Highlights
- New tower will span 3 m square feet, more than double the size of The Shard.
- Project will contribute £9.9 bn to local economy and create 7,800 jobs over six years.
- Goldman Sachs also announces expansion in Birmingham, hiring 500 additional staff.
The planned structure will become JPMorgan's largest office in Europe, the Middle East, and Africa, accommodating up to 12,000 employees. With 3 m square feet of floor space, it will rank among Europe's biggest towers—more than double the size of Britain's tallest building, The Shard, and Germany's Commerzbank Tower, which each contain roughly 1.3 m square feet.
Norman Foster's architectural firm, Foster + Partners, which designed JPMorgan's recently opened New York headquarters, will lead the tower's design.
The building will rise on the Riverside South site along the Thames, a plot JPMorgan purchased in 2008. Construction costs are expected to reach several billion pounds, though final designs including the tower's height remain under development.
Workforce expansion
JPMorgan chairman and CEO Jamie Dimon emphasised that the UK government's focus on economic growth proved crucial to the decision. The investment follows finance minister Rachel Reeves' recent budget aimed at reassuring investors about Britain's financial stability.
The new headquarters addresses JPMorgan's outgrown 33-storey Canary Wharf tower on Bank Street. The bank's expansion partly stems from launching its British retail bank, Chase, which competes with domestic lenders like Lloyds in current accounts and credit cards.
JPMorgan has maintained strict return-to-office policies, requiring staff to work on-site five days weekly. The announcement brings welcome news to Canary Wharf, which faced tenant retention challenges after the COVID-19 pandemic but has recently secured improved leasing activity.
Shobi Khan, CEO of Canary Wharf Group, called JPMorgan's decision a "defining moment" for the district, adding 2025 was set to be its best year for leasing in over a decade.
JPMorgan noted the investment depends on Britain maintaining a positive business environment. Separately, Goldman Sachs announced Thursday it would expand its Birmingham office and double its workforce there by hiring 500 additional staff.
