JPMorgan Chase is moving the headquarters of its European investment banking operations to Lehman Brothers’ former premises in London’s Canary Wharf district in a £500m ($775m) deal that counters fears about a shift of banks away from the UK capital.
JPMorgan has opted to buy the former Lehman tower instead of building a new £1.5bn headquarters in Canary Wharf, known as “Riverside South”.
The bank’s plans have been viewed as a bellwether for the industry’s commitment to London amid speculation that JPMorgan was considering reducing its UK investment.
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