JP Morgan Chase has cleared a major planning hurdle for its £3bn Canary Wharf headquarters after reaching agreement with London City Airport over height restrictions, according to the Financial Times.

The US banking giant is now preparing to submit a planning application for a 265m tower at Riverside South that will overtake 8 Canada Square as the tallest building in the Docklands.

The scheme, designed by Foster + Partners, will deliver around 3m sq ft of office space and bring together the bank’s existing London operations into a single HQ for up to 12,000 staff.

Agreement with the airport was critical due to Canary Wharf’s location under flight paths. London City Airport operates one of the steepest approach angles in commercial aviation, placing strict caps on building heights across the estate.

The Riverside South plot — owned by JPMorgan since 2008 — already has foundations and basement structures in place, potentially accelerating delivery once consent is secured.

Construction is expected to take around six years, with Canary Wharf Group acting as co-developer and Sir George Iacobescu advising.

The bank said the build and refurbishment of its existing base at 25 Bank Street could inject £9.9bn into the UK economy and support more than 7,800 jobs.

The move adds to renewed momentum in Canary Wharf, with Visa planning a HQ move to the district and Deutsche Bank recently taking 250,000 sq ft. Meanwhile, BlackRock is understood to be eyeing space at 8 Canada Square ahead of HSBC’s planned exit in 2027.