JP Morgan buys Lehman’s former London office

U.S. major JP Morgan has snapped up the former office of bankrupt Lehman Brothers in Canary Wharf here, for about 495 million pounds.

The acquired property would be made the new European headquarters of JP Morgan’s investment banking operations in 2012, the firm said on Monday.

The purchase - 25 Bank Street in Canary Wharf - was the office of American entity Lehman Brothers, whose collapse in September 2008 triggered a severe global financial meltdown.

In a statement, JP Morgan said it has bought this building in Canary Wharf.

Going by reports, the deal is worth 495 million pounds.

“The firm has also agreed to purchase 60 Victoria Embankment, a London building that the firm has been leasing since 1991 and that currently accommodates the firm’s Treasury and Securities Services division,” it noted.

With the purchase of 25 Bank Street building, JP Morgan would move its entire investment banking business into this place. Currently, these operations are spread across four properties in London.

25 Bank Street, which was completed in 2003, was then designed for Lehman Brothers.

Interestingly, JP Morgan’s acquisition comes at a time when there are rising concerns of London becoming an expensive place for businesses. There are even fears that some global players are looking to move out of the city.

“Even during the recession, we continued to invest and grow our businesses internationally. These properties are long-term investments and represent our continued commitment to London as one of the world’s most important financial centres,” JP Morgan’s chairman and CEO Jamie Dimon said.

The firm has over 11,000 employees based in London.

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Printable version | Jun 17, 2021 10:41:37 PM |

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