JPMorgan expands with new office in Hong Kong
Firm commits to leasing up to 11 floors at new, One Island East building.
The rapid growth in the Hong Kong operations during the past two years has created the need for a sharp increase in JPMorgan’s office space to accommodate the Asia Pacific headquarters, Gaby Abdelnour, chairman and CEO Asia Pacific, said Monday while announcing the firm will be leasing up to 11 floors at the 70-story One Island East building in Quarry Bay, on Hong Kong Island.
“JPMorgan's expansion to One Island East reflects the acceleration in growth which all our businesses are achieving. The new space is a perfect solution for our requirements. It is an excellent building for our staff and it is in the right location,” Abdelnour said.
The additional space will assist in the overall expansion of the Asia Pacific business, which currently operates in 25 cities across 14 countries in the region. Offices in several of these cities are also experiencing space problems as the businesses have also grown rapidly during the past two years.
Abdelnour said the additional space at One Island East would provide the capacity for the firm to reach its ambitious growth targets.
As the business expands, plans call for locating up to 1,900 employees to the new offices at One Island East beginning in August. The employees will include those from IB Technology and Operations, part of Treasury and Securities Services and a limited number of support functions.
The regional headquarters in Hong Kong will remain in Chater House and it will retain the current maximum of 2,000 staff. Offices in Mong Kok and Sha Tin and Exchange Square and the Investment Centre in Jardine House will also be retained. |