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The Guardian - UK

Business

Kalyeena Makortoff Banking correspondent

US banks announce UK expansion projects hours after budget

JP Morgan United Kingdom United States Goldman Sachs London Rachel Reeves Birmingham

An artist’s impression of JP Morgan’s planned tower in London’s Canary Wharf. — An artist’s impression of JP Morgan’s planned tower in London’s Canary Wharf. Illustration: JPMorganChase

Two of Wall Street’s biggest banks have announced substantial expansion plans in the UK, hours after they were spared increased taxes in Rachel Reeves’s autumn budget.

JP Morgan on Thursday revealed plans to build a 3m sq ft tower in Canary Wharf, which will serve as its new UK headquarters and house more than half of its 23,000 UK staff. It is understood the London project will cost £3bn.

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