Investment banking giant JPMorgan Chase (JPM) is building a new London headquarters in a vote of confidence for the British economy.
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Biggest in London
The new HQ will be built at an estimated cost of over £3 billion in the East London Canary Wharf district.
JPMorgan said that the tower, which will be designed by Foster + Partners, will house more than 12,000 people and will be the largest and most expensive office building in London. It will also be one of the biggest in Europe with over 3 million sq.ft of space.
The bank said the development would provide a £10 billion boost to the local economy over the six-year construction period. That includes the creation of an additional 7,800 jobs.
The plans include new public parkland surrounding the building and a redevelopment of the Canary Wharf dock.
Facilities include terraces and rooftops, wellness spaces, nursing rooms, restaurants and cafés, and bicycle parking spaces. It is subject to winning planning consent.
The move is also a boost to London’s real estate sector, particularly Canary Wharf which has struggled to retain tenants since the pandemic and emergence of the work at home culture.
Jamie Dimon, chairman & CEO of JPMorgan Chase,said: “London has been a trading and financial hub for more than a thousand years, and 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, 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.”
JPM in Expansion Mode
JPMorgan Chase has 13,000 employees in London, and estimates it contributes nearly £7.5 billion annually to the local economy, supporting 38,000 jobs.
Earlier this year JPMorgan opened a new $3 billion global headquarters in the heart of New York City again giving a boost to its real estate scene.
It comprises 60 floors, 2.5 million square feet, and is situated at 270 Park Avenue in the heart of Manhattan. It boasts a state-of-the-art gym and an Irish pub.
The projects show JPMorgan’s confidence in its future after a strong 2025. So far this year, despite the wider uncertainty in the U.S. and global economy, its share price is up over 30% – see above.
Is JPM a Good Stock to Buy Now?
On TipRanks, JPM has a Moderate Buy consensus based on 11 Buy and 6 Hold ratings. Its highest price target is $370. JPM stock’s consensus price target is $344.31, implying a 11.92% upside.
