Wedoany.com Report-Dec.2, JPMorganChase has confirmed plans to develop a three-million-square-foot office tower at Canary Wharf's Riverside site, which will become the bank's new UK headquarters. The building, designed by Foster + Partners, will house up to 12,000 employees and is expected to be completed within six years of construction start, subject to planning approvals.

Artist's impression of the view from JPMorganChase's Riverside office in London.

Canary Wharf Group is co-developing the project, with independent advice from Sir George Iacobescu. The tower will include extensive public amenities such as new parkland, redeveloped dock areas, enhanced riverside access, collaboration spaces, trading floors, wellness facilities, dining areas, and expanded bicycle parking.

Canary Wharf Group CEO Shobi Khan stated: "We are delighted that JPMorganChase has once again chosen Canary Wharf as their primary UK location. The scale and ambition of this scheme – set to become the largest office building in London – demonstrates the continued momentum behind Canary Wharf’s evolution and JPMorganChase’s commitment to outstanding workplaces."

During construction, JPMorganChase will upgrade its current main office at 25 Bank Street. An independent economic study commissioned by the bank estimates the project will contribute approximately £9.9 billion to the UK economy over six years and create around 7,800 construction-related jobs. The bank’s existing London operations already generate nearly £7.5 billion annually and support about 38,000 jobs.

JPMorganChase chairman and CEO Jamie Dimon commented: "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."

UK Chancellor of the Exchequer Rachel Reeves said: "My Budget doubles down on growth as our number one priority by creating the conditions for businesses to invest and succeed. 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."

The development reinforces Canary Wharf's position as a leading European financial centre and underscores JPMorganChase's long-term commitment to its UK operations, where it currently occupies two owned buildings and additional leased space.