JPMorgan Announces Multibillion-Pound, 3-Million-Square-Foot Tower in London’s Canary Wharf

A Landmark Investment Signals Renewed Confidence in the UK Economy and London’s Future as a Global Financial Hub

JPMorgan Chase has unveiled plans to build a 3 million-square-foot tower in London’s Canary Wharf financial district—one of the largest private-sector developments in the UK—marking a powerful vote of confidence in the country’s economic trajectory following the latest government budget.

Announced on Thursday, the project represents a multibillion-pound investment that the bank says will contribute £9.9 billion ($13.1 billion) to the local economy over six years, including construction costs, while creating 7,800 jobs. The move comes on the heels of UK finance minister Rachel Reeves’ budget, which notably spared banks from new taxes.

“The UK government’s priority of economic growth has been a critical factor in helping us make this decision,” JPMorgan Chairman and CEO Jamie Dimon said, praising the pro-business fiscal approach.

UK Chancellor Reeves echoed this sentiment, calling JPMorgan’s decision a “multibillion-pound vote of confidence in the UK economy.”

A Tower Larger Than the Shard—and JPMorgan’s New York Headquarters

The planned development will be more than double the floorspace of The Shard, Britain’s tallest building with 1.3 million square feet. It will also exceed the bank’s recently completed 2.5 million-square-foot global headquarters on New York’s Park Avenue.

Expected to house up to 12,000 employees, the new tower will sit on the historic Riverside South site—land JPMorgan first purchased in 2008. The project, designed by the world-renowned architecture practice Foster + Partners, will also include a public park and state-of-the-art amenities for employees, such as roof terraces, wellness spaces, nursing rooms, restaurants, and cafés.

A Major Win for Canary Wharf Amid Rebound

The investment is a significant boost for Canary Wharf, which has faced challenges since the pandemic as firms reassessed office needs. With office vacancy in Docklands at 15%, higher than the London average of 10.4%, JPMorgan’s commitment represents a defining moment for the district.

“This is a defining moment,” said Shobi Khan, CEO of Canary Wharf Group, predicting that 2025 will be the area’s best leasing year in over a decade.

The district has recently seen more residential development than commercial, making this large-scale office project particularly meaningful.

Why the Expansion Now?

JPMorgan has outgrown its current 1.1-million-square-foot tower—formerly Lehman Brothers’ headquarters—due partly to the rapid expansion of its UK digital retail bank, Chase, which competes with established players like Lloyds and Barclays.

The new UK budget reduced near-term uncertainty for banks, although JPMorgan’s European rates strategists still expect UK government bond yields to rise next year.

A source familiar with the project said final designs, including height, are still under development, though the cost is expected to reach several billion pounds.

A Post-Brexit Signal to Global Markets

If fully executed, the project would mark one of the most significant post-Brexit wins for London. Although some financial institutions relocated portions of their workforce to the EU, JPMorgan’s expansion reinforces the capital’s enduring appeal as a banking powerhouse.

JPMorgan is being advised by George Iacobescu, former chairman of Canary Wharf Group, who is also consulting on redevelopment plans for the nearby HSBC tower once HSBC relocates in 2027.

In a parallel development, Wall Street competitor Goldman Sachs also announced plans to double its Birmingham workforce by hiring 500 additional employees—another sign of renewed financial sector investment in the UK.