Citigroup May Move 1,500 To Jersey City

The New York Sun reports:

Even as the city tries to lure businesses to Lower Manhattan, one major company may be taking 1,500 of its downtown employees to Jersey City.

Citigroup Incorporated is selling the 363,000-square-foot building it owns at 250 West St. and may be moving its Smith Barney investment banking division across the Hudson River, Crain's New York Business is reporting in today's edition. The company is negotiating to sublease 370,000 square feet from the Union Bank of Switzerland in a 32-story building at 480 Washington Blvd. in Jersey City, Crain's reported.

I'm suprised the numbers aren't greater if Citigroup was really concerned about their shareholders.