As more of the world’s biggest banks begin to take up Canary Wharf office space, the area is set to overtake the City of London and become the biggest employment hub for bankers on the continent, according to an article published by the Financial Times.
JPMorgan is currently halfway through a move from a number of locations situated around the Square Mile to new headquarters at 25 Bank Street – a 33-st0rey tower building. News also broke today that JPMorgan may be shedding banking executives in the process.
Meanwhile, the FT has forecast that this move will accelerate a shift in power.
While many banks are still based in the City, the biggest employers are now located in Canary Wharf; HSBC and Barclays both have their headquarters in the area, Credit Suisse’s investment banking operation is also based there, as are Citigroup and Morgan Stanley.
Many bank bosses have stated that a combination of cheaper rents and availability of large London office buildings will see banks continuing to flock to the area.
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