JPMorgan Announces Plans for Massive New London Headquarters,Signaling Confidence in UK Market
LONDON – JPMorgan Chase is moving forward with plans to construct a new 3 million-square-foot headquarters in London’s Canary Wharf,a multibillion-dollar investment that will house up to 12,000 employees. The proclamation comes as the firm pushes for a full return to office work,requiring staff to be present five days a week,and signals continued confidence in the UK economy despite recent financial headwinds.
The new tower will be built on a site known as ‘Riverside South,’ acquired by JPMorgan in 2008, located west of the existing Canary Wharf estate on the banks of the River Thames. Originally slated for progress before the 2008 financial crisis,the plans were put on hold in favor of occupying Lehman Brothers’ former office space. JPMorgan has as outgrown that 1.1 million-square-foot tower, a growth fueled in part by the expansion of its British retail bank, Chase, which directly competes with established lenders like Lloyds and Barclays.
Notably, the planned London headquarters will exceed the size of JPMorgan’s recently completed 2.5 million-square-foot global headquarters on Park Avenue in new York City. The project is subject to continued positive business conditions in the UK,JPMorgan stated,but was bolstered by recent budget decisions. JPMorgan CEO Jamie dimon praised UK finance minister Rachel Reeves‘ budget, which spared banks from new taxes.
The investment is being hailed as a significant post-Brexit win for London,as some financial firms have relocated roles to the European Union following the UK’s departure. the tower will be designed by Foster + Partners, the architectural firm founded by Norman Foster, who also designed JPMorgan’s New york HQ.
Shobi Khan, CEO of Canary Wharf Group (CWG), described the project as a “defining moment” for the district, predicting 2025 will be its best year for leasing in over a decade. While Canary Wharf has seen increased residential development in recent years,its office vacancy rate of 15% remains higher than the London average of 10.4%, according to CoStar data.
JPMorgan is receiving advisory support from former CWG Chairman George Iacobescu, who is also reportedly advising Qatar’s wealth fund on the redevelopment of the nearby HSBC tower following that bank’s planned 2027 departure.
Beyond office space, the new development will include a public park and amenities for JPMorgan staff, such as roof terraces, wellness spaces, nursing rooms, restaurants, and cafes.
The announcement coincides with a similar expansion by Wall Street rival Goldman Sachs, which announced Thursday it will double its Birmingham workforce by hiring 500 additional staff.
