business
JPMorgan Plans London Tower for Up to 12,000 Employees
JPMorgan will build a Canary Wharf tower and extend its $1.5 trillion initiative to Britain. Employment in the City of London financial district stands near an all-time high.
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JPMorgan plans to build a tower in London’s Canary Wharf that could house up to 12,000 employees. The bank will also expand its campus in Bournemouth, England, and extend its $1.5 trillion Security and Resiliency Initiative to Britain. In the buildup to the 2016 Brexit referendum, JPMorgan CEO Jamie Dimon said the bank could shift 4,000 jobs from Britain.
A decade later the same bank is committing to major new facilities in the country. UK Finance Minister Rachel Reeves called the Canary Wharf project a multibillion pound vote of confidence. Employment in the City of London financial district is near an all-time high and banks are posting record profits.
British firms moved about 40,000 jobs to European financial hubs after losing passporting arrangements. Britain hosted more than £12 trillion in foreign direct investment, portfolio investment and cross-border deposits at the end of 2025. Britain’s share of global foreign capital fell from 8.6 percent in 2015 to 7 percent in 2025.
The country has lost market share in 10 out of 12 categories of international finance since 2015. Michael Mainelli, Lord Mayor of the City of London in 2023 and 2024, said Brexit undeniably weakened the City’s position. New Financial founder William Wright said the impact of Brexit on the City has been like the U.K.
Breaking its own arm.
