US banking giants JP Morgan and Goldman Sachs have committed to major UK expansion initiatives after the latest budget left bank taxes unchanged. The moves underscore the United Kingdom’s ongoing appeal as a global financial centre.
JP Morgan’s centrepiece announcement is a new Canary Wharf headquarters, spanning 3 million sq ft and reportedly costing £3bn. The project is expected to take six years to complete and will become home to more than half of the firm’s workforce in the UK.
Goldman Sachs revealed plans to expand its Birmingham technology hub, with an additional 500 hires on the way. Its investment aligns with a broader push into digital infrastructure and artificial intelligence, areas where the firm sees major growth opportunities.
The banking sector avoided a tax increase after warning that higher levies could weaken the UK’s competitive edge. Reports emerged that the Treasury sought positive commentary from banks regarding the budget as part of the outcome.
Government leaders welcomed the investment announcements, calling them evidence of growing confidence in the UK’s economic direction. Officials highlighted that the new projects would create thousands of jobs and stimulate regional development.