JPMorgan said the project would contribute 9.9 billion pounds ($13.1 billion) over six years to the local economy – including the cost of construction – and create 7,800 jobs.
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The new building will house up to 12,000 people and will be JPMorgan’s biggest office in Europe, the Middle East and Africa, the firm said.
The move is a coup for the Canary Wharf financial district, which struggled to retain big tenants after the COVID-19 pandemic but has had a run of better leasing as companies demand that more people return to the office.
“The UK government’s priority of economic growth has been a critical factor in helping us make this decision,” JPMorgan Chairman and CEO Jamie Dimon said, a day after supporting UK finance minister Rachel Reeves’ budget in rare public remarks on a budget day.
It had also been considering upgrading its existing building on Bank Street in Canary Wharf and moving to the more central City of London.
($1 = 0.7548 pounds)
Reporting by Iain Withers; Editing by Christian Schmollinger and Thomas Derpinghaus
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