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JPMorgan clears City airport for Canary Wharf's tallest tower

Source: ft.com

TL;DR

JPMorgan Chase secured London City Airport approval for a 265-metre office tower at Canary Wharf's Riverside South site.
The tower will exceed One Canada Square's 235-metre height and span 3 million square feet for over 12,000 staff.
This clears a key hurdle for the £3bn project, signalling commitment to London amid post-pandemic office recovery.

The story at a glance

JPMorgan Chase has reached an agreement with London City Airport on height restrictions for its planned UK headquarters tower in Canary Wharf. The site at Riverside South lies within the airport's safeguarding zone, about four miles west, requiring consultation to avoid interfering with steep aircraft approaches. The bank announced the broad plans in November 2025 after UK budget assurances; this approval, reached in February 2026, allows progress toward planning permission.[[1]](https://www.theguardian.com/business/2026/apr/07/jp-morgan-clears-hurdle-canary-wharf-tallest-tower-london-city-airport)[[2]](https://www.irishtimes.com/business/2026/04/07/jpmorgan-to-build-canary-wharfs-tallest-tower-after-city-airport-approval)

Key points

Tower height set at 265 metres, 30 metres taller than Canary Wharf's current tallest, One Canada Square at 235 metres.
Building size: 3 million square feet (279,000 sq metres), more than double The Shard's floorspace, housing over half of JPMorgan's 23,000 UK staff.
Cost: £3 billion investment, designed by Foster + Partners, with features like trading floors, terraces, wellness areas.
Site bought by JPMorgan in 2008 but shelved after financial crisis; revived last November by CEO Jamie Dimon.
Airport talks addressed low-flying paths (5.5-degree glide, planes at 2,000ft over district) in its 10km safeguarding area.
Expected to add £10 billion to UK economy over six years, create 7,800 construction jobs.
Bank seeks business rates discount (up to 100% for years), potentially saving hundreds of millions, per Tower Hamlets documents.[[1]](https://www.theguardian.com/business/2026/apr/07/jp-morgan-clears-hurdle-canary-wharf-tallest-tower-london-city-airport)[[2]](https://www.irishtimes.com/business/2026/04/07/jpmorgan-to-build-canary-wharfs-tallest-tower-after-city-airport-approval)

Details and context

Plans hinge on proximity to London City Airport, which uses specialised steep approaches needing pilot training; the zone requires checks on developments to protect flight paths. Airport expansion to 9 million passengers by 2031 adds scrutiny, but agreement prioritises safety while allowing maximum feasible height.[[2]](https://www.irishtimes.com/business/2026/04/07/jpmorgan-to-build-canary-wharfs-tallest-tower-after-city-airport-approval)

JPMorgan tied initial go-ahead to UK's "positive business environment" post-budget avoiding bank tax hikes; government offered rates relief clarity, as full £1.6bn over 25 years might deter progress without it.

Canary Wharf has rebounded from pandemic vacancies, attracting firms like Visa; this tower consolidates JPMorgan's operations into one EMEA hub, boosting the district's finance role.

Key quotes

"Maximum height possible to maximise our investment but safety was the first priority." — Person close to JPMorgan.[[2]](https://www.irishtimes.com/business/2026/04/07/jpmorgan-to-build-canary-wharfs-tallest-tower-after-city-airport-approval)
"Unlikely to progress without clarity and certainty over its rates bill." — Tower Hamlets council documents on JPMorgan.[[1]](https://www.theguardian.com/business/2026/apr/07/jp-morgan-clears-hurdle-canary-wharf-tallest-tower-london-city-airport)

Why it matters

The tower reinforces Canary Wharf as a global finance hub, countering post-Brexit and remote-work doubts with major US bank commitment. It means potential tax breaks for JPMorgan, jobs and economic lift for London, but raises questions on public subsidies for profitable firms. Watch for Tower Hamlets planning decision, as designs could adjust and full approvals remain pending.