New JPMorgan HQ to Become London's Largest Office Tower in Major UK Investment

‎JPMorgan Chase & Co. has revealed plans for a major new headquarters tower in Canary Wharf, marking a multibillion-pound investment in London’s position as a global financial hub one day after the UK budget. The project reflects the bank’s intention to expand its UK footprint following a fiscal announcement that left bank levies unchanged.

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‎JPMorgan unveils plans for a three-million-square-foot Canary Wharf headquarters, signaling confidence in London’s financial sector after the UK budget.

‎Jose Sarmento Matos/Bloomberg via Getty Images

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‎The proposed tower would span three million square feet, making it the largest office building in London and capable of accommodating up to 12,000 employees. The investment bank stated that construction is expected to take six years once approvals are secured.

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‎The development will be co-created with Canary Wharf Group and designed by Foster + Partners, the architecture firm behind JPMorgan’s recently opened global headquarters in New York. The firm noted that the building is intended to demonstrate its long-term commitment to London, the UK and its workforce, citing economic growth priorities as a factor supporting the decision.

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‎Project plans remain contingent on a stable business environment and regulatory approvals. JPMorgan estimates the development will add £9.9 billion to the local economy and generate roughly 7,800 jobs across construction and related sectors.

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‎The new tower’s gross internal area is about one-third larger than that of 22 Bishopsgate, currently London’s biggest office building with an internal office space of approximately 1.2 million square feet. The scale of the proposed site highlights the limited availability of large-format office space in the capital following years of cautious development linked to Brexit, shifts toward flexible working, rising construction costs and higher interest rates.

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‎A separate announcement from Goldman Sachs confirmed plans to add 500 roles at its Birmingham office. Other lenders have also outlined investment intentions following reports of government efforts to encourage public support for the budget and the broader UK economy.

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‎JPMorgan’s commitment to the Riverside South site follows an assessment of options that included relocating to the City of London or redeveloping its current UK headquarters. The move also aligns with the bank’s emphasis on onsite work, a policy that has contributed to increased activity in Canary Wharf as employee attendance rises above pre-pandemic levels.

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‎The bank has leased additional space in the former Credit Suisse office to accommodate its workforce as demand for desks increases. The new headquarters will address long-term requirements for its European operations, adding another major project to CEO Jamie Dimon’s track record following the New York headquarters development.

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‎JPMorgan originally purchased the Riverside South site in 2008 and later acquired 25 Bank Street, formerly Lehman Brothers’ London headquarters, for its own use. Plans for Riverside South paused in 2014 during a potential sale to residential developers, which was ultimately discontinued as the bank opted to retain ownership.

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‎London’s financial sector has navigated significant uncertainty since the 2016 Brexit vote. Former Canary Wharf Group Chairman and Chief Executive George Iacobescu, a key figure in developing the district’s infrastructure, has been advising JPMorgan on the project as the firm reinforces its presence in the UK.

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‎JPMorgan currently operates from 25 Bank Street and 60 Victoria Embankment and leases space elsewhere in London. The company intends to retain the Victoria Embankment site once the new headquarters is complete and will evaluate future options for 25 Bank Street. The firm also recently disclosed a £350 million investment in its Bournemouth campus for a new building and upgraded facilities.