JP Morgan says it will build the biggest office block in London

LONDON

Global banking giant JP Morgan Chase announced plans on Nov. 27 to construct a massive new tower in London's Canary Wharf, projecting a £10 billion boost to the U.K. economy over six years.

The 280,000-square-meter (three-million-square-foot) structure would double the space of Britain's current tallest building, the Shard, and house around 12,000 staff, marking the bank's largest presence in Europe, the Middle East, and Africa.

The decision follows the U.K.'s recent budget, which prioritized growth and spared banks from feared tax hikes.

Construction could start soon after approvals, taking six years, with design details like height still under discussion.

JP Morgan bought the Riverside South site in 2008 but shelved plans after the global financial crisis.

An independent study estimates the project will add £9.9 billion to the economy through building work and related activity.

CEO Jamie Dimon credited the government's growth focus, saying, "This building will represent our lasting commitment to the city, the U.K., our clients, and our people."

Chancellor Rachel Reeves called it a "multi-billion pound vote of confidence in the U.K. economy," adding, "Companies can invest anywhere—they're choosing Britain because they like what they heard in the Budget."

Canary Wharf Group CEO Shobi Khan hailed it as a "defining moment" for the district, which has rebounded post-Covid with rising demand for office returns.

Office vacancy in the Docklands area stands at 15 percent, above London's 10.4 percent average.

Last year, Reuters reported JP Morgan was exploring London options after outgrowing its 33-story Canary Wharf tower. The bank is now considering that building's future.