JP Morgan announces new three billion pound London headquarters project at Canary Wharf

JP Morgan Chase has unveiled plans for a three-billion-pound office tower at Canary Wharf, marking a substantial investment in the UK financial sector. The new building, which will span three million square feet and house 12,000 staff, is set to become the largest office in Britain, eclipsing the current record held by 22 Bishopsgate.

This development follows the government’s recent budget, where banks were spared additional taxation, and is viewed as a resounding endorsement of both London as a financial hub and the stability of the UK economy. Jamie Dimon, chief executive of JP Morgan Chase, stated that the new headquarters would represent a lasting commitment to London, their clients and workforce. He emphasised that the government’s economic growth agenda was a decisive factor in the project’s approval.

Rachel Reeves, the Chancellor, welcomed JP Morgan’s decision, describing it as a significant vote of confidence in both the UK economy and the government’s plan for sustainable growth. Designed by Foster and Partners, the building will feature wellness amenities, outdoor terraces and dining spaces, similar to the bank’s newly completed New York headquarters.

Alongside the development, JP Morgan intends to maintain its presence at 60 Victoria Embankment. The status of its current commercial and investment banking offices at 25 Bank Street is under review, with renovation of the interiors planned during the construction period.

The project, upon approval, is expected to take six years to complete and will deliver more than 7,800 jobs across construction and local industries. An independent economic study commissioned by JP Morgan estimates the scheme could contribute some 9.9 billion pounds to the wider economy during its build phase. The plans, developed in partnership with the Canary Wharf Group, also include new public parkland, dock redevelopment and enhanced access to the riverside area.

JP Morgan’s commitment in London is complemented by a 350-million-pound investment to expand its Bournemouth campus, upgrading facilities for over 5,300 employees. The bank, which currently employs 23,000 people in the UK, also occupies offices at 1 Cabot Square in Canary Wharf for its Chase UK consumer operations.

This announcement coincided with news from Goldman Sachs, which will double its Birmingham office capacity, creating 500 new roles, and Citigroup’s £1 billion renovation of its Canary Wharf site.