BANKING GIANT MOVES INTO THE BOROUGH

JP Morgan, one of the world’s biggest banks has acquired 25 Bank Street in Canary Wharf from the Canary Wharf Group. The building will become the new European headquarters of JPM’s Investment bank in 2012. The bank has also confirmed it is committed to developing Canary Wharf’s Riverside South area, comprising 1.9 million square feet of office space. Speaking at the press call, London Mayor Boris Johnson said: “J.P Morgan has more than 1,000 employees based in London and almost 18,000 across the United Kingdom. Choosing London as its headquarters is the right choice for all reasons, and this acquisition will enable London to continue to be the financial centre of the world. “London is a wonderful place to make money My objective is to secure maximum investment. What about Dorset? What affects London affects Dorset and the number of people employed there.”

Mr Johnson used an example of his favourite film, Dodgeball – where in a bid to save their cherished local gym, Vince Vaughn leads a team of misfits to Dodgeball victory over the overwhelming might and grip of Ben Stiller’s Globo Gym. “This will spread the benefits of wealth to the whole of London,” said Mark Hoban, Member of Parliament for Fareham and Financial Secretary to the Treasury said. When questioned on a commitment to providing local jobs to local people, particularly at senior level, J.P Morgan CEO Jes Staley said: “Being the a part of the fabric of our community is an obligation of the bank, and one we take very
seriously.”

George Iacobecu, Chief Executive of CWG, said: “This is very good news for London and Canary Wharf. J.P Morgan is one of the largest and most prestigious banks in the world. This decision secures London as the European headquarters for J.P Morgan and it is a huge boost for the UK as the economic recovery starts.” During the economic recession, J.P Morgan has continued to invest and expand internationally. The company states that this long-term investment represents part of their continued commitment to London as one of the world’s most important financial centres. “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,“ added Staley.

Speaking after the event at which he shared a platform with senior J.P. Morgan representatives, Mayor of London Boris Johnson and Mark Hoban, MP, Mayor of Tower Hamlets, Lutfur Rahman, said: “This is fantastic news for our borough. “I very much look forward to the council working with J.P. 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.” The Mayor of London Boris Johnson said: “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.”

Speaking of the London Mayor and Mayor of Tower Hamlets, Chief Administrative Officer at J.P. Morgan, Frank Bisignano, said: “We could not have done something of this order and size without the support of these great leaders.” J.P. Morgan currently employs around 11,000 people spread across four sites in the borough. 25 Bank Street will now be known as the J. P. Morgan building.

By Emdad Rahman