JP Morgan has committed to a relocation of its European headquarters from the City of London to Canary Wharf, as values continue to fall in the Docklands and as a rival bank considers a switch back to the Square Mile.

The US bank today agreed to take a 1.9m sq ft development in Canary Wharf after turning its back on a 1m sq ft scheme at St Alphage House on London Wall in the City of London two months ago.