Canary Wharf's Split Success

Canary Wharf took less than 25 years to fulfill Canadian developer Paul Reichmann's vision of building a "mini-Wall Street" in the U.K. to rival the City of London financial district. Investors backing the project are still waiting for their reward.

In December, JPMorgan Chase (JPM) bought the Canary Wharf building where Lehman Brothers had its offices to use as its European headquarters for investment banking. Next year it will move 8,000 people there from the City of London, joining firms such as HSBC (HBC), Credit Suisse (CS), and Bank of New York Mellon (BK). Jess Staley, chief executive officer of JPMorgan's investment bank, cited "the opportunity for our investment bank to be located in one state-of-the-art building" in announcing the move.