JPMorgan has disclosed plans to spend $2 billion on building a new 1.3-million-square-foot investment banking headquarters at a site in the World Trade Center complex.
The 40-story building, which will be built on site five of the World Trade Center complex, will house around 7000 investment bank employees and will include six trading floors, each measuring up to 60,000 square feet.
Frank Bisignano, chief administrative officer and a member of JPMorgan Chase's operating committee says: "In putting together this important new project, we will improve the quality of our space, increase our flexibility, and bring together our investment bankers in a cost-effective, environmentally friendly facility."
The new building is expected to be open by early 2012.
According to press reports JP Morgan will pay the Port Authority of New York and New Jersey $290 million for a 92-year lease and $10 million to the World Trade Center foundation and the church on the same site.
JP Morgan also unveiled plans to renovate its 1.2-million-square-foot world headquarters building at 270 Park Avenue in Manhattan. The renovation of the facility will take place over the next few years, the bank says in a statement.
This latest news follows reports last month that JPMorgan is to build the largest trading floors in London at its new European headquarters in the City.
The new building, which will consolidate JPMorgan's investment banking operations in one location, will house 5200 investment bankers and feature four trading floors, each measuring 72000 square feet.