JPMorgan Chase has won approval to build one of the tallest office towers in Europe following discussions over height restrictions stemming from its proximity to London City Airport.
The Wall Street bank had been in talks with airport officials over potential height constraints on its new Canary Wharf development, but the two sides reached an agreement in February for the tower to stand at 265 metres, people familiar with the matter said.
That means JPMorgan’s new UK headquarters will overtake One Canada Square as Canary Wharf’s tallest building, which at 235 metres has held that crown for more than three decades.
While JPMorgan announced plans in November to build the new multibillion-pound tower at its Riverside plot, it did not provide details about its height because final design plans were being held up by the potential restrictions, the people said.
Canary Wharf is about three miles west of London City Airport and lies within its “safeguarding zone”, meaning the airport must be consulted on new developments in the Docklands financial district.
Due to its proximity to Canary Wharf’s skyscrapers, aircraft descending into London City Airport follow a 5.5 degree glide path – almost twice as steep as the 3 degree approach used at most airports.
The approach requires specialised training for pilots, with aircraft typically passing over the financial district at about 2,000ft or 600 metres.
London City Airport is embarking on an expansion after winning government approval to increase its annual capacity from 6.5 million to 9 million passengers by 2031.
A person close to JPMorgan said the bank had sought approval for the “maximum height possible to maximise our investment” but added that safety was the first priority.
JPMorgan has also sought financial incentives from the UK government to build the new 3 million square foot tower in Canary Wharf.
Chief executive Jamie Dimon gave the go-ahead for the development in November after receiving assurances from the UK government about its business-friendly policies, the FT previously reported.
The US bank said at the time that the £3 billion investment was contingent on “a continuing positive business environment in the UK”. JPMorgan has requested a business rates discount from the UK government for the Norman Foster-designed project, according to a local council report published last month.
Such tax breaks are not uncommon for large developments and could save the Wall Street bank hundreds of millions of pounds. The government warned that the lender was “unlikely to progress without clarity and certainty on business rates liabilities”, the report said.
JPMorgan has predicted that the project could bring £9.9 billion to the UK economy over the next six years. The planned development was also seen as a boost for Canary Wharf, which struggled following the pandemic but has since enjoyed a resurgence.
JPMorgan is now finalising design plans before submitting its official planning application, having received certainty over the building’s height, one person familiar with the process said. Plans could still be subject to adjustments, they added.
The bank last year opened its new global headquarters at 270 Park Avenue in Manhattan, a 60-storey, 2.5 million sq ft skyscraper that is 423 metres high.
The building features a 19-restaurant food court with deliveries to workers’ desks, a pub called Morgan’s, medical facility and fitness centre.
JPMorgan and Canary Wharf Group, which owns One Canada Square and manages the wider estate, both declined to comment. London City Airport declined to comment. – Copyright The Financial Times Limited 2026