LONDON (ShareCast) - (Sharecast News) - US banking giant JPMorgan Chase has announced plans to build a new three-million square foot tower in London's Canary Wharf, home to up to 12,000 employees.
JPMorgan, which already has an existing building for its Commercial and Investment Bank in the Docklands as well an Asset and Wealth Management operation in the City, currently employs 13,000 staff in the capital.

The bank said the new headquarters will serve as its most significant base across Europe, the Middle East and Africa.

The build will take six years and, including the construction cost, will contribute an estimated £9.9bn to the UK economy, creating more than 7,800 jobs across construction and other local industries. That includes also upgrades to the interior of its existing building in Canary Wharf.

"This building will represent our lasting commitment to the city, the UK, our clients and our people. The UK government's priority of economic growth has been a critical factor in helping us make this decision," said JPMorgan's chair and chief executive Jamie Dimon.



The bank also announced plans to bring its Security and Resiliency Initiative (SRI) to the UK in the coming months, following its launch in the US in October. The SRI is a $1.5trn, 10-year plan to finance and invest in key areas such as defence and aerospace, energy independence and the supply chains for critical minerals and advanced manufacturing.

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