NEW YORK CITY—A week after a strong possibility emerged that JPMorgan Chase & Co. would relocate its headquarters to new construction at the Related Cos.’ Hudson Yards development, the possibility has sputtered out. The New York Times and Bloomberg reported Wednesday that the financial services giant had decided to stay in its current offices rather than move to the Far West Side.

A would-be deal reportedly foundered over the question of tax incentives, among other issues. The bank had sought $1 billion in tax breaks to build two office towers, one 62 stories and a second 40-story tower next door, on the Far West Side. However, Alicia Glen, deputy mayor for economic development, told the Times earlier this month that “there is no way” that the de Blasio administration would approve such a package.

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