Report: JPMorgan drops Downtown HQ plans

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JPMorgan Chase has reportedly dropped its plans for a new Lower Manhattan
headquarters, the 42-story 5 World Trade Center, and will instead take over the Bear Stearns headquarters
at 383 Madison Avenue. JPMorgan had planned on building a new
headquarters at the site of the old Deutsche Bank building near Ground
Zero, which had been delayed by a complicated demolition and a fire
last year. The Bear Stearns
building is only five years old and is across the street J.P. Morgan
Chief Executive James Dimon’s Headquarters On Park Avenue. JPMorgan
says it is still interested in building at the Lower Manhattan site. It says it will probably move its investment bank unit to Madison Avenue.

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