JP Morgan Chase has announced plans to build a new £3 billion, 3 million sq ft tower in Canary Wharf — one of the largest office developments in Europe — in a move hailed by Chancellor Rachel Reeves as a “multibillion-pound vote of confidence” in the UK economy.
The new skyscraper will become the bank’s principal UK headquarters, housing 12,000 staff and surpassing 22 Bishopsgate to become the largest office building in Britain. Designed by Foster + Partners, the tower will include wellness spaces, terraces and multiple restaurants, echoing the design of JP Morgan’s recently opened global headquarters in New York.
Jamie Dimon, JP Morgan’s chief executive, said the project represents the bank’s long-term commitment to the UK.
“This building will represent our lasting commitment to the city, the UK, our clients and our people,” he said. “London has been a trading and financial hub for more than a thousand years. Keeping it a vibrant centre for finance is critical to the health of the UK economy.”
Reeves, whose Budget this week notably spared banks from further tax rises, welcomed the announcement.
“I am thrilled that JP Morgan Chase has chosen London for its landmark new building — a multibillion-pound vote of confidence in the UK economy and this government’s plans for growth,” she said.
The bank, which employs 23,000 people in Britain, has held a 999-year lease on the site since 2008. Construction is expected to begin once planning approval is granted and will take around six years. During that period, JP Morgan will refurbish the interior of its existing Canary Wharf tower at 25 Bank Street, currently home to its commercial and investment bank.
Staff will be split between the new building, 60 Victoria Embankment and other existing London offices, while the company evaluates long-term options for its Canary Wharf estate.
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, spanning construction, engineering and supporting industries. The development will also include new public parkland, a refurbished dock and improved riverside access as part of a joint plan with Canary Wharf Group.
The announcement comes amid renewed investment from global banks in the UK. JP Morgan recently committed £350 million to expand and modernise its Bournemouth campus, while Goldman Sachs confirmed plans to double capacity at its Birmingham office, creating 500 jobs. Citigroup is also undertaking a major renovation of its 1.2 million sq ft Canary Wharf tower, a project expected to cost more than £1 billion.
The flurry of activity is seen as a boost for the UK’s financial services sector at a time when hybrid working and high-profile office exits have put pressure on commercial property markets.
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JP Morgan unveils £3bn Canary Wharf tower in major vote of confidence for UK economy