JPMorgan to build HQ in London, its biggest in Europe, Middle East and Africa

[LONDON] JPMorgan said on Thursday (Nov 27) that it would build a three million square feet tower in the Canary Wharf financial district in East London.

The company is committing a big investment to Britain on the heels of a closely watched UK Budget that has sought to reassure investors of the nation’s finances.

JPMorgan said that the project would contribute £9.9 billion (S$17 billion) over six years to the local economy, including the cost of construction, and create 7,800 jobs.

The new building will house up to 12,000 people and will be JPMorgan’s biggest office in Europe, the Middle East and Africa, the firm said.

The move is a coup for the Canary Wharf financial district, which has struggled to retain big tenants after the Covid-19 pandemic, but has recently had a run of better leasing as companies demand that more people return to the office.

“The UK government’s priority of economic growth has been a critical factor in helping us make this decision,” JPMorgan chairman and chief executive officer Jamie Dimon said, a day after supporting UK finance minister Rachel Reeves’ Budget in rare public remarks on a Budget day.

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Reuters reported last year that JPMorgan was weighing options for its UK headquarters in London after the Wall Street bank outgrew its existing tower in Canary Wharf.

It had also been considering upgrading its existing building on Bank Street in Canary Wharf, and moving to the more central City of London. REUTERS