JPMorgan Announces Plans โขfor Massive New London Headquarters,Signaling Confidence in UK Market
LONDON – JPMorgan Chase is moving forward with โplans to construct a โnew 3 million-square-foot headquarters inโ London’s Canary Wharf,a multibillion-dollarโ investment that willโค house up to 12,000 employees. The proclamation comes as the โฃfirm pushes for a full return โto office work,requiring staff to be present five days a week,and signals continued confidence in the UK economy despite recent financial โคheadwinds.
The new tower will be built on a site known as ‘Riverside South,’ acquired by JPMorgan inโ 2008, located west of theโข existing โขCanaryโ Wharf estate on the banks of the River Thames. Originally slated for progress before โtheโ 2008โค financial crisis,the plans were put on hold in favor of occupying Lehman Brothers’โ former office space. JPMorgan has as outgrown that 1.1 million-square-foot tower, โaโ growth fueled in part by the expansion โof its British retail bank, Chase, whichโค directly competes with โขestablished lenders โคlike Lloyds and Barclays.
Notably, the planned โคLondonโ headquarters will exceed the size of JPMorgan’s recently completed 2.5 million-square-foot global headquarters on Park Avenueโ in new York City. The project is โsubject to continued positive business conditions in the UK,JPMorgan โขstated,but was bolstered by recent budget decisions. JPMorganโ CEO Jamie dimon praised UK finance minister Rachel โReeves‘ budget, which spared banks from new taxes.
Theโ investment is being hailed as a significant post-Brexit win for London,asโ some financial firms โhave relocated roles to the European Unionโ following the UK’s departure. the tower will be designed by Fosterโ + Partners, the architectural firm founded by Norman Foster, โฃwho also designed JPMorgan’s New york HQ.
Shobi Khan, โCEO of Canary โWharf Group (CWG), described the project as a “defining moment” for the district, predicting 2025 will be its best year for leasing in over โa decade. While Canary Wharf has seenโ increased residential development in recentโ years,its office vacancy rate of 15% remains higher than the London average of 10.4%, according to CoStar data.
JPMorgan is receiving advisory โsupport fromโค former CWG Chairman George Iacobescu, who is also โreportedly advising Qatar’s โwealthโค fund on the redevelopment of the nearby HSBC tower followingโค that bank’s plannedโฃ 2027 departure.
Beyond office space, the new development will include a publicโ park and amenities for JPMorgan staff, such as roofโ terraces,โ wellness spaces, nursing rooms, restaurants, โคand cafes. โ
The โขannouncement coincides with a similar expansion by Wall Street rival โGoldman Sachs, which announced Thursday it will double its Birmingham workforce by hiring 500 โadditional staff.
