"PA Media Global banking giant JP Morgan Chase has announced plans to build a new tower in Canary Wharf, claiming it will boost the UK's economy by 10bn. The firm said at three million square feet (280,000 sq m), the building would have double the space of Britain's current tallest building, the Shard. It will hold about 12,000 of its staff and be its most significant presence in Europe, the Middle East and Africa (EMEA)."
"The announcement follows the Budget, which the government said was aimed at boosting growth and in which banks escaped target tax rises which many in the industry had feared. The design of the new tower, including the height, is still being discussed. Construction is set to take six years and will begin as soon as it gets necessary approvals, JP Morgan said."
"The new headquarters will be built on Riverside South, which JP Morgan bought in 2008 - but shelved plans following that year's global financial crisis. It said an independent study estimated the project could contribute about 9.9 billion to the UK economy over the next six years - taking into account the building work for the development. Chief executive Jamie Dimon said the UK government's "priority of economic growth" had been ""a critical factor" in helping them make this decision."
JP Morgan Chase announced plans to build a new three million square foot tower at Riverside South in Canary Wharf that it estimates will boost the UK economy by about £9.9–10 billion. The building would be twice the floor area of the Shard, house roughly 12,000 staff, and become the bank's largest presence in Europe, the Middle East and Africa (EMEA). Construction is expected to take six years and will begin once approvals are obtained. The design and height remain under discussion. The decision follows earlier estate planning and reflects a rebound in Canary Wharf demand after the Covid-19 pandemic.
Read at www.bbc.com
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