JPMorgan Under Pressure to Fund Transit Upgrades Near New Tower
- Politicians ask firm for help improving Grand Central area
- Larger headquarters is expected to house double the employees
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JPMorgan Chase & Co. is under pressure to do more to fund transit improvements near its expanding midtown Manhattan headquarters, the latest instance of community leaders pushing a company to shoulder more of the costs of growth.
The bank plans to tear down its existing 52-story office tower at 270 Park Ave. so it can build a more modern skyscraper of approximately 70 floors on the site, a short walk from Grand Central Terminal. Ultimately, about 12,000 employees are expected to work there, twice as many as before.