JP Morgan and Goldman Sachs Unveil Major UK Expansion After Budget Relief

JP Morgan and Goldman Sachs have announced major expansion plans across the United Kingdom, just hours after the latest budget avoided raising taxes on the banking sector. The timing comes as the government positions the UK as an attractive base for global financial institutions.
JP Morgan revealed a landmark project in London: a 3 million sq ft headquarters tower in Canary Wharf, set to house more than half of its 23,000 UK employees. The development, expected to cost around £3 billion, is positioned as one of the largest corporate construction projects in recent years.
Goldman Sachs also confirmed that it will grow its Birmingham operations, planning to hire an additional 500 employees. This move will more than double the firm’s current staffing levels in the city, reflecting its broader push into technology and digital finance.
Both banks had strongly opposed a potential tax increase before the budget announcement, arguing that higher levies could restrict lending and slow economic momentum. Reports suggest the Treasury encouraged supportive public comments from financial institutions in exchange for keeping taxes unchanged.
The government has welcomed the announcements as evidence of renewed confidence in the domestic economy. Officials emphasized that these investments strengthen the UK’s position as a global financial hub and fuel job growth at a critical time.