The City of London is full of old buildings originally designed to be banks. In the 21st century, there are significantly less banks and building societies due to various takeovers and mergers and the growing popularity of online banking. While many brand names have died out, some former Victorian and Edwardian bank buildings still survive today. Back in the 18th and 19th century, the sheer volume of banks meant they had to stand out amongst the competition. As their directors attempted to attract rich customers, their buildings needed to exude luxury and stability so many hired top architects to make sure their HQs and branches really looked the part. With considerably less banking names existing today, their former buildings have been repurposed for new businesses, restaurants and bars, with many keeping their original features.
One such former bank no longer offering financial services is the former Ludgate Hill branch of the City Bank. Now a wine bar, this Victorian building certainly stands out as one of the most attractive buildings on Ludgate Hill. Known by many as the road leading toward St Paul’s Cathedral, Ludgate Hill is one of two London hills where the original Roman settlement of Londinium was founded in the 1st century. Around 200AD, Lud Gate was constructed – one of seven gates into the walled city. The Lud Gate was rebuilt in 1215, with its upper rooms used as a prison by the 14th century. After being rebuilt again in 1586, it lasted nearly two centuries before Ludgate and the remaining city gates were all demolished in 1760. A plaque on St-Martin-within-Ludgate church marks the location of the Ludgate, although a stone remainder of the gate is thought to survive on the eastern corner of Pilgrim Street just 100ft away. Although the gate is long gone, its name lives on in Ludgate Hill.
With the City being the commercial heart of the capital, there were a host of banks to cater for the multiple businesses nearby and the booming population in the 19th century. One such financial institution was City Bank Ltd, which was founded in 1855 by stockbroker and future Lord Mayor of London, Sir Robert Walter Carden (1801-1888). Its stunning palazzo-style headquarters at 5-6 Threadneedle Street were built in 1856 by architect W Moseley and still remain today as the 5-star Threadneedles Hotel. By 1863, the bank had deposits to £3.5million and was acting as a London correspondent for 40 foreign banks, so they could provide finance for international trade. It became a limited company in 1880 and by 1894, it had 14 branches across London, including suburban outposts in Croydon and Bromley. One of its original branch buildings (built 1889) can still be seen today at 138 Shaftesbury Avenue at Cambridge Circus.
Read the rest of this entry