JPMorgan disappoints City by switch to Canary Wharf

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

"this is a big disappointment," said Peter Bennett, City surveyor for the City of London Corporation. "this is very disappointing because of our efforts to keep JP Morgan in the City if we possibly could.

"We have been trying jolly hard with them." JPMorgan initially chose the site at st Alphage House in the City with developer Hammerson prepared to build a one million square foot custom-made headquarters with four vast trading floors of 72,000 square feet each - the biggest in the square Mile.

But the bank has since decided it wants five trading floors - something the redevelopment of st Alphage House could not accommodate. it hopes to move into the Canary riverside south development in 2013. sources at JPMorgan said it became clear over the last 15 months that the site in the City would not be big enough or easy enough to develop to accommodate its current plans and for its future growth.

"We are delighted to be negotiating with Canary Wharf for a new building, which we intend to be a premier facility in the heart of a premier financial district," said Bill Winters, co-head of JP Morgan's investment bank.

Canary Wharf Group chief executive George iacobescu said: "We are very pleased indeed to have entered into this agreement with JP Morgan. the riverside site is a unique location for a world-class building of the highest quality and we are in a position to deliver JP Morgan a building that will meet their demanding present and future requirement."