JPMorgan Plans Major London HQ Expansion

<p><strong>JP Morgan Chase &amp; Co. </strong><a href="https://www.benzinga.com/quote/JPM" target="_blank" class="ticker-link" data-ticker="JPM" data-exchange="NYSE" rel="noopener">(NYSE:<a class="ticker" href="https://www.benzinga.com/quote/JPM">JPM</a>)</a> announced Thursday a massive London expansion plan. The bank said it intends to construct a three-million-square-foot tower on the Riverside site in Canary Wharf.</p>



<h2 class="wp-block-heading"><strong><em>JPM is trading near recent highs. <a target="_blank" href="https://www.benzinga.com/quote/JPM" rel="noreferrer noopener">Get the market research here.</a></em></strong></h2>



<p>It is designed to host up to 12,000 staff as its main U.K. hub and largest base in Europe, the Middle East and Africa.</p>



<p>The project depends on regulatory approvals and a supportive business backdrop in Britain.</p>



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<p>Including interior upgrades at 25 Bank Street, an independent review estimates the initiative could inject about 9.90 billion Sterling Pounds ($13 billion)<em> </em>over six years into the British economy.</p>



<p>It could generate roughly 7,800 jobs tied to construction and related industries.</p>



<p>The study also finds the bank already delivers nearly 7.5 billion Sterling Pounds annually to local output, underpinning about 38,000 positions across surrounding sectors.</p>



<h2 class="wp-block-heading"><strong>Design, Scale And Timeline</strong></h2>



<p>The future headquarters will be created by British architecture firm Foster + Partners, which also crafted the bank's 270 Park Avenue tower in New York.</p>



<p>Construction is expected to span six years once permissions are secured, with Canary Wharf Group acting as co-developer and veteran executive Sir George Iacobescu advising the project.</p>



<p>Chairman and CEO <strong>Jamie Dimon</strong> called London's role as a global financial center "critical" to the U.K. economy and said the tower would symbolize the bank's enduring commitment to the city, its clients and employees. U.K. Chancellor <strong>Rachel Reeves</strong> hailed the investment as a "multi-billion pound vote of confidence" in the government's growth-focused agenda. London Mayor Sadiq Khan and Tower Hamlets Executive Mayor Lutfur Rahman praised the boost to local jobs and regeneration.</p>



<h2 class="wp-block-heading"><strong>Modern Workplace And Public Spaces</strong></h2>



<p>Plans feature advanced trading floors, collaborative work areas, terraces, rooftop spaces, wellness zones, nursing rooms, restaurants, cafés and extensive bicycle parking.</p>



<p>The scheme also includes new riverside parkland, improvements to the dock and better public access to the waterfront, positioning the development as both a corporate hub and community asset.</p>



<p>The bank currently owns 25 Bank Street in Canary Wharf and 60 Victoria Embankment in the City of London, while leasing space at One Cabot Square for its Chase-branded consumer operations.</p>



<p>Once the Riverside tower opens, most London employees will move into the new building alongside 60 Victoria Embankment. The firm will then evaluate future options for 25 Bank Street.</p>



<h2 class="wp-block-heading"><strong>Security &amp; Resiliency Initiative Expands</strong></h2>



<p>The bank will extend its recently announced Security &amp; Resiliency Initiative to Britain, part of a $1.5 trillion, decade-long effort.</p>



<p>The program aims to finance and invest in sectors such as defense, aerospace, energy security, critical mineral supply chains and advanced manufacturing, including direct equity and venture capital commitments.</p>



<p><strong>JPM Price Action:</strong> JPMorgan Chase shares were up 0.34% at $308.70 during premarket trading on Wednesday, <a target="_blank" href="https://www.benzinga.com/pro/" rel="noreferrer noopener">according to Benzinga Pro data</a>.</p>



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<p><em>Photo via Shutterstock</em></p>