JPMorgan Chase is proud to announce its intention to build a new three-million square feet tower in London. This transformative project would enable additional capacity for the firm to grow by creating a world-class workplace for up to 12,000employees, further strengthening London’s position as a global financial hub. The plans are subject to a continuing positive business environment in the UK and the receipt of the necessary approvals and agreements at a national and local level.
Serving as the firm’s principal headquarters in the UK and its most significant presence in EMEA, the building would be situated on the Riverside development in Canary Wharf. The plans will provide employees and clients with a first-class working environment against a backdrop of uninterrupted views across the River Thames to central London.
The building is being designed by British architects, Foster + Partners, who also designed the firm’s iconic global headquarters at 270 Park Avenue in New York City. Its construction is expected to take six years and will begin as soon as necessary approvals and agreements are in place. Canary Wharf Group is working as co-developer on the project, and the firm is being advised independently by Sir George Iacobescu.
Jamie Dimon, Chairman & CEO of JPMorganChase, 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.”
While the building is constructed, JPMorganChase will also make interim upgrades to the interior of its existing building at 25 Bank Street. An independent study commissioned by the bank with a major consulting firm estimates that the combined project could contribute approximately £9.9 billion ($13 billion) to the UK economy over the next six years, creating more than 7,800 jobs across construction and other local industries. It also found that, through JPMorganChase’s 13,000 employees and operations in London, the firm contributes nearly £7.5 billion ($9.8 billion) annually to the local economy, supporting 38,000 jobs across the surrounding ecosystem.
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