JPMorgan Chase has set out plans to build a new three‑million square feet headquarters tower on the Riverside South site at Canary Wharf, creating capacity for up to 12,000 employees and consolidating its London footprint.

The project, co‑developed with Canary Wharf Group and designed by Foster + Partners, is expected to take six years to construct once approvals are secured. The bank said the scheme would serve as its principal UK headquarters and largest office in Europe, the Middle East and Africa. It currently owns two main London sites: 25 Bank Street in Canary Wharf and 60 Victoria Embankment. It also leases space at One Cabot Square for its International Consumer Bank, including Chase UK.

JPMorgan said an independent study estimates the combined project and interim upgrades to 25 Bank Street could contribute approximately £9.9 billion to the UK economy over six years, creating more than 7,800 jobs across construction and local industries. Reuters reported the new tower would be one of Europe’s biggest by floorspace and would cost a few billion pounds to build, with designs still being finalised.

Jamie Dimon, chairman and chief executive officer of JPMorganChase, said: “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.”

The plans include new public parkland around the building, a redevelopment of the Canary Wharf dock, and enhanced access to the Riverside area. The tower is slated to feature state‑of‑the‑art trading floors and collaboration spaces, with facilities such as terraces, wellness areas, nursing rooms, restaurants, cafés and ample bicycle parking.

Rachel Reeves, UK chancellor of the exchequer, said: “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.”

Sadiq Khan, mayor of London, said: “This major commitment will create jobs and further strengthen London’s position at the centre of the global economy, driving growth across the UK.”

Conor Hillery, co‑chief executive officer 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.”

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