JPMorganChase has announced plans to build a 3 million-square-foot headquarters tower at the Riverside site in Canary Wharf in London.
In a statement, the American banking giant said the project would "enable additional capacity for the firm to grow by creating a world-class workplace for up to 12,000 employees, further strengthening London’s position as a global financial hub".
It added that the plans are subject to a "continuing positive business environment in the UK and the receipt of the necessary approvals and agreements at a national and local level".
It will be the firm’s principal headquarters in the UK and its most significant presence in Europe, Middle East and Asia, located on the Riverside development in Canary Wharf, the site it bought in 2008 and where it has long been linked to a massive tower development.
The building is being designed by Foster and Partners, which also designed the firm’s global headquarters at 270 Park Avenue in New York City. Its construction is expected to take six years and will begin as soon as "necessary approvals and agreements are in place". Canary Wharf Group is working as co-developer on the project, and the firm is being advised independently by Sir George Iacobescu, who led CWG for many years.
Jamie Dimon, chairman and chief executive of JPMorganChase, said in a statement: “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. 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.”
While the building is constructed, JPMorganChase will also make upgrades to the interior of its existing building at 25 Bank Street at Canary Wharf.
An independent study commissioned by the bank estimates that the combined project could contribute approximately £9.9 billion ($13 billion) to the UK economy over the next six years, creating more than 7,800 jobs across construction and other local industries.
It also found that, through JPMorganChase’s 13,000 employees and operations in London, the firm contributes nearly £7.5 billion ($9.8 billion) annually to the local economy.
Rachel Reeves, UK Chancellor of the Exchequer, said in a statement: “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.”
Sir Sadiq Khan, Mayor of London, said: “JPMorganChase’s landmark investment in a new building here in London is a huge vote of confidence in the capital’s future and a testament to our enduring status as a global powerhouse for finance, innovation, and talent. London is open to investment and the huge opportunities that it brings. This major commitment will create jobs and further strengthen London’s position at the centre of the global economy, driving growth across the UK.”
Patrick Scanlon, senior director of market analytics at CoStar, said: "JPMorgan’s new London headquarters will be the largest office building in the UK by a significant margin, providing more than double the workspace found in other landmark buildings such as One Canada Square and 22 Bishopsgate."
In collaboration with Canary Wharf Group, plans include new public parkland surrounding the building, a redevelopment of the Canary Wharf doc and improved access to the Riverside area of Canary Wharf. The building will provide collaboration spaces and trading floors. It will "support employees’ physical and emotional well-being with facilities" including terraces, wellness spaces, nursing rooms, restaurants and cafés, and bicycle parking spaces.
Conor Hillery, co-chief executive of JPMorganChase in EMEA, said: “There should be no doubt about the enduring appeal of London as a world-class financial centre, and this investment would prove it. This is something for our employees to look forward to, and we can’t wait to get the construction underway.”
Matthieu Wiltz, co-chief executive of JPMorganChase in EMEA, added: “So many of us across Europe have built our finance careers in London, and we are aiming to build a legacy that will benefit the city and its communities for generations to come.”
JPMorganChase operates in London primarily from two buildings that it owns: 25 Bank Street in Canary Wharf (for its commercial and investment bank) and 60 Victoria Embankment in the City (for asset and wealth management). It also leases space at One Cabot Square to accommodate its international consumer bank, including Chase UK. Once the Riverside development is complete, London-based employees will consolidate in the new building as well as the existing property at 60 Victoria Embankment, and the firm will consider its options for 25 Bank Street.
This news follows another recent investment announcement from the firm of up to £350 million in its Bournemouth campus.
JPMorganChase will in the coming months bring its security and resiliency initiative to the UK. First announced in the US in October, SRI is a $1.5 trillion, 10-year plan to facilitate, finance and invest in key strategic areas such as defence and aerospace, energy independence and the supply chains for critical minerals and advanced manufacturing. As in the US, the UK commitment will include direct equity and venture capital investments from JPMorganChase.
In 2024, the firm expanded announced £40 million in new investments over five years to help connect young people and underserved communities to economic opportunities, bringing its total commitment since 2019 to £90 million.
JPMorganChase has 23,000 employees in the UK, including: 13,000 in London, 5,300 in Bournemouth and 4,000 in Glasgow and Edinburgh.
Shobi Khan, chief executive of CWG, said in a statement: “We are delighted that JPMorganChase has chosen Canary Wharf as the location for its new EMEA HQ. It marks a defining moment for Canary Wharf and underlines its position as the destination of choice for the world’s most ambitious and innovative companies. We continue to attract and retain the very best who are drawn to our vibrant community, unrivalled connectivity, and world-class amenities.
"2025 will be our best leasing year in over a decade. Five of the top global investment banks are located at Canary Wharf alongside a diverse customer base with government, tech, business services, health and life sciences and professional services companies. Visitor numbers are at record levels, and retail, F&B and leisure offerings continue to go from strength to strength, with retail sales at an all-time high.
"Today over 3,500 people call Canary Wharf home and that number is set to double by 2027. Canary Wharf has evolved into a district where commerce, culture and community thrive.”
JPMorgan bought the 999-year leasehold interest in the vast tract of land at Riverside South in November 2008 for £237 million from Canary Wharf Group and progressed plans to build an £1.5 billion office development for its own occupation. However, the global downturn and changing needs of the bank meant that there was no longer a need to occupy the entire scheme. JPMorgan spent tens of millions of pounds on preparing the site.
After the original proposals were cleared at council level for a Rogers Stirk Harbour & Partners-designed 240m tower, it was hoped that the scheme would be completed by 2013 but the investment bank opted to delay its plans.
JP Morgan bought the 1-million-square-foot former home of failed investment bank Lehman Brothers, 25 Bank Street, E14, in 2010. It paid Canary Wharf Group £500 million for the property and used it to consolidate staff from all over London, particularly the City.
The deal to purchase Riverside South and 25 Bank Street incorporated a clause which retained Canary Wharf Group as the development manager of the riverfront scheme, and which also gave the firm a pre-emption right on the site if JP Morgan opted to sell.
Recent CoStar analysis finds that leasing activity has surged in 2025 in the Docklands Core market, which includes Canary Wharf, as occupiers look east to satisfy their occupational requirements. So far this year, over 500,000 square feet of new leases have been signed, making it the strongest year since 2019, with two months to spare.