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JPMorgan May Abandon Downtown HQ
by WNYC Newsroom
NEW YORK, NY March 18, 2008 —JPMorgan Chase has abandoned plans to move its downtown headquarters to the World Trade Center site, following its deal to acquire Bear Stearns.
JPMorgan has a 90-year lease downtown with the Port Authority for the spot where the former Deutsche Bank building now stands. The firm had planned to build a new tower.
A JPMorgan spokesman tells The Wall Street Journal that the bank will move employees to a skyscraper on Madison Avenue that houses Bear Stearns' offices.