JP Morgan threatens to quit New York

Wednesday 25 April 2007 at 13:54

JP Morgan is reportedly threatening to move thousands of employees out of New York after city officials refused to offer the US bank sufficient subsidies to build a skyscraper near the Ground Zero site.

The US bank could relocate its operations to Stamford in Connecticut if New York officials do not give it a larger subsidy to build the 50 storey building, according to the New York Times.