JP Morgan Chase announced plans to construct a £10 billion, three-million-square-foot tower in London’s Canary Wharf, marking its largest presence in Europe, the Middle East and Africa. The new headquarters will accommodate around 12,000 employees and more than double the internal space of the Shard. An independent study estimates the project could add nearly £10 billion to the UK economy over the six-year construction timeline.
The decision to expand in Canary Wharf is a significant boost for the financial district, which has been working to retain global tenants after the pandemic. JP Morgan had previously evaluated alternatives but opted to redevelop the Riverside South site it acquired in 2008.
Final design details, including the tower’s height, are still under review. Construction will begin once approvals are secured, and the bank is also assessing future plans for its existing 33-storey building in the same district.
