JP Morgan Chase has announced plans to build a new £3bn, 3 million sq ft tower in Canary Wharf – one of the largest office complexes in Europe – in a move hailed by Chancellor Rachel Reeves as a “billion-dollar vote of confidence” in the UK economy.
The new skyscraper will become the bank’s UK headquarters, housing 12,000 staff and surpassing 22 Bishopsgate to become the UK’s largest office building. Designed by Foster + Partners, the tower will include wellness areas, terraces and multiple restaurants, mirroring the design of JP Morgan’s recently opened global headquarters in New York.
Jamie Dimon, chief executive of JP Morgan, said the project was a reflection of the bank’s long-term commitment to the UK.
“This building will represent our enduring commitment to the city, the UK, our customers and our employees,” he said. “London has been a commercial and financial center for more than a thousand years. Maintaining it as a vibrant financial center is vital to the health of the UK economy.”
Reeves, whose budget this week spared banks in particular from further tax increases, welcomed the announcement.
“I am delighted that JP Morgan Chase has chosen London for its new landmark – a multi-billion pound vote of confidence in the UK economy and this government’s growth plans,” she said.
The bank, which employs 23,000 people in the UK, has had a 999-year lease on the site since 2008. Construction is scheduled to begin after the building permit has been granted and will take approximately six years. During this period, JP Morgan will renovate the interior of its existing Canary Wharf tower at 25 Bank Street, which currently houses its commercial and investment bank.
Staff will be split between the new building, 60 Victoria Embankment and other existing London offices as the company explores long-term options for its Canary Wharf property.
An independent economic assessment commissioned by the bank estimates the project could contribute £9.9 billion to the UK economy during construction and create 7,800 jobs in the construction, engineering and supporting industries. The development will also include new public parkland, a renovated dock and improved riverside access as part of a joint plan with Canary Wharf Group.
The announcement comes amid renewed investment by global banks in the UK. JP Morgan recently pledged £350m to expand and modernize its Bournemouth campus, while Goldman Sachs confirmed plans to double capacity at its Birmingham office and create 500 jobs. Citigroup is also carrying out a major renovation of its 1.2 million sq ft Canary Wharf tower, a project expected to cost more than £1 billion.
The brisk activity is seen as a boost for the UK’s financial services sector at a time when hybrid working and high-profile office closures are putting pressure on commercial property markets.
