JPMorgan Chase has received permission from London City Airport for JPMorgan's landmark headquarters at Canary Wharf in what is set to become one of the largest office developments the UK has ever seen.

The bank is lining up a 3M SF tower at Riverside South, a site within the Wharf estate, in a move that would consolidate its London footprint into a single, flagship base. Designed by Foster + Partners, the scheme is expected to house up to 12,000 staff and act as the firm’s main hub across Europe, the Middle East and Africa.

The plans include new public parkland around the building, a redevelopment of the Canary Wharf dock and improved access to the riverside area. The tower is expected to feature trading floors and collaboration spaces, terraces, wellness areas, nursing rooms, restaurants, cafés and bicycle parking.

The airport operator and the financial giant agreed on a maximum tower height of 870 feet. JPMorgan Chase CEO Jamie Dimon pointed to the UK government’s pro-growth stance as a key factor underpinning the decision.

“London has been a trading and financial hub for more than a 1,000 years, and maintaining it as a vibrant place for finance and business is critical to the health of the UK economy,” Dimon said when first announcing the plans.

“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.”

For Canary Wharf Group, the project's development manager, the tower represents more than just another office block. It is a statement as the estate is repositioning, blending traditional financial occupiers with life sciences, residential and retail.