JPMorgan Chase to build a new headquarters in New York City

JPMorgan Chase on Wednesday said it plans to build a new 2.5 million square foot headquarters in New York City.

JPMorgan is planning to consolidate its global headquarters from a variety of locations. Most employees currently located at 270 Park Avenue would be relocated nearby during the five-year construction period, which is expected to start in 2019.

Its current headquarters was designed to house 3,500 employees, while the new building will house about 15,000 workers. The new facility is expected to create more than 8,000 construction-related jobs, the company said.

The project is not expected to have a material impact on the company's financial results.