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Canary Wharf versus the City row is reignited

THE departure of Japanese bank Nomura from Canary Wharf to the City has reignited the row between the two hubs over where the true heart of the financial sector lies.<br /><br />Nomura is quitting the Isle of Dogs for the new new 525,000 sq ft riverside City complex Watermark Place. But Canary Wharf achieved a coup in November, winning a &pound;1.5bn deal with JP Morgan for its European headquarters.<br /><br />Sources close to the Nomura deal last week said they believed the Square Mile was &ldquo;the right place to be.&rdquo; But while Nomura&rsquo;s exit means the Wharf loses 4,000 employees, it expects to add more than 9,000 employees to its existing 90,000 population this year and next as State Street, Moody&rsquo;s, KPMG and Fitch Ratings all move in to Docklands.<br /><br />And due to halted projects, like the Walkie-Talkie, the pipeline for new City buildings in the next few years has dried up, meaning the Isle of Dogs will be the only place for major&nbsp; banks to move into as the upturn begins.