JP Morgan acquires London HQ from Lehman

| December 20, 2010

US banking giant JP Morgan has acquired the former Lehman Brothers building in Londona��s Canary Wharf and it is set to become the banka��s new European headquarters.

The 1.1m square feet tower, located at 25 Bank Street, has been bought by JP Morgan for A?495 million, and will put an end to speculation that the US bank was looking to relocate outside the UK to free itself from stricter regulations – such as the new bank levy and bonus restrictions.

The US bank will move its 7,000-8,000 London investment banking staff to the new building in 2012.

However, it was understood that the bank was planning to move into the Riverside South site in Canary Wharf – a location which it acquired for A?237.9 million in November 2008 – and is developing with the Canary Wharf Group.

The bank has confirmed it will continue developing the site.

Jamie Dimon, the banka��s chairman and chief executive, said: a�?These properties are long-term investments and represent our continued commitment to London as one of the world’s most important financial centres.”

London Mayor, Boris Johnson, said the banka��s a�?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.a�?

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