Key facts
- JP Morgan plans to build a new 3 million sq ft tower in Canary Wharf.
- The tower is expected to house 12,000 staff and contribute £9.9 billion to the UK economy.
- CEO Jamie Dimon warned that increased bank taxes could lead to the cancellation of the project.
- The bank currently pays a 28% corporation tax rate plus a balance sheet levy in the UK.
JP Morgan Chase has announced plans to construct a new three million square foot tower in London's Canary Wharf, a project estimated to contribute £9.9 billion to the UK economy over six years. The new headquarters, intended to house 12,000 staff, represents a significant investment and a commitment to the UK market. However, JP Morgan CEO Jamie Dimon has cautioned that the bank's decision to proceed with the £3 billion development is contingent on the UK's tax policies towards the banking sector. Dimon warned that increased taxes could threaten the project and deter future investment, emphasizing the need for a competitive tax system. The bank currently faces a 28% corporation tax rate and a balance sheet levy in the UK.