JPMorgan Chase makes Glasgow commitment after opening towering tech base to house 2,600 workers

Now the US banking giant, which has roots stretching back to 1799, has taken the wraps off its new state-of-the-art Glasgow technology centre. Five years in the making, the 14-storey building on Argyle Street in the heart of the city’s International Financial Services District is a striking addition to the Glasgow skyline. It will bring employees together in one modern, 270,000-square-foot building after the firm had outgrown its previous premises.

JPMorgan Chase currently employs 2,600 people in Glasgow and the bank is now one of Scotland’s largest technology employers and recruiters. Indeed, the city has been home to one of the group’s 23 “global technology centres” for the past 25 years. With a 100 per cent focus on technology and artificial intelligence (AI), it provides vital software development facilities to the company and its clients worldwide.

Hosting a ribbon-cutting ceremony for the vast tech complex, attended by First Minister Humza Yousaf, bosses said the move showed a new long-term commitment to the city, and reflected wider investments north of the Border. Mark Napier, managing director of the Glasgow technology centre, said it had taken almost six years to get from the business case to the facility’s official opening.

“During the pandemic and coming towards the end of the pandemic we revisited the internal layout with a view to what the future of office working would look like,” he said. “And that is very much about embracing hybrid working. As a result we have created more collaboration and team space. We have also created more space for employees to have activities in, both from a training and a networking perspective.

“Having a city centre location has been super important too,” he added. “During the pandemic we became much more aware of the contribution that having an office and employees had on small businesses and the city centre in general. Getting that footfall back into the centre is crucial.”

Napier said the firm was continuing to hire, with AI offering a “massive opportunity” for the business and its clients.

“We have managed to retain people at a high level and we continue to invest in junior talent,” he said. “Cost is more than just the people – it’s the real estate, it’s the office space, but certainly there is a cost efficiency when you move out of primary financial centres like London or New York and it’s about getting that mix and that balance right for the organisation. The time zone is also important to the selection of Glasgow.

“AI is a massive opportunity. It’s a huge opportunity for the technology talent that we have here. We are very much excited by it but we also understand some of the concerns surrounding it.”

Lori Beer, global chief information officer at JPMorgan Chase, said: “We have been among Glasgow’s top technology employers for 25 years now, and this is a deliberate long-term investment in the city and our employees. Time after time, Glasgow has proved itself to be a rich hub of tech talent and innovation, and today we are doubling down on being a part of the local community here.”

Scottish Enterprise chief executive Adrian Gillespie said: “JPMorgan Chase are to be congratulated on the opening of their fantastic new building, which stands as a testament to the success the company has enjoyed since coming to Glasgow 25 years ago, now employing 2,600 people in the city.

“Scottish Enterprise worked with the bank to locate in Glasgow initially, and that office was crucial to the development of the city’s International Financial Services District. This further investment in Scotland is a real endorsement of our diverse and highly skilled technology workforce - just one of the reasons we continue to attract more international investment than any other part of the UK outside of London.”

Finance sector leaders are on a mission to persuade more US companies to set up shop in Scotland after recently participating in Tartan Week in New York. Industry body Scottish Financial Enterprise (SFE) has launched a growth plan with the aim of unlocking a further £7 billion of value for the Scottish economy by 2028. It has also set a target for Scotland’s financial services sector to reach £1 trillion of assets under management by 2030. US financial institutions BlackRock and Morgan Stanley have also made major commitments to Scotland.

The new JPMorgan Chase building is designed to “adapt to the future of work” and provides large open floors and modern amenities across its 14 levels. The project employed 3,900 construction workers and took five years to complete.

The building incorporates photovoltaic solar panels that generate more than 90 kilowatts of power, which helps to offset carbon dioxide emissions and reduce demand from the power grid. It also uses a first-of-its-kind heating and cooling system, where air-sourced heat pumps create both heating and cooling within a single process, and where excess energy is re-used in the system to improve overall efficiency.

The building’s low-consumption LED lighting adapts dynamically to provide the exact amount of lighting needed during the day, and it automatically adjusts according to occupancy levels. It also features electric vehicle charging stations and bicycle racks for more than 270 people.

Elsewhere in Scotland, the bank is a significant employer in Edinburgh, where it has 1,400 employees. Business units operating in the capital include the firm’s private bank, payments and post-trade securities services.

Edinburgh is also home to the customer contact centre for the Chase digital retail bank. Chase is the official banking partner of the Scottish national football teams, while JPMorgan is a commercial partner to Glasgow City Football Club, the professional women’s team based in the city.