Monday, 20 Dec 2010 JP Morgan buys new London headquarters
JP Morgan has announced major real estate investments in London, including the acquisition of 25 Bank Street in Canary Wharf, which will become the new European headquarters of its investment bank in 2012.
The firm has also agreed to purchase 60 Victoria Embankment, a London building that the firm has been leasing since 1991 and which currently accommodates the firm’s Treasury and Securities Services division.
“Even during the recession, we have continued to invest and grow our businesses internationally,” said Jamie Dimon, chairman and CEO.
“These properties are long-term investments and represent our continued commitment to London as one of the world’s most important financial centres.”
Completed in 2003, 25 Bank Street’s technology and infrastructure are specifically designed for a global financial institution. With more than one million square feet of space, the building will house JP Morgan’s entire investment bank, allowing for increased efficiencies, productivity and communication among employees who will sit together in one location. Currently, the investment bank is spread across four London properties.
“The opportunity for our investment bank to be located in one state-of-the-art building allows us to upgrade our operational capabilities and maintain our strong position in the region,” said Jes Staley, CEO of the investment bank.
JP Morgan will also continue to work with the Canary Wharf Group in order to develop the Riverside South site at Canary Wharf for future use.
http://www.tradearabia.com/news/BANK_190634.html
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