Next year, JPMorgan Chase will start building a larger, more modern headquarters in New York City that will house 15,000 employees.
The bank and the City of New York on Wednesday announced the plans for the 2.5 million-square-foot building, which will sit at the same address as the current headquarters at 270 Park Avenue, a skyscraper developed in the 1950s for about 3,500 people.
“With a new headquarters at 270 Park Avenue, we are recommitting ourselves to New York City while also ensuring that we operate in a highly efficient and world-class environment for the 21st century," CEO Jamie Dimon said in a statement.
Construction is expected to begin in 2019 and last for five years. During the development, employees will be relocated throughout other JPMorgan locations in the city.