NEW YORK CITY—JPMorgan Chase & Co., thebiggest US bank, is considering moving its headquarters withinNew York as the company has shrunk its headcount here, a personbriefed on the discussions tells Bloomberg News.
The potential plans, which include taking officespace in Manhattan developments at the WorldTrade Center or Hudson Yards, are inearly stages and no decision is imminent, said the person, whoasked not to be identified because the talks are private. JPMorganhas moved back-office jobs to New Jersey, Delawareand Florida to cut expenses, the person says.
Banks, under pressure to boost returns, have been seekinglower-cost locations for employees who don't interact directly withclients. JPMorgan is examining its property holdings in NewYork, where it had 11.4 million square feet (1.1 million squaremeters) at the end of 2013, including 1.3 million at its 270 ParkAve. headquarters.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
