JPMorgan Chase & Co. plans to build a new tower in Canary Wharf for its headquarters in the UK, a multibillion-pound endorsement of London’s status as a global financial center a day after Rachel Reeves delivered a budget that largely spared banks.

The office building would be London’s largest by far at three million square feet and could host as many as 12,000 employees, according to a statement from the investment bank Thursday. The construction is expected to take six years.

The property, which will be co-developed by Canary Wharf Group, is being designed by Foster + Partners, the British architecture practice that’s also responsible for the bank’s recently opened global headquarters in New York.

“This building will represent our lasting commitment to the city, the UK” and its staff,

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