NEW YORK CITY—A week after a strong possibility emerged thatJPMorgan Chase & Co. would relocate itsheadquarters to new construction at the RelatedCos.' Hudson Yards development, thepossibility has sputtered out. The New York Times andBloomberg reported Wednesday that the financial services giant haddecided to stay in its current offices rather than move to theFar West Side.

A would-be deal reportedly foundered over the question of taxincentives, among other issues. The bank had sought $1 billion intax breaks to build two office towers, one 62 stories and a second40-story tower next door, on the Far West Side. However,Alicia Glen, deputy mayor for economicdevelopment, told the Times earlier this month that “thereis no way” that the de Blasio administration wouldapprove such a package.

Following Chase's decision to stay put, Glen issued a statementthat the outcome “validates our approach, and our belief that thesedeals often come down to factors that have nothing to do withtaxpayer subsidies. We're glad that JPMorgan has decided tomaintain its buildings and its work force right where they are forthe foreseeable future.”