JPMorgan Chase plans new Manhattan headquarters

JPMorgan Chase is building new headquarters in an old spot.The bank plans to tear down its 50-story building o...

Posted: Feb 21, 2018 2:45 PM
Updated: Feb 21, 2018 2:45 PM

JPMorgan Chase is building new headquarters in an old spot.

The bank plans to tear down its 50-story building on Park Avenue in New York and replace it with a 70-plus-story skyscraper at the same address.

CEO Jamie Dimon and Mayor Bill de Blasio made the announcement on Wednesday.

About 15,000 employees will work at the new headquarters. JPMorgan's existing building was designed in the late 1950s for about 3,500 employees, the company said.

Related: 22,000 JPMorgan Chase workers are getting a raise

Construction is expected to begin in 2019 and will take five years. Most employees at headquarters will be relocated nearby during construction.

JPMorgan said the project will create 8,000 construction-related jobs.

The building will be the first major project under Manhattan's new East Midtown rezoning plan. Under the rezoning, JPMorgan must purchase development rights for nearby buildings and help improve streets, pedestrian plazas and transportation.

"We are recommitting ourselves to New York City while also ensuring that we operate in a highly efficient and world-class environment," Dimon said in a statement.

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 145636

Reported Deaths: 3745
CountyCasesDeaths
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Jackson6124118
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Leflore200890
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Clarke88553
Clay87027
Jasper81122
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Humphreys52618
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Benton48417
Quitman4796
Webster42014
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Wilkinson38622
Jefferson33811
Franklin3235
Choctaw3077
Sharkey30617
Issaquena1114
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Alabama Coronavirus Cases

Cases: 236865

Reported Deaths: 3472
CountyCasesDeaths
Jefferson31043491
Mobile19446360
Tuscaloosa12684150
Madison12528146
Montgomery12122235
Shelby992276
Baldwin837684
Lee759765
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Pike156014
Clarke155319
Marion135535
Winston126623
Lawrence123936
Geneva11848
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Sumter56222
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Greene41317
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