A US banking giant has underlined its long-term commitment to Glasgow by agreeing to acquire a 13-floor office block to be built in the city’s International Financial Services District.

JP Morgan, which has had a presence in the city for 20 years, will move its near 2,000-strong workforce to a 270,000 square foot building under development on Argyle Street.

The New York-based investment bank will acquire the building from property developer Osborne + Co, which secured planning permission for the development last month.

It declined to provide a precise figure on the investment.

Demolition work is currently taking place at the site, before construction can begin. JP Morgan hopes to be able to move into the building, which will be able to accommodate 3,000 people when fully occupied, in 2022.

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The announcement was made by Stephen Flaherty, managing director of the bank’s Glasgow operation, to staff at a “town hall” event this morning.

It comes after The Herald revealed in June that the bank had narrowed its search for bigger premises in the city to two prospective sites.

The bank’s expanding workforce in the city, currently located at Alhambra House on Waterloo Street and two additional floors on Bothwell Street, has necessitated the move.

The Glasgow operation serves as the bank’s global technology hub.

Mr Flaherty said: “Our new home in Glasgow and our continued investment in jobs, training and development reflects the huge amount of talent available in the city.

“The technology capabilities being developed by our team here are playing a key role in enabling and supporting our customers and communities worldwide. Our commitment to Glasgow goes deeper still through the work we do with local schools and universities, as well as our recently announced partnership with the Glasgow Science Centre.”