- Three million sq ft Riverside tower to accommodate up to 12,000 employees
JPMorganChase has announced plans to build a new three million sq ft headquarters at the Riverside development in Canary Wharf, London.
The proposed building would serve as the firm’s main UK base and its largest presence in EMEA, accommodating up to 12,000 employees. Designed by Foster + Partners, the development is subject to planning approval and a continued positive business environment in the UK. Construction is expected to take six years once approvals are secured.
The new tower will be co-developed with Canary Wharf Group, with Sir George Iacobescu acting as independent adviser. The scheme will include public parkland, improved access to the Riverside area, and enhanced community spaces.
Jamie Dimon, Chairman & CEO of JPMorganChase, said: “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.”
An independent economic study commissioned by the bank estimates the combined impact of the new building and upgrades to its existing 25 Bank Street site could contribute £9.9 billion to the UK economy over six years and create more than 7,800 jobs.
The firm’s 13,000 London-based employees will eventually consolidate across the new Riverside site and the existing 60 Victoria Embankment building. JPMorganChase also continues to grow its UK consumer banking business, Chase UK, from its leased space at One Cabot Square.