JP Morgan Canary Wharf move still on
Speculation that JP Morgan will abandon its move to Canary Wharf because of the bonus tax is incorrect.
The future of the bank's Riverside South headquarters, currently under construction, was reported to be in doubt after a phone call last month between JP Morgan chief executive Jamie Dimon and Alistair Darling.
Mr Dimon allegedly told the Chancellor the Government's 50 per cent tax on bonuses and the regulatory crackdown made London a far less attractive proposition for the bank.
But The Wharf understands any decision not to move to Canary Wharf will have nothing to do with that conversation.
JP Morgan signed the deal for the site in November 2008 and, because of the uncertainty in the financial sector at that time, included a clause giving it the option to scale down, scale up or withdraw completely from the project.
Work on the site is well underway but JP Morgan could not confirm which option it will choose or when such a decision will be made.
Canary Wharf Group declined to comment.
Older/Newer
« Parkinson remains keen on Spurs winger | Millwall bring Trotter in on loan »
Read The Wharf E-Edition
Leave a comment