Jp Morgan will build London's largest tower in Canary Wharf
The American investment bank is planning a new headquarters for Europe: architect Norman Foster will sign the £3 billion headquarters
Key points
JP Morgan yesterday announced plans to build anew £3 billion headquarters in Canary Wharf, giving London's financial district a major boost to the stagnant British economy, which has been crippled by the limping Starmer government.
The details of the real estate project
The US banking giant has unveiled a real estate plan that envisages a 270,000 square metre space that will house 12,000 people. JP Morgan's future London headquarters, designed by Foster + Partners, will occupy more than twice the area of The Shard, to date Britain's tallest building, and will break the record of 22 Bishopsgate, to date London's largest tower.
A signal for London
The bank's future headquarters will serve as the main European headquarters. The announcement came the day after Chancellor Rachel Reeves's budget bill, 26 billion in taxes that will hit average incomes. The dreaded tax on banks' extra-profits did not materialise, however, sending bank shares soaring yesterday. Apparently, JP Morgan's decision to proceed with the construction of the tower was not influenced by the budget law, with a final decision taken weeks before today's announcement.
Jamie Dimon, CEO of JP Morgan, said that the Canary Wharf tower represents the bank's 'enduring commitment to the city, the UK, our customers and our staff'.
