JPMorganChase has unveiled plans for a new 3 million sq ft headquarters tower at Canary Wharf that could house up to 12,000 staff, signalling a long-term commitment to London as its main UK base. The building would sit on the Riverside development and be designed by Foster + Partners, with the bank working alongside Canary Wharf Group as co-developer.
An independent study commissioned by the New York-headquartered banking giant has estimated that the combined Riverside project and refurbishment work could add around £10 billion to the UK economy over the next six years and support more than 7,800 jobs across construction and related industries.
JPMorganChase said its existing London operations already contribute nearly £7.5bn annually to the local economy, supporting around 38,000 jobs in the surrounding ecosystem.
Construction is expected to take around six years once national and local approvals are secured, with interim upgrades also planned for the firm’s existing 25 Bank Street site.
“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,” said Jamie Dimon, chairman & CEO of JPMorganChase.
“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.”
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Rachel Reeves, Chancellor of the Exchequer, added: “My Budget doubles down on growth as our number one priority by creating the conditions for businesses to invest and succeed.
“I am thrilled that JPMorganChase has chosen London for its landmark new building – a multi-billion pound vote of confidence in the UK economy and this government’s plans for growth, which are built on the rock of stability.”
Beyond office space and trading floors, the plans include new public parkland around the tower, redevelopment of the Canary Wharf dock and improved access to the Riverside area. The business has also said that the building will feature terraces and rooftops, wellness and nursing rooms, restaurants and cafés, plus extensive bike parking.
The bank currently employs around 23,000 people in the UK, including 13,000 in London, and said the Riverside project reflects a shared ambition with government and local partners to support London’s future growth.
The move would group most London staff into the new Riverside tower and the firm’s city base at 60 Victoria Embankment, while JPMorganChase reviews options for 25 Bank Street once the new build is complete.
The announcement follows a separate pledge to invest up to £350m in its Bournemouth campus and comes alongside a broader push to expand UK activity, including bringing its Security & Resiliency Initiative (SRI) to Britain.
First launched in the US, SRI is a $1.5 trillion 10-year plan focused on financing and investment in areas such as defence and aerospace, energy independence and critical minerals supply chains.