Financial services giant JPMorgan Chase & Co has unveiled plans to build a new state-of-the-art technology home in Glasgow, coinciding with the firm’s 20th anniversary in the city and enabling it to add hundreds of jobs.
The 13-storey building will be located on Argyle Street in the International Finance Services District (IFSD), with space for up to 2,700 employees – it currently has about 2,000 in the city – and is to open in 2022.
The 270,000-square-foot property will contain large open-plan office floors and will be developed by Osborne+Co. The development will be one of the first constructed under a specific planning policy of the Glasgow City Development Plan, which sets energy efficiency and CO2 emission performance standards.
The building ties in with JPMorgan Chase’s eco-friendly targets, and includes sustainability-focused features including responsibly sourced materials and minimized water consumption. There will be more than 350 space for bikes but only 12 car parking spaces.
The firm said it is the largest technology employer and recruiter in Scotland, and Glasgow has been home to its strategic Technology Centre for 20 years this week – providing “vital” software-development facilities to the firm and its clients. “Consequently, Glasgow is a key part of the global technology network that services the full range of JPMorgan Chase’s operations,” the business said.
Global chief information officer Lori Beer said: “This investment is just the next step in our unwavering commitment to the city of Glasgow. We have enjoyed 20 years of success in the city and this has helped build our global reputation of technology innovation for our clients. JPMorgan Chase is proud to have a site as dynamic as Glasgow, which is testament to the expertise and hard work of our employees there.”
The firm also highlighted its work to connect more people with economic opportunity by preparing individuals from across the city, particularly those from underserved communities, for the future of work.
It also noted that it takes in around 130 interns and 80 to 90 graduates a year, and has teamed up with Glasgow Science Centre to improve the connections of low-income youth interested in science, technology, engineering and maths (Stem) to employers.
Stephen Flaherty, MD of JPMorgan’s Glasgow Technology Centre, commented: “Our new home in Glasgow and our continued investment in jobs, training and development reflects the huge amount of talent available in the city. The technology capabilities being developed by our team here are playing a key role in enabling and supporting our customers and communities worldwide. Our commitment to Glasgow goes deeper still through the work we do with local schools and universities, as well as our recently announced partnership with Glasgow Science Centre.”
First Minister Nicola Sturgeon said: “I welcome JPMorgan Chase’s continued investment in Scotland through the building of these new and sustainable Glasgow headquarters. With a focus on renewable energy and active travel, the company’s plans are an example to other businesses of how we can move towards a cleaner, greener economy. This commitment sends a strong message that even in these uncertain times, we remain open for business and shows great confidence in Scotland as a centre of excellence for financial services.”
Commenting on behalf of the IFSD, Glasgow City Council leader Councillor Susan Aitken said: “JPMorgan Chase’s decision to establish its Technology Centre in Glasgow 20 years ago was an important stage in the development of the IFSD.
“Over the past two decades, the spectacular growth of the firm in Glasgow has mirrored the overall growth of the city’s financial services community and its status as one of Europe’s top financial centres.
“We are hugely encouraged by the impressive scale of JPMorgan Chase’s new Glasgow office which offers significant scope for further expansion of its workforce in the city, creating new jobs for our residents, while regenerating a key city centre site.”