JPMorgan to Build New London Headquarters in Canary Wharf

JPMorgan Chase & Co. plans to build a new tower in Canary Wharf for its headquarters in the UK, a multibillion-pound endorsement of London’s status as a global financial center a day after Rachel Reeves delivered a budget that largely spared banks.

The office building would be London’s largest by far at three million square feet and could host as many as 12,000 employees, according to a statement from the investment bank Thursday. The construction is expected to take six years.