by Dorothee Schröder
In the ward of Cornhill lies Threadneedle Street, a thoroughfare steeped in history. It runs from Bishopsgate in the northeast to Bank Junction in the southwest and has long been part of the commercial heart of the City. Before 1598, the street formed part of Broad Street, known today as Old Broad Street.
The origin of its name remains uncertain. Since the hall of the Worshipful Company of Merchant Taylors has stood on Threadneedle Street since 1347, some believe the name recalls the threads and needles used by its members. Others point to the Worshipful Company of Needlemakers, whose coat of arms shows Adam and Eve presenting a shield bearing three needles. From this, it has been suggested that the street may once have been called Three Needle Street, gradually evolving into its present form.
Threadneedle Street’s most famous resident is the Bank of England, “the Old Lady of Threadneedle Street,” which has stood here since 1734. Beneath the surface lies a network of eight vaults over two levels, storing more than 5,000 tonnes of gold — the official reserves of the United Kingdom and others.
But the street’s financial heritage reaches even further back. In 1590, Berenberg Bank — today the world’s oldest merchant bank — was founded here, and they still maintain offices at No. 60. The Baltic Exchange began its life in 1744 in the Virginia and Baltick Coffee House on Threadneedle Street before eventually relocating to St Mary Axe. From 1711 until the mid-nineteenth century, the notorious South Sea Company was headquartered here as well. Until 2004, the London Stock Exchange also stood on Threadneedle Street before its move to Paternoster Square near St Paul’s Cathedral.
The importance of this street within the fabric of the City is further underlined by the fact that London’s first bus service began here in 1829, linking the City with Paddington. Threadneedle Street remains an impressive and evocative place. Even today, it is easy to imagine Ebenezer Scrooge making his way along Threadneedle Street.
Cover picture: The Bank of England (Philipp Röttgers)
