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It is not clear whether JP Morgan was ever contemplating moving its European headquarters out of the UK. Never mind, Jamie Dimon, JP Morgan's chairman and chief executive, says the purchase of Lehman Brothers' former office in Canary Wharf "represents part of our continued commitment to London as one of the world's most important financial centres".
It's hard to know how much significance to attach to that claim. Canary Wharf Group was clearly desperate to fill the building, so the purchase may represent part of JP Morgan's continued commitment to getting a bargain (yes, even at £495m).
On the other hand, the US bank is also continuing work on the Riverside South site, also in Canary Wharf, that it had previously earmarked as its European headquarters. It may want the space for itself in the future or it may sell eventually. But, undeniably, JP Morgan is making a substantial bet that London office space is not about to plunge in value – that's some sort of commitment.
The reality may be that London, whatever the scare-stories about deserting banks suggest, is not about to disappear as a financial centre. Yes, Hong Kong, Shanghai and Singapore (especially) are growing in importance, and one assumes JP Morgan will be expanding at a greater pace in those cities. But a global bank also needs a large presence in wealthy western Europe. And London is still more fun for bankers than Paris or Frankfurt.
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JP Morgan buys Lehman Brothers' former office in Canary Wharf
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It is not clear whether JP Morgan was ever contemplating moving its European headquarters out of the UK. Never mind, Jamie Dimon, JP Morgan's chairman and chief executive, says the purchase of Lehman Brothers' former office in Canary Wharf "represents part of our continued commitment to London as one of the world's most important financial centres".
It's hard to know how much significance to attach to that claim. Canary Wharf Group was clearly desperate to fill the building, so the purchase may represent part of JP Morgan's continued commitment to getting a bargain (yes, even at £495m).
On the other hand, the US bank is also continuing work on the Riverside South site, also in Canary Wharf, that it had previously earmarked as its European headquarters. It may want the space for itself in the future or it may sell eventually. But, undeniably, JP Morgan is making a substantial bet that London office space is not about to plunge in value – that's some sort of commitment.
The reality may be that London, whatever the scare-stories about deserting banks suggest, is not about to disappear as a financial centre. Yes, Hong Kong, Shanghai and Singapore (especially) are growing in importance, and one assumes JP Morgan will be expanding at a greater pace in those cities. But a global bank also needs a large presence in wealthy western Europe. And London is still more fun for bankers than Paris or Frankfurt.
Since you’re here …
… we’d like to share some of the reasons why our readers support the Guardian:
The revenue we get from traditional advertising is falling. We increasingly need our readers to fund us. Help keep our independent, investigative journalism accessible to all.
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