JP Morgan unveils £3bn London super-tower in major vote of confidence for the City
JP Morgan has announced plans to build a £3 billion mega-headquarters in Canary Wharf, creating one of Europe’s largest office towers and delivering a major boost to London’s financial district.
The US banking giant will develop a three-million-square-foot headquarters, capable of housing 12,000 staff, making it more than double the floorspace of The Shard and far larger than 22 Bishopsgate, currently London’s biggest tower by floor area. Designed by Foster + Partners, the new building will serve as JP Morgan’s main European base.
Chief executive Jamie Dimon described the project as a “lasting commitment to the city, the UK, our clients and our people,” adding that the government’s focus on economic growth “has been a critical factor” in the decision.
Chancellor Rachel Reeves called the investment a “multi-billion pound vote of confidence in the UK economy” — a welcome boost following criticism that her Budget would do little to stimulate growth. While the announcement followed the Budget, JP Morgan stressed the decision had been taken weeks earlier and was not influenced by recent tax measures.
Economic impact and regeneration boost
JP Morgan estimates the development will:
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Contribute £10bn to the local economy over six years
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Create 7,800 construction and supply-chain jobs
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Include expanded public parkland and dockside redevelopment
The new tower will feature state-of-the-art trading floors alongside rooftop terraces, wellness areas, restaurants and cafés, reinforcing Canary Wharf’s push towards becoming a more diversified, mixed-use district.
Strategic shift for JP Morgan
The bank has operated from Canary Wharf’s 25 Bank Street since 2012 but concluded that building a new headquarters offered better long-term value than renovating the current site or relocating to the City — with refurbishment costs estimated at over £1bn.
Once completed — expected within six years — JP Morgan’s London workforce will consolidate into the new building. The bank currently employs 23,000 people in the UK and continues to expand, including a recent £350m upgrade of its Bournemouth campus and rapid growth of its Chase banking app, now serving more than 2.6 million UK customers.
Mayor Sir Sadiq Khan welcomed the move, saying it would help strengthen London’s position as a global financial hub at a time when high office vacancy rates and hybrid working models have challenged the capital’s commercial property market.
