Banking giant JP Morgan to move to Canary Wharf
BANKING giant JP Morgan is moving to Canary Wharf after buying the old Lehman Brothers block for �495million.
The American investment bank today announced it will move its 8,000 employees to 25 Bank Street in 2012.
It is hoped the firm will offer opportunities to Tower Hamlets residents in the form of training programmes and involvement in business in the area.
The building will become the new European headquarters.
Today’s announcement’s also quashes fears that big banks will quit London in light of the new bankers’ bonus levies that are being discussed.
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Tower Hamlets Mayor Lutfur Rahman, said: “This is fantastic news for our borough.
“I very much look forward to the council working with JP Morgan and Canary Wharf Group to realise the potential of this announcement for local people who I hope will benefit from the job opportunities, skills development and training programmes this move will bring.”
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London mayor Boris Johnson also had high hopes for the opportunities the move will bring.
He raved: “This is a great day for London and its economy – it will bring jobs in every sector to London and benefit local roads, schools and hospitals.”
The bank’s chief administrative officer Frank Bisignano praised the two mayors during today’s meeting, saying: “We could not have done something of this order and size without the support of these great leaders.”
Lehman Brothers moved out of the block in 2008 after declaring bankruptcy.