By Max Clarke

The Mayor of London Boris Johnson has today (Monday, 20 December) welcomed international banking giant JP Morgan’s plans to base its European headquarters at a new building in the capital, providing a major boost to the City and reaffirming confidence in London’s financial sector.

JP Morgan, which employs about 11,000 people across London, has confirmed it will purchase 25 Bank Street in Canary Wharf, a purpose built complex which was designed specifically for a global financial firm. The offices will house JP Morgan’s entire investment banking division, which is currently spread across four separate buildings in the capital.

The bank has also confirmed it is committed to developing Canary Wharf’s Riverside South area, providing future flexibility for its many other employees in the capital. The development comprises 1.9 million square feet of office space — which would make it more than twice the size of the HSBC Tower on completion.

The Mayor of London Boris Johnson said: “This is a tremendous coup for London and for the UK, which rightly reflects the prevailing confidence in the capital.

“Banking is one of the few global industries in which we truly excel. The City contributes about nine per cent of Britain’s GDP, and a whole wealth of professions and trades depend upon it either directly or indirectly.

“JP Morgan’s commitment to London will help ensure the capital retains its position as a banking powerhouse, which drives the UK economy and attracts the brightest and best stars from the financial world.”