JP Morgan announces £495m plansNews
Finance graduates hoping to work in the City might have been boosted by investment banking giant JP Morgan's plans for a £495 million property deal.
Under the deal the group will house its European headquarters at 25 Bank Street in Canary Wharf, which was previously the London base for failed US bank Lehman Brothers, to merge its investment banking operations spread across the capital.
This decision represents a welcome commitment to London amid concerns over its appeal as a worldwide financial centre ahead of the new banking tax levy and talk of a bonus clampdown.
London mayor Boris Johnson said JP Morgan's investment was a "tremendous coup" for the city, as it strives to stay at the forefront of the global economy.
He said: "JP Morgan's commitment to London will help ensure the capital retains its position as a banking powerhouse which drives the UK economy and attracts the brightest and best stars from the financial world."
JP Morgan will move its 7,000-8,000 London investment banking employees to the new building in 2012.
The Bank Street building was completed in 2003 and has more than one million square feet of floor space, with technology and infrastructure specifically designed for a financial institution.
Jamie Dimon, chairman and chief executive of JP Morgan, said: "This acquisition is a long-term investment and represents part of our continued commitment to London as one of the world's most important financial centres."
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