Banking giant to build £10bn tower at Canary Wharf

JPMorgan has announced plans to construct a new headquarters in Canary Wharf, London, which will be a significant 3 million square foot tower, reflecting the bank's commitment to its operations in the UK. CEO Jamie Dimon emphasized the importance of this development for the company's future in the city.

JPMorgan has announced plans to construct a new 3 million square foot tower in London’s Canary Wharf, marking a significant expansion for the bank in the UK. This development follows the recent autumn budget that provided a favorable environment for the banking sector, avoiding tax increases that could have hindered growth.

JP Morgan and Goldman Sachs have announced significant expansion plans in the UK, shortly after being exempted from tax increases in the autumn budget presented by Rachel Reeves. JP Morgan plans to construct a new 3 million square foot tower in Canary Wharf, which will serve as its UK headquarters and accommodate over half of its 23,000 UK employees, with an estimated cost of £3 billion.

Following the unexpected early release of the Office for Budget Responsibility's economic analysis, London financial traders expressed relief as markets remained stable after Chancellor Rachel Reeves announced a £26 billion tax increase in her second budget presentation. Despite initial chaos, the trading floor in Canary Wharf showed little sign of anxiety.