JPMorgan Chase & Co.’s recent announcement of its plans to construct a mega-tower in Canary Wharf signals London’s status as a powerhouse of innovation and economic growth.
A BOLD COMMITMENT TO LONDON’S FUTURE
JPMorgan Chase & Co.’s (JPMorgan) legacy in the UK dates back more than 200 years and is a testament to the institution’s ability to demonstrate leadership, success, and innovation within the financial industry.
Within the country, JPMorgan provides approximately £600 billion in credit and capital to 4,500 medium and large companies, situating itself as a stalwart in the nation’s economy.
Recently, the US company unveiled its plans to develop a huge new tower in London’s Canary Wharf as its new UK headquarters and largest hub across Europe, the Middle East, and Africa (EMEA).
This three-million-square-foot building is expected to be home to 12,000 staff members whilst contributing £10 billion to the city’s economy over the course of six years and creating an additional 7,800 jobs across construction and adjacent industries.
Once completed, it will rank amongst Europe’s biggest floorspace, doubling that of London’s The Shard and even surpassing the colossal Commerzbank Tower in Germany.
DESTINATION OF CHOICE FOR INNOVATION
Currently, JPMorgan’s primary operations in London are located in two main buildings – 25 Bank Street in Canary Wharf – its Commercial & Investment Bank – and 60 Victoria Embankment – its Asset & Wealth Management.
This is in addition to One Cabot Square, a leased space accommodating the organisation’s International Consumer Bank, which continues to grow and now has over 2.6 million customers.
With JPMorgan choosing Canary Wharf as the location for its new headquarters, this is being celebrated as a statement towards the city’s long-term stability, talent pool, and significance in the global market.
The construction will strengthen demand for high-quality accommodation, alongside driving improvements in infrastructure and supporting the wider ecosystem of businesses in the immediate area.
In addition to the company’s new physical footprint, it is intending to expand business activity within the UK, specifically through its Security and Resiliency Initiative (SRI), which was first announced in the US in October.
SRI is a USD$1.5 trillion, 10-year plan to facilitate, finance, and invest in key strategic areas, including defence and aerospace, energy independence, and the supply chains for critical minerals and advanced manufacturing.
A COMMITMENT TO OUTSTANDING WORKPLACES
JPMorgan’s new building is being designed by Foster + Partners, British architects who have also designed the company’s famous global headquarters at 270 Park Avenue in New York City.
This building will be situated on Canary Wharf’s Riverside development, with plans to provide clients and employees with a world-class working environment against a backdrop of expansive views of the River Thames across to central London.
Equally, the EMEA headquarters will comprise a collaboration space and state-of-the-art trading floors, along with facilities such as terraces and rooftops, wellness spaces, nursing rooms, restaurants, and ample bicycle parking spaces to support employees’ physical and emotional well-being.
The ambition and scale of this project are exemplary of JPMorgan’s dedication and commitment to the city, people, and clientele. It also signals Canary Wharf’s status as a destination of choice for the world’s most ambitious and innovative companies and its ability to attract top organisations that bring unparalleled connectivity and amenities.
This major vote of confidence in the city is representative of its growing attraction of global capital and position as an international financial hub.
