Friday, February 23, 2018

Thank You, Janet Yellen and Ben Bernanke

Jamie Dimon, Chairman, CEO, and President, of JPMorgan Chase
J.P. Morgan Chase unveiled plans Wednesday to replace its existing New York headquarters with a new 2.5-million-square-foot complex.

The building will be the largest bank building in the world and will be built at 270 Park Ave in New York City on the same property where JPM has its current headquarters.

The current building at Park Avenue between 47th and 48th Streets was constructed in 1950 and meant for 3,500 employees. Employees will be relocated to nearby facilities during the construction.

The new headquarters will house 15,000 of the bank’s employees and is expected to be between 70 and 75 stories tall. The current structure is 52 stories.

Jamie Dimon, the bank's Chairman, CEO, and President,, could have never pulled this off without massive money printing by former Fed chairs Ben Bernanke and Janet Yellen over the last 10 years.

The question now becomes will the Fed still be able to keep the economy in boom phase until the new building is expected to be complete in 2024. Given the expected price inflation acceleration on the horizon, it says here that the Fed won't be able to pull it off.


(via CNBC, The New York Times and Bloomberg)

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