04:16 PM EST, 01/22/2025 (MT Newswires) -- JPMorgan ( JPM ) is planning to renovate its former headquarters at 383 Madison Avenue and use the upgraded building to accommodate its Manhattan workforce alongside a new tower, Bloomberg News reported Wednesday, citing sources with knowledge of the matter.

The firm has reportedly selected Foster + Partners for the project, which will begin work after the new global headquarters at 270 Park Ave. opens later this year.

JPMorgan ( JPM ) has over 17,500 employees across various Manhattan offices and regularly reviews its long-term real estate strategies as it prepares to open the new skyscraper on Park Avenue, the media outlet reported, citing a JPMorgan ( JPM ) spokesperson.

The new headquarters will hold approximately 10,000 employees, though the company has expanded its total workforce by more than 60,000 since the tower's initial announcement, according to Bloomberg.

JPMorgan ( JPM ) did not immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)