REAL ESTATE
From Times Staff and Wire Reports
Canary Wharf Job Cuts Planned: The administrators of Olympia & York’s Canary Wharf project said they will cut 44 jobs, or about 10% of the development’s staff. The administrators, partners in the accounting firm of Ernst & Young, said further job cuts will be made, but were not specific. The administrators said 218 employees in property management will be maintained to fulfill commitments to existing tenants. Last week, administrators were called in to manage Canary Wharf, a major property development in the east end of London. The move gives Olympia & York protection from its creditors, much like a U.S. Chapter 11 bankruptcy filing.
