Canary Wharf construction jobs may open up

17/11/2008

A deal struck between the biggest banking institution in the US and a development company could see construction jobs open up in the Docklands area of London.

JPMorgan Chase has instructed Canary Wharf Group to build a massive office block in Canary Wharf which will serve as the bank's European headquarters.

Despite the current financial conditions, building work is set to go ahead on 1.9 million square foot space.

Speaking to Reuters, John Garwood, company secretary of Canary Wharf Group, said: "It is a pretty significant commitment on the part of JPMorgan, both to London and to Canary Wharf."

He added that the deal is "an example of a client working with a developer to give the maximum flexibility and make sure that the end building can match as closely as possible the needs of the client in what has become a very changing environment".

The credit crunch has seen many building projects put on hold, which has had a major impact on construction jobs.

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