JPMorgan plans new Canary Wharf tower

JPMorgan weighs refurbishing its Docklands office against building a new tower on Riverside South as a European HQ option.

JPMorgan plans new Canary Wharf tower after cost review

JPMorgan Chase has begun more detailed planning for a new tower at Canary Wharf after calculating that refitting its current Docklands office could carry high costs. The bank is conducting due diligence on the Riverside South plot bought in 2008 as it weighs options for its European headquarters. JPMorgan currently operates from 25 Bank Street, a site it acquired after Lehman Brothers collapsed, and has since expanded its UK footprint with the Chase brand. The bank has also leased space previously occupied by Credit Suisse for Chase staff. With 22,000 people employed in the UK, the firm has room to grow and is considering whether a fresh tower would better fit its London workforce.

While no final decision has been made, executives see the option of a new Riverside development to house all London-based employees as potentially preferable to a major refurbishment. The move coincides with JPMorgan preparing to shift 14,000 staff to a new Foster + Partners designed headquarters in New York later this month. A major refurbishment of 25 Bank Street would involve substantial cost and disruption, although foundations and basement work on Riverside have already been laid, suggesting much of the heavy lifting is already in place. A switch to the City of London remains possible but is thought less likely due to the difficulty of finding a suitable building. If JPMorgan proceeds with Riverside, the project would lift Canary Wharf at a time when the east London district is rebounding from higher borrowing costs and shifting tenant mix. The Canary Wharf market has seen rising office valuations and increasing footfall as more shops, restaurants, and residences come online, even as some lenders shift bases. The bank declined to comment on the plans.

The move signals a long term bet on a clustered, modern workplace in Canary Wharf rather than a quick fix for an aging asset. It reflects how big banks weigh not just the price tag of a build but the knock-on effects on talent, operations, and the local market. If the Riverside project goes ahead, JPMorgan would add scale to an area trying to regain momentum after a cooling commercial real estate cycle. If the decision swings toward refurbishing 25 Bank Street, the bank would absorb a potentially costly upgrade and disrupted operations while trying to preserve a long-standing footprint in the Docklands. Either path highlights how corporate real estate now plays a central role in European strategy as firms reassess footprint needs against rising costs and shifting work norms.

Highlights

The choice will shape how JPMorgan balances long term presence with short term capital costs