Goldman Sachs recently acquired a floor from the office sharing company, WeWork, which they’ll be turning into a disaster recovery trading floor. The office is located in Central London, and will be aimed at making sure that the bank can continue operations in the event of a major disruption.
The US bank, notably, was the one that advised WeWork during its IPO process, earlier this summer, renting the office space located in a facility near the London Stock Exchange, near Paternoster Square.
WeWork usually doesn’t deal with trading floors, as they specialize in shared office spaces. However, a report from a source close to the companies say that this isn’t the first time WeWork has rented out a space for such a purpose. The Goldman Sachs trading floor is scheduled to go into operation by late 2019.
This new space is described as a “near-site business continuity location” where Goldman Sachs’ key London staff can immediately move to in case of any emergency affecting its £1.2bn European headquarters, located at Plumtree Court, not far from the new site.
In the case of a more far reaching emergency, Goldman Sachs has a site at Croydon, at the edge of London, where its staff can relocate to.
As for the disaster recovery space, Goldman’s trading floor is located on Waterhouse Square at 138-142 Holborn, which is a Victorian-era building that recently underwent renovations. Goldman Sachs’ EU headquarters is also moving, from its current location at Fleet Street, to the Plumtree court, at an 826,000 ft2 building that opened mid-2019. Neither company released a statement on the matter.
WeWork has been working in bringing in major financial groups in order to get business, which include, among other efforts, providing facilities for banks. Recently, they leased at least a thousand desks at a Waterloo site to HSBC.
On top of that, WeWork is also handling negotiations for the leasing of Goldman Sachs’ now-vacant headquarters on Fleet Street, which is the possession of an overseas investor.
These “business continuity” sites are part of Goldman Sachs’ system for handling any potential disruptions of their systems, covering things like storms, cyber security breaches, or major reductions of their work force due to illness, injury, or death, as explained by a document the bank published on their site.