JPMorgan Weighs Shifting Thousands of Jobs Out of New York Area
- Bank mulls selling Manhattan tower inherited from Bear Stearns
- Company is reining in costs ahead of possible economic slump
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JPMorgan Chase & Co.’s new Manhattan headquarters is meant to be an ode to both the company and the city -- a monumental glass-and-steel tower that says the nation’s largest bank grew up here. But New York may be losing its luster.
Despite more than two centuries of history in a city synonymous with the global financial industry, JPMorgan is quietly shrinking its workforce there. The bank’s been building up its presence in other locations and is now considering relocating several thousand New York-based employees out of the area to help rein in costs ahead of a possible economic downturn, according to people with knowledge of the bank’s strategy.