JPMorgan Chase will build a new tower in Canary Wharf to house its UK headquarters. This billion-dollar investment reinforces London’s position as one of the world’s main financial centers. The announcement was made one day after the budget presented by Rachel Reeves, which practically did not affect the banks.
The building will be, by far, the largest office in London, with 278 thousand square meters and will be able to house up to 12 thousand employees, according to a statement from the investment bank released this Thursday (27). Construction is expected to last six years.
The property, which will be co-developed by the Canary Wharf Group, is being designed by Foster + Partners, a British architecture firm also responsible for .
“This building will represent our enduring commitment to the city, the UK and our people,” said Jamie Dimon, CEO of JPMorgan. “The British government’s priority for economic growth was a crucial factor in our decision.”
The plans are “subject to a continued positive business environment in the UK and obtaining necessary approvals,” according to the JPMorgan statement.
With a gross internal area of 278,000 square metres, the proposal is around a third larger than the largest current office building in London, the 22 Bishopsgate tower, which has around 195,000 square meters of gross floor area and 111,000 square meters of internal office space. JPMorgan estimates the project will contribute £9.9 billion to the local economy, including creating 7,800 jobs in construction and other sectors.
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The decision represents a major victory for Reeves, who is looking to boost growth in the UK after announcing a £26 billion tax rise in the November 26 budget. Despite tax increases that will affect bankers and other high earners, the Chancellor of the Exchequer chose not to raise the rate on bank profits, a measure that was under review.
Goldman Sachs also announced the expansion of its presence in the United Kingdom, with the creation of 500 positions in its Birmingham office, in a separate statement on Thursday. Other banks have also signaled plans to increase investment in the country, following reports that the Treasury encouraged the sector to publicly support the budget and highlight the economy.
JPMorgan’s decision to invest in the Riverside South site, after considering moves to the City or redevelopment of its current UK headquarters, highlights the dearth of options for companies seeking large office buildings in London. Developers have been cautious in the face of a range of challenges, including Brexit, post-pandemic flexible working, high inflation in construction costs and rising interest rates.
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Dimon has been one of the biggest advocates for a return to in-person work, mandating earlier this year that most employees work five days a week in the office, a policy that has influenced stricter measures on Wall Street. This has been a key factor in the recent revitalization of Canary Wharf, with the number of visitors to the east London financial district surpassing pre-pandemic levels as more bankers resume commuting to their offices.
JPMorgan even had to rent additional space to accommodate returning employees, occupying several floors in the former Credit Suisse office, close to its overcrowded European headquarters.
After consolidating its presence in Manhattan with the new global headquarters, Dimon now focuses on the long-term issue of the bank’s main base in Europe, a project that will leave a lasting mark on London.
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JPMorgan acquired the Riverside South site in 2008, before purchasing Lehman Brothers’ former London headquarters at 25 Bank Street for occupancy in 2010. The bank put plans for the site on hold and attempted to sell it in 2014, attracting interest from some residential developers who saw the area as an opportunity to build luxury apartments with river views. However, the sale was stopped at the last moment, and the bank chose to keep the property.
Since then, London’s financial sector has faced the impact of Brexit in 2016, which raised fears of a mass exit from the British capital. George Iacobescu, former president and CEO of Canary Wharf Group, who dedicated decades to developing the infrastructure that consolidated London as a global financial center, was one of the most outspoken critics of leaving the European Union, warning of the risk of a gradual dismantling.
He is currently personally advising JPMorgan on the new project, which reinforces London’s continued appeal to investment banks, even as many need to strengthen their operations elsewhere in the European Union.
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JPMorgan operates in London mainly from two owned sites, 25 Bank Street in Canary Wharf and 60 Victoria Embankment, as well as renting space in another building. The bank plans to maintain the Victoria Embankment location after the new headquarters is completed and will evaluate options for 25 Bank Street, according to the statement.
Last month, the financial group announced a new £350 million investment plan for its Bournemouth campus, with the construction of a new building and improvements to facilities.
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