JP Morgan Chase & Co. (NYSE:JPM) announced Thursday a massive London expansion plan. The bank said it intends to construct a three-million-square-foot tower on the Riverside site in Canary Wharf.
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It is designed to host up to 12,000 staff as its main U.K. hub and largest base in Europe, the Middle East and Africa.
The project depends on regulatory approvals and a supportive business backdrop in Britain.
Including interior upgrades at 25 Bank Street, an independent review estimates the initiative could inject about 9.90 billion Sterling Pounds ($13 billion) over six years into the British economy.
It could generate roughly 7,800 jobs tied to construction and related industries.
The study also finds the bank already delivers nearly 7.5 billion Sterling Pounds annually to local output, underpinning about 38,000 positions across surrounding sectors.
Design, Scale And Timeline
The future headquarters will be created by British architecture firm Foster + Partners, which also crafted the bank's 270 Park Avenue tower in New York.
Construction is expected to span six years once permissions are secured, with Canary Wharf Group acting as co-developer and veteran executive Sir George Iacobescu advising the project.
Chairman and CEO Jamie Dimon called London's role as a global financial center "critical" to the U.K. economy and said the tower would symbolize the bank's enduring commitment to the city, its clients and employees. U.K. Chancellor Rachel Reeves hailed the investment as a "multi-billion pound vote of confidence" in the government's growth-focused agenda. London Mayor Sadiq Khan and Tower Hamlets Executive Mayor Lutfur Rahman praised the boost to local jobs and regeneration.
Modern Workplace And Public Spaces
Plans feature advanced trading floors, collaborative work areas, terraces, rooftop spaces, wellness zones, nursing rooms, restaurants, cafés and extensive bicycle parking.
The scheme also includes new riverside parkland, improvements to the dock and better public access to the waterfront, positioning the development as both a corporate hub and community asset.
The bank currently owns 25 Bank Street in Canary Wharf and 60 Victoria Embankment in the City of London, while leasing space at One Cabot Square for its Chase-branded consumer operations.
Once the Riverside tower opens, most London employees will move into the new building alongside 60 Victoria Embankment. The firm will then evaluate future options for 25 Bank Street.
Security & Resiliency Initiative Expands
The bank will extend its recently announced Security & Resiliency Initiative to Britain, part of a $1.5 trillion, decade-long effort.
The program aims to finance and invest in sectors such as defense, aerospace, energy security, critical mineral supply chains and advanced manufacturing, including direct equity and venture capital commitments.
JPM Price Action: JPMorgan Chase shares were up 0.34% at $308.70 during premarket trading on Wednesday, according to Benzinga Pro data.
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