JPMorganChase is proud to announce its intention to build a new three-million square feet tower in London. This transformative project would enable additional capacity for the firm to grow by creating a world-class workplace for up to 12,000employees, further strengthening London’s position as a global financial hub. The plans are subject to a continuing positive business environment in the UK and the receipt of the necessary approvals and agreements at a national and local level.
Serving as the firm’s principal headquarters in the UK and its most significant presence in EMEA, the building would be situated on the Riverside development in Canary Wharf. The plans will provide employees and clients with a first-class working environment against a backdrop of uninterrupted views across the River Thames to central London.
The building is being designed by British architects, Foster + Partners, who also designed the firm’s iconic global headquarters at 270 Park Avenue in New York City. Its construction is expected to take six years and will begin as soon as necessary approvals and agreements are in place. Canary Wharf Group is working as co-developer on the project, and the firm is being advised independently by Sir George Iacobescu.
Jamie Dimon, Chairman & CEO of JPMorganChase, said: “London has been a trading and financial hub for more than a thousand years, and maintaining it as a vibrant place for finance and business is critical to the health of the UK economy. This building will represent our lasting commitment to the city, the UK, our clients and our people. The UK government’s priority of economic growth has been a critical factor in helping us make this decision.”
While the building is constructed, JPMorganChase will also make interim upgrades to the interior of its existing building at 25 Bank Street. An independent study commissioned by the bank with a major consulting firm estimates that the combined project could contribute approximately Euros 9.9 billion (USD 13 billion) to the UK economy over the next six years, creating more than 7,800 jobs across construction and other local industries. It also found that, through JPMorganChase’s 13,000 employees and operations in London, the firm contributes nearly Euros 7.5 billion (USD 9.8 billion) annually to the local economy, supporting 38,000 jobs across the surrounding ecosystem.
Rachel Reeves, UK Chancellor of the Exchequer, said: “My Budget doubles down on growth as our number one priority by creating the conditions for businesses to invest and succeed. I am thrilled that JPMorganChase has chosen London for its landmark new building – a multi-billion pound vote of confidence in the UK economy and this government’s plans for growth, which are built on the rock of stability.”
Sir Sadiq Khan, Mayor of London, said:“JPMorganChase’s landmark investment in a new building here in London is a huge vote of confidence in the capital’s future and a testament to our enduring status as a global powerhouse for finance, innovation, and talent. London is open to investment and the huge opportunities that it brings. This major commitment will create jobs and further strengthen London’s position at the centre of the global economy, driving growth across the UK.”
Lutfur Rahman, Executive Mayor of the London Borough of Tower Hamlets, said: “As Executive Mayor of Tower Hamlets, I am proud of the success of Canary Wharf, which is creating investment and job opportunities for local residents and boosting the ecosystem around local businesses. This announcement from JPMorganChase is fantastic and welcome news for the long-term prosperity of our Borough. We are excited by the opportunity that this investment can bring including the creation of a new world class park on the River Thames and the shared space for our community, Londoners and visitors to our city to enjoy.”
Modern community space and an investment in employees
In collaboration with Canary Wharf Group, plans include new public parkland surrounding the building, a redevelopment of the Canary Wharf dock, and improved access to the Riverside area of Canary Wharf. The building itself will provide exceptional collaboration spaces, and state of the art trading floors. It will support employees’ physical and emotional well-being with facilities including: terraces and roof-tops, wellness spaces, nursing rooms, restaurants and cafés, and ample bicycle parking spaces.
Conor Hillery, Co-CEO of JPMorganChase in EMEA, said: “There should be no doubt about the enduring appeal of London as a world-class financial centre, and this investment would prove it. This is something for our employees to look forward to, and we can’t wait to get the construction underway.”
Matthieu Wiltz, Co-CEO of JPMorganChase in EMEA, added: “So many of us across Europe have built our finance careers in London, and we are aiming to build a legacy that will benefit the city and its communities for generations to come.”
Shobi Khan, CEO of Canary Wharf Group, said: “We are delighted that JPMorganChase has once again chosen Canary Wharf as their primary UK location. The scale and ambition of this scheme – set to become the largest office building in London – demonstrates the continued momentum behind Canary Wharf’s evolution and JPMorganChase’s commitment to outstanding workplaces.”
JPMorganChase currently operates in London primarily from two main buildings that it owns: 25 Bank Street in Canary Wharf (for its Commercial & Investment Bank) and 60 Victoria Embankment in the City (for Asset & Wealth Management). It also leases space at One Cabot Square to accommodate its International Consumer Bank, including Chase UK, which continues to grow and now has over 2.6 million customers. Once the Riverside development is complete, London-based employees will consolidate in the new building as well as the existing property at 60 Victoria Embankment, and the firm will consider its options for 25 Bank Street.
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