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London Lands £10 Billion JP Morgan Tower
27 Nov
Summary
- JP Morgan Chase plans a new 3-million-sq-ft London tower.
- The project is estimated to contribute £9.9 billion to the UK economy.
- Goldman Sachs will also double its Birmingham office staff.
JP Morgan Chase has announced ambitious plans to construct a vast new tower in London's Canary Wharf, a development poised to significantly boost the UK economy. The proposed three-million-square-foot building is slated to become the bank's UK headquarters, accommodating 12,000 employees and representing its primary European hub.
This substantial investment, estimated at £10 billion, is projected to contribute approximately £9.9 billion to the UK's economy over the next six years. Construction is expected to commence upon securing necessary approvals, with the project timeline set for completion in six years. This strategic move underscores JP Morgan's long-term commitment to the UK.
Coinciding with JP Morgan's announcement, rival Goldman Sachs revealed its intention to double its workforce at its Birmingham office to over 1,000 employees. These commitments follow a UK Budget that notably spared banks from feared tax hikes, with Chancellor Rachel Reeves attributing these investments to confidence in the government's economic growth strategy.
