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JPMorgan expected to take on Lehman Brothers London base

JPMorgan will take over the old London headquarters of collapsed bank Lehman Brothers rather than building a new development.

According to news reports, plans to build new £1.5 billion offices in Canary Wharf are to be given up by the investment bank.

It is now looking to re-house UK operations at the building at 25 Bank Street, which was custom built for Lehman Brothers in 2004.

Foregoing developing the twin-tower, 1.9 million square feet development, which is located on the south-side of the Docklands area, is expected to be the cheaper option for JPMorgan.

However, the move to retain headquarters in the City is also seen by commentators as a demonstration of the bank’s commitment to the UK.

Previous reports suggested that the financial institution may contemplate moving overseas in light of further levies on banks to be introduced by the British government.

Jamie Dimon, chief executive officer at JPMorgan, criticised the decision by Alistair Darling, the previous chancellor of the exchequer, to implement a 50 per cent tax on bonuses of UK bankers worth more than £25,000.

By Jim Ottewill