JPMorgan Chase is seriously considering the development of the Riverside South site in Canary Wharf, held since 2008. The trigger is the high costs and logistical burdens that a comprehensive refurbishment of the current headquarters at 25 Bank Street would entail. Industry experts point to the example of Citigroup, whose refurbishment in Canary Wharf is expected to cost over a billion pounds.

The building at 25 Bank Street, once home to Lehman Brothers, was taken over by JPMorgan immediately after the financial crisis. With the launch of Chase's retail offering and the expansion of its UK presence, the property has become too small. JPMorgan employs around 22,000 people in the UK and has recently acquired additional space, including the former Credit Suisse building.

The Riverside location was originally planned as the European headquarters before the 2008 crisis halted the plans. Today, the foundations and basements are already completed, giving the bank a significant head start in potential construction. A move to the City of London, as announced by HSBC, is considered less likely, as suitable spaces are hard to find.

At the same time, JPMorgan is preparing to occupy its new headquarters in New York, designed by Foster + Partners, which will soon accommodate 10,000 employees. For London, a new building on the Riverside South site could not only solve its own space issues but also send an important signal for Canary Wharf. After years of declining valuations, real estate prices there are rising for the first time, and new restaurants, shops, and apartments are revitalizing the district.

At the same time, competition remains dynamic: Clifford Chance and HSBC move to the City, while companies like Visa expand their presence in the Docklands. JPMorgan's decision, whether new construction or renovation, will therefore have an impact far beyond the bank itself.