ΓÇ£Banker BashingΓÇ¥ Creates Office Space Speculation
JP MorganΓÇÖs plan to build a ┬ú1.5bn head office in London are being called into question in todayΓÇÖs Independent, with reports suggesting that the construction of their new office space in Canary Wharf could be abandoned in favour of a move to the former offices of Lehman Brothers.
The financial services firm, who have worldwide assets of $2 trillion and employ former PM Tony Blair as an advisor, apparently delayed the decision to move ahead with the Canary Wharf offices as a result of senior figures within the investment bank being angry with the ΓÇ£banker-BashingΓÇ¥ that occurred during the run-up to the May general election.
This anger has fuelled speculation that JP Morgan would move to the Docklands Skyscraper, formerly occupied by Lehman Brothers, as a snub to the government and in order to avoid heavy investment in the UK.
The potential for such a move however is currently being masked by JP Morgan, with the bank claiming it is considering several options on the future of its central London office space.
[p]Despite the uncertainty of where JP Morgan will locate its new offices, the fact that London remains the key location suggests that the potential exodus of financial firms from the UK as a result of tax rises has failed to materialise ΓÇô despite attempts by several European countries to attract financial giants by offering tax breaks.