 10,000 jobs in the UK are at risk on “day one” of Brexit.
However, some large banks have already signalled that they intend to maintain a large presence in London, including Deutsche Bank, which recently agreed a deal for a new headquarters building.