Just months after opening its new state-of-the-art global headquarters in New York, JPMorgan is turning its attention to its London real estate.
JPMorgan Chase said on Thursday it plans to build a three-million-square-foot new UK headquarters in London’s Canary Wharf, creating “a world-class workplace for up to 12,000 employees.”
The project could contribute £9.9 billion ($13 billion), including the cost of construction, over a six-year period to the local economy, the bank said.
If constructed, the building would be one of the “largest and most sophisticated” office towers in Europe, JPMorgan said. The plans are contingent upon receiving the necessary approvals and agreements, but if approved, the new HQ is expected to take six years to construct.
The British architectural firm Foster + Partners, which also designed the bank’s new Park Avenue headquarters, has been put in charge of the London tower.
In New York, Foster + Partners designed a 60-storey tower at a cost of $3 billion, which experts say doubles as a physical expression of JPMorgan’s cultural expectations for its employees, complete with round-the-clock amenities.
Jamie Dimon, CEO and chairman of JPMorgan, is a fervent advocate of in-office work.
“Don’t give me this shit that work-from-home-Friday works,” Dimon said during a leaked employee town hall earlier this year. “I call a lot of people on Fridays, and there’s not a goddamn person you can get a hold of.”
Plans suggest London-based employees could be getting similar office perks.
“It will support employees’ physical and emotional well-being with facilities including: terraces and roof-tops, wellness spaces, nursing rooms, restaurants and cafés, and ample bicycle parking spaces,” the bank said in a press release.
The project will include new public parkland surrounding the building, and a redevelopment of the Canary Wharf dock. The building itself will provide exceptional collaboration spaces and state-of-the-art trading floors, JPMorgan said.
JPMorgan also said that the project would reinforce London’s status as a leading financial centre on the global stage.
The plans were announced the day after the UK government announced its new national budget, similar to the US federal budget.
“London has been a trading and financial hub for more than a thousand years,” said Jamie Dimon, JPMorgan Chase’s chairman and CEO.
“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.”
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