BZW TO LOSE STAFF PRIOR TO CANARY WHARF MOVE

Meanwhile, a row broke out yesterday between BZW and the City Corporation, which claimed that the Barclays subsidiary could lose up to 40 per cent of its staff as a result of moving to Canary Wharf.

Michael Cassidy, the corporation's chairman of policy and resources, also said the £1,000 a year compensation BZW is paying the 1,800 staff moving to docklands was the equivalent of £5 a square foot on the rent.

Mr Cassidy claimed senior BZW management expected a 40 per cent fall out, but a spokesman for BZW said: "It is absolute unadulterated nonsense. We do not expect to lose any of our staff as a result of the move. We have been recruiting some very high quality people in recent months who know we are moving to Canary Wharf."