JPMorgan Chase will build a new three million square foot tower in London’s Canary Wharf, it said today after the United Kingdom announced its autumn budget.
The tower will contribute UK£9.9 billion to the local economy, the company said. It will accommodate up to 12,000 people, and act as JPMorgan Chase’s main headquarters in the United Kingdom.
“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 U.K. economy. This building will represent our lasting commitment to the city, the U.K., our clients and our people,” said JPMorgan Chase CEO Jamie Dimon.
“The UK government’s priority of economic growth has been a critical factor in helping us make this decision.”
The announcement comes hours after the banking sector was spared from a tax increase in the UK government’s autumn budget. Banks had lobbied against any new tax measures, arguing an increase could push them to curb lending.
Construction of the new tower will take around six years, according to JPMorgan Chase, and will begin as soon as it receives the necessary approvals. It is being designed by architects Foster + Partners, who previously designed the company’s global headquarters on New York City’s Park Avenue.
JPMorgan Chase will also upgrade the interior of its current building on London’s Bank Street. These projects could create more than 7,800 jobs across industries, including construction, the bank said.
It will bring its Security & Resiliency investment initiative to the UK, a US$1.5 trillion scheme to finance areas like defence, energy independence, and manufacturing supply chains over the next decade. The plan was first announced in the U.S. last month.
Rival Goldman Sachs said today that it would expand its offices in Birmingham, and double its staff in the city.
Related content
