JP Morgan may abandon plans for London headquarters in Canary Wharf due to British banking regulations

Doubts have been cast over the future of the London headquarters of financial services firm JP Morgan, which is currently under construction in Canary Wharf.

The company has raised concerns over the economic climate of the capital and the lack of government support for the financial industry. According to The Telegraph, the firm is reviewing it’s plans and is close to cancelling it’s London office project. 

Plans to station Heidi Miller, the new head of international business at JP Morgan, in the capital were scrapped in June due to issues concerning the introduction of new government measures on banking levies and taxation.

The review over the construction of the £1.5 billion Canary Wharf office was begun for a number of reasons. A tax on banking operations within the UK, the end of tax relief on pensions for high earners and the persistent attack by politicians on banking executives were some of the factors mentioned by the firm.

The construction work on the 1.9 million square foot block on the Riverside South scheme is being undertaken by Canary Wharf Contractors.

JP Morgan bought the site in 2008 for £237 million and the abandonment of the project would mean securing another massive tenant for Riverside South.

Author: Amy Edwards | | 0 Comments

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