JPMorganChase has confirmed plans to construct a three-million square foot office tower in London’s Canary Wharf, which will serve as its new UK headquarters.
The proposed multi-billion-pound building would accommodate up to 12,000 employees and is subject to the necessary approvals and a favourable business environment in the country.
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The location for the new headquarters will be on the Riverside development.
Foster + Partners, a British architecture firm known for designing the company’s New York global headquarters, will lead the project’s design.
JPMorganChase expects construction to begin once official permissions are secured. The projected timeline for completion is six years.
Canary Wharf Group is involved as co-developer, and Sir George Iacobescu is providing independent advice.
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By GlobalDataCanary Wharf Group CEO Shobi Khan 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.”
While work on the new site takes place, JPMorganChase said it will carry out interim upgrades at its existing office at 25 Bank Street.
An independent study commissioned by the bank estimates that the full project may add approximately £9.9bn ($13bn) to the UK economy over six years, generating around 7,800 jobs in construction and related sectors.
The study also reports that JPMorganChase’s annual contribution through its London operations amounts to nearly £7.5bn and supports approximately 38,000 jobs locally.
Plans for the development include additional public features such as parkland surrounding the building, redevelopment of the dock area at Canary Wharf, and improved access to local riverside spaces.
The building will have shared collaboration facilities, trading floors, terraces, wellness areas, nursing rooms, dining spaces and increased bicycle parking.
JPMorganChase chairman & CEO Jamie Dimon 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.”
Currently, JPMorganChase operates in London primarily from two owned buildings and leases further space at One Cabot Square for its International Consumer Bank operations.
UK Chancellor of the Exchequer Rachel Reeves 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.”
