How many sweeteners does JP Morgan need to build an office in Canary Wharf? | Nils Pratley

<p>US bank will get deal it doesn’t really need as it would be far too embarrassing for Treasury to see investment sail away</p><p>The way Rachel Reeves told it last November after her budget, it seemed to be a done deal that JP Morgan would build a 279,000 sq metre (3m sq ft) <a href="https://www.theguardian.com/business/2025/nov/27/us-banks-announce-uk-expansion-projects-hours-after-budget">tower in Canary Wharf</a> to serve as its European headquarters. The <a href="https://www.businesswire.com/news/home/20251126040802/en/JPMorganChase-Announces-Intention-to-Build-a-New-Three-Million-Sq-Ft-Landmark-Tower-in-London">chancellor was “thrilled”</a> the Wall Street bank had chosen London and hailed “a multibillion-pound vote of confidence in the UK economy and this government’s plans for growth”.</p><p>And, to be fair to Reeves, Jamie Dimon, JP Morgan’s big boss, also presented the plan as final. “The UK government’s priority of economic growth has been a critical factor in helping us make this decision,” he said.</p> <a href="https://www.theguardian.com/business/nils-pratley-on-finance/2026/mar/30/how-many-sweeteners-does-jp-morgan-need-to-build-an-office-in-canary-wharf">Continue reading...</a>