JPMorgan plans multibillion-pound tower in Canary Wharf

A £9.9bn development set to house 12,000 staff will make JPMorgan the dominant presence in Canary Wharf, signalling one of the clearest post-Brexit bets on London’s future as a global banking hub

JPMorgan is preparing to build one of the largest office towers ever seen in London, with plans for a 3 million sq ft headquarters on the banks of the Thames that would represent a major vote of confidence in the UK economy. 

The tower would occupy the Riverside South site west of the main Canary Wharf estate — land bought in 2008 for a headquarters project that was later shelved after the financial crisis.

The new development would dwarf JPMorgan’s existing 33-storey European base in Docklands and exceed the floorspace of The Shard. 

It would also be larger than the bank’s new Park Avenue HQ in New York, which measures 2.5 million sq ft. 

Capacity is expected to reach 12,000 staff, reflecting the bank’s push for full-time office attendance and its expanded UK retail business through Chase.

The project, first reported by Reuters, follows a Budget that prioritised economic growth and avoided new taxes on banks.

The U.S lender expects the development to generate £9.9bn for the economy over six years, including construction spending, and to support 7,800 jobs. 

Designs are reportedly being led by Foster + Partners, with final height and layout still being worked through. 

One source cited by Reuters said the build will run into the “few billions” of pounds. Amenities planned for the tower include roof terraces, wellness and nursing rooms, restaurants, cafés and a public park.

Canary Wharf Group chief executive Shobi Khan told Reuters the decision marks a defining moment for the district, which has battled high vacancy rates since the pandemic. 

Docklands offices are currently around 15% empty, compared with 10.4% across London, according to CoStar.

The move is conditional on a broadly supportive business environment in the UK, but if delivered, it would be one of the most significant post-Brexit investments by an international bank. 

London has seen thousands of finance roles shift to EU cities since 2016 — a trend JPMorgan’s commitment could partially reverse.

JPMorgan is being advised by former Canary Wharf Group chair George Iacobescu, Reuters also reported last week, as he works separately on redevelopment plans for HSBC’s tower after its planned 2027 move. Goldman Sachs announced on the same day that it will expand its Birmingham office, hiring 500 more staff.

READ MORE: ‘Saudis pitch trillion-dollar property boom to global investors‘. A reported US$1.7 trillion construction drive took centre stage at Europe’s largest property fair in October, where the Kingdom unveiled flagship Vision 2030 projects and confirmed sweeping reforms to open its real estate market to foreign buyers

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