JPMorgan Unveils Plan for London Canary Wharf Tower as UK Budget Boosts Confidence
- Rahaman Hadisur
- Jan 6
- 2 min read
Hadisur Rahman, JadeTimes Staff
H. Rahman is a Jadetimes news reporter covering Business
JPMorgan Chase & Co unveiled plans Thursday to construct a new 3 million-square-foot tower in Canary Wharf, a flagship investment that aims to anchor the bank’s presence in London for years to come. The project, set to cost several billion pounds, is expected to contribute 9.9 billion pounds to the local economy over six years and create about 7,800 jobs, according to the bank.
JPMorgan said the decision reflects the UK government’s focus on economic growth, a sentiment echoed by Finance Minister Rachel Reeves, who described the move as a “multi-billion pound vote of confidence in the UK economy.” Reeves’ budget, which sought to bolster Britain’s finances and growth while sparing banks from new taxes, has been cited by the bank as a key driver in its relocation plans.
The planned development would be a behemoth by London standards, spanning approximately 3 million square feet and aiming to surpass the current tallest building in Britain, The Shard, in total floorspace. At around 1.3 million square feet dedicated to the new structure, the tower would also exceed JPMorgan’s recently completed 2.5 million-square-foot Park Avenue headquarters in New York. While the precise height remains subject to final design, the project is poised to redefine JPMorgan’s footprint in Europe and the City’s relationship with Canary Wharf.
A source familiar with the project noted that construction costs would run into the billions of pounds, with designs still being refined. The architecture firm Foster + Partners, founded by Norman Foster, is set to handle the tower’s design, aligning with JPMorgan’s history of high-profile, iconic headquarters. The Riverside South site, purchased in 2008 and located west of Canary Wharf along the Thames, will be redeveloped into a central hub for the bank’s European operations.
The move is viewed as a major win for Canary Wharf, which has been rebounding after the COVID-19 era and is now attracting a wave of corporate tenants seeking modern office space. Shobi Khan, CEO of Canary Wharf Group, called the development a defining moment for the district, noting that 2025 may be one of its strongest leasing years in more than a decade.
The project is expected to house up to 12,000 employees and includes a public park and a range of staff amenities, including roof terraces, wellness spaces, nursing rooms, restaurants, and cafes. The expansion comes as rival Goldman Sachs announced plans to grow its Birmingham footprint, signaling a broader push by global firms to deepen their UK-based operations in the wake of the budget.
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