JPMorgan Chase has unveiled an ambitious plan to construct a landmark three-million-square-foot office tower in London, a project designed to reinforce the city’s central role in global finance while creating a world-class workplace for 12,000 employees. The development, located at Riverside in Canary Wharf, represents a long-term commitment by the banking giant to the United Kingdom. Pending the necessary approvals from local and national authorities, the project is set to become one of the most significant commercial investments in London in recent years.
The new tower will serve as the firm’s principal hub in the UK and a cornerstone of its EMEA regional presence. Designed by renowned British architectural firm Foster + Partners—also credited with JPMorgan Chase’s future global headquarters at 270 Park Avenue in New York—the project aims to reshape the riverside skyline with premium office space offering panoramic views of the Thames.
Canary Wharf Group will act as project partner, supported by independent adviser George Iacobescu. Once permits are granted, construction will begin immediately, marking a major addition to the ongoing redevelopment and revitalisation of Canary Wharf.
Jamie Dimon, Chairman and CEO of JPMorgan Chase, praised London’s enduring importance to the global economy, noting that the city has served as a commercial and financial centre for centuries. He emphasised that the new tower demonstrates the firm’s long-term commitment to London, its customers and its workforce. He also highlighted the UK government’s new emphasis on growth as a key factor behind the bank’s decision.
Alongside the new project, JPMorgan Chase will maintain operations at its existing Bank Street offices. A commissioned economic study estimates that the combined developments could contribute approximately £9.9 billion (US$13 billion) to the UK economy over the next decade, supporting more than 7,800 construction-related and local jobs. Furthermore, the bank’s ongoing presence in London—employing around 13,000 people—already delivers nearly £7.5 billion (US$9.8 billion) annually to the local economy and supports 38,000 jobs across the broader ecosystem.
Financial leaders welcomed the announcement. UK Chancellor Rachel Reeves described the investment as a powerful vote of confidence in the government’s growth-led economic agenda, noting that it underscores global trust in Britain’s stability and long-term prospects. London Mayor Sadiq Khan called the project a testament to the city’s resilience and continued relevance as an international hub for finance, innovation and talent. He added that the investment will create new jobs and stimulate growth across the UK.
Lutfur Rahman, Mayor of Tower Hamlets, emphasised the project’s significance for the borough’s economic future. He highlighted that the development continues Canary Wharf’s evolution while offering benefits for local residents, businesses and community groups. According to Rahman, the new Riverside site will provide an attractive public environment along the Thames and contribute to long-term neighbourhood prosperity.
The project also includes a strong community and sustainability component. Working with Canary Wharf Group, JPMorgan Chase plans to deliver a new public park, upgrade the Riverside walkways and improve access to the waterfront. Inside the tower, employees will find an array of modern amenities—collaboration areas, wellness spaces, terraces, childcare rooms, restaurants and bike parking—aimed at promoting physical and mental wellbeing.
Conor Hillery and Matthieu Wiltz, Co-CEOs for JPMorgan Chase in EMEA, noted that the investment reflects both confidence in London’s future and the bank’s desire to leave a lasting positive impact on the city. They emphasised the role London has played in shaping European financial careers and expressed enthusiasm for commencing construction.
Shobi Khan, CEO of Canary Wharf Group, said the project highlights the strong momentum behind Canary Wharf’s transformation into a dynamic business district. He described JPMorgan Chase’s commitment as a major milestone that will contribute to the creation of exceptional and future-ready workplaces.
The bank will continue operating across several London properties, including 25 Bank Street for its investment and commercial banking operations and 60 Victoria Embankment for its asset and wealth management units. Additional space is leased at One Cabot Square, where its rapidly growing International Consumer Bank—home to Chase UK—now serves more than 2.6 million customers. Once the Riverside project is complete, staff will be consolidated from various sites, including 60 Victoria Embankment, into the new tower.
The London announcement follows a recent US$450 million investment into JPMorgan Chase’s Bournemouth campus, underscoring its broader global expansion strategy.
Security & Resilience Initiative Expands to the UK
In parallel, JPMorgan Chase will roll out its Security & Resiliency Initiative (SRI) in the UK. Originally launched in the United States, the SRI is a decade-long, US$1.5 trillion effort focused on strengthening strategic industries such as defence and aerospace, energy independence and critical-minerals supply chains, as well as advanced manufacturing. The UK programme will include direct equity and venture investments, with further details forthcoming.
Investment in Workforce Skills and Community Development
JPMorgan Chase continues to expand its community impact programmes in the UK. In 2024, it committed £40 million over five years to support young people and disadvantaged communities through skill-building and pathways to economic opportunity—bringing its total investment in the UK since 2019 to £90 million.
Working with partners such as the Careers & Enterprise Company, Young Enterprise and Nest Insights, the bank is advancing initiatives that enhance financial capability, improve career readiness and support personal financial security. An additional £5.2 million was recently committed to further expand these efforts.
In Tower Hamlets, the bank has collaborated for years with local organisations, including The Switch, helping more than 1,600 secondary-school students gain exposure to workplace opportunities through volunteer support from 370 JPMorgan staff.
As the firm works closely with government and community leaders to advance the Riverside project, it aims to shape a shared vision for the future of London—one that strengthens the city’s economic foundation, enhances public spaces and delivers long-lasting benefits for residents, workers and visitors alike.
