JPMorgan is set to construct a vast new UK headquarters in Canary Wharf, a project expected to cost more than £3 billion and reshape London’s financial skyline.
The Wall Street banking giant has confirmed plans for a Foster + Partners–designed tower that will accommodate over 12,000 staff. Spanning more than 3 million sq ft, it is poised to become both the largest and most expensive office building in London—and among the biggest in Europe—pending planning approval.
The bank estimates the development will inject nearly £10 billion into the local economy during the six-year construction phase, creating roughly 7,800 jobs across construction and associated industries. While JPMorgan declined to disclose the build cost, industry insiders say it will exceed £3 billion.
The scheme includes new public parkland, an upgraded dockside area, improved access to Canary Wharf’s Riverside district, and a wide array of amenities such as rooftop terraces, wellness spaces, nursing rooms, restaurants, cafés and extensive cycle parking.
For Canary Wharf, the announcement marks a significant victory. The district struggled to keep major tenants in the aftermath of the pandemic, but has recently enjoyed a resurgence as firms demand more staff return to the office. This year is set to be its strongest leasing year in a decade. Canary Wharf Group will co-develop the project and is being advised by former CEO Sir George Iacobescu.
Jamie Dimon, JPMorgan Chase chairman and CEO, said the new HQ underlines the bank’s long-term commitment to Britain: “London has been a trading and financial hub for more than a thousand years. Maintaining it as a vibrant place for finance and business is critical to the health of the UK economy.” He added that the Government’s focus on economic growth was instrumental in the bank’s decision.
JPMorgan will retain its existing Canary Wharf base at 25 Bank Street during construction and continues to operate out of its significant site at 60 Victoria Embankment. The bank employs 13,000 people in London and estimates it contributes around £7.5 billion annually to the local economy, supporting 38,000 jobs.
Chancellor Rachel Reeves hailed the project as a vote of confidence in both the UK and the Government’s growth-focused agenda, describing it as a “multi-billion-pound endorsement” of the country’s economic direction.
London Mayor Sadiq Khan said the investment reinforces the capital’s global status: “This major commitment will create jobs and further strengthen London’s position at the centre of the global economy.”
Tower Hamlets Executive Mayor Lutfur Rahman welcomed the project’s potential to boost local opportunities and deliver new public spaces, including a park on the River Thames.
JPMorgan Chase’s EMEA co-CEOs Conor Hillery and Matthieu Wiltz said the development highlights London’s enduring appeal as a financial hub and promises a long-lasting legacy for the city.
Canary Wharf Group CEO Shobi Khan said the scheme underscores the district’s continued evolution and momentum, pointing to record visitor numbers, booming retail and leisure activity, and a growing residential population. More than 3,500 people now live at Canary Wharf, a figure expected to double by 2027.
JPMorgan Chase employs 23,000 people across the UK, including 5,300 in Bournemouth and 4,000 in Glasgow and Edinburgh. Photo by Canary Wharf (2) by Stephen Richards, Wikimedia commons.