Boston, MA 08/13/2014 (wallstreetpr) – According to reports, the biggest US bank i.e. JPMorgan Chase & Co. (NYSE:JPM) has decided to move its base within the New York. The main reason as per the JPM spokesperson is but the job cut that JPM has been doing for last few years. Due to constant job-cut, it is left with very few employees in New York; hence, the company has decided to find a new site within the city.
Plans:
On the basis of the information provided by the company’s spokesperson, a few sites that JPMorgan Chase & Co. (NYSE:JPM) is considering include office space in Manhattan developments of World Trade Center, or space in Hudson Yards. Nothing has been finalized yet, and the company is open for other options as well. The person who gave all this information requested to keep his name unrevealed as the matter is quite private and can cause him trouble.
JPMorgan Chase & Co. (NYSE:JPM) has already moved its back-office jobs to Delaware, New Jersey and Florida to cut-down expenses, “He further added. There is a huge pressure on JPM to give a good return to its shareholders; therefore, it is looking for the cheaper locations within the city. JPM has a huge bunch of such employees that don’t interact with clients directly, so the company is planning to move such employees to other locations. JPM has also decided to examine its property holding in New York which was as much as 11.4 million square feet (approximate) in 2013.
JPMorgan Chase & Co. (NYSE:JPM) sold its 60-story skyscraper to Shanghai-based Fosun International Ltd. last year. Due to this transaction, JPM had to shift its 2000 employees to the office located in Brooklyn’s MetroTech Center in the early 2014. The company has not yet decided if it will use its property or buy new projects to shift the employees. Everything will be clear in a few days time.
