[NYguy]

Looks like 383 Madison could potentially be sold.


https://www.bloomberg.com/amp/news/a...-new-york-area

JPMorgan Weighs Shifting Thousands of Jobs Out of New York Area


By Michelle Davis
October 28, 2019

JPMorgan Chase & Co.’s new Manhattan headquarters is meant to be an ode to the both 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.

One option is to sell the investment-banking headquarters, at 383 Madison Ave., long the main hub for JPMorgan’s bankers and traders. Executives are deciding what roles could be relocated to lower-cost hubs such as Plano, Texas; Columbus, Ohio; and Wilmington, Delaware. In the investment bank and asset-management group, the moves will primarily affect non-client-facing workers, but could also impact junior-level investment bankers, some of the people said.

The moves are a response to a variety of forces that weigh on companies doing business in New York, including high taxes and expensive real estate. JPMorgan is also making good on a threat to move jobs out of the city after Mayor Bill de Blasio’s administration in 2014 rejected the bank’s demands for as much as $1 billion in tax breaks and cash to keep employees in New York. Dimon said privately in the years after the financial crisis he didn’t think New York politicians stood up for one of the region’s biggest industries.

The collapse of the Amazon deal also hurt one of the arguments for keeping more employees in New York, according to people briefed on the plans. Executives had hoped Amazon’s arrival would lure more tech-savvy workers to the area, with JPMorgan planning to draw from the same pool to add to its 50,000 tech staffers, said the people.

Discussions about JPMorgan’s overall location strategy remain fluid, and the bank doesn’t yet have a final tally on how many employees it will keep in New York. One person with knowledge of the talks said the decisions hinge on how many people the bank decides to put at its new headquarters, and whether the bank decides to sell 383 Madison, which was picked up in the fire-sale purchase of Bear Stearns Cos. in 2008 and is serving as a temporary staging area for executives while 270 Park is dismantled. JPMorgan has not yet determined what to do with 383 Madison, and any decision may be years away.