JPMorgan Chase has opened a new 270,000 square foot office in Glasgow, offering software development facilities to the firm and its clients worldwide.
With 2,600 employees in the city, the company is one of Scotland’s largest technology employers. The financial services giant said the new office shows a new long-term commitment to the city and reflects wider investments in Scotland, where it’s committed £2.9 million in philanthropic capital over five years.
“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,” said chief information officer Lori Beer.
“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.”
The 270,000 square foot, 14-storey building is located on Argyle Street in Glasgow’s International Finance District, and will bring employees together in one place after the firm had outgrown its previous premises.
It has a BREEAM ‘Excellent’ certification, in line with JPMorgan Chase’s global commitment to sourcing renewable energy for 100% of its global power needs.
Adrian Gillespie, chief executive at Scottish Enterprise, said the commitment from JPMorgan Chase represents a major stamp of approval for both the Glasgow and broader Scottish tech sector.
“Scottish Enterprise worked with JPMC to locate in Glasgow initially, and that office was crucial to the development of the city’s International Financial Services District,” he said.
“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.”
JPMorgan’s Glasgow Technology Centre runs a number of initiatives to encourage young people to choose computer science or STEM-based pathways, and recruits 75 graduates every year.
In Scotland as a whole, the firm has 4,000 employees, including 1,400 in Edinburgh. Its Scottish businesses include the firm’s private bank, payments, and post-trade securities services, as well as the customer contact center for its digital retail bank, Chase.
“The opening of JPMorgan Chase’s new Glasgow office is an exciting moment for the financial services and technology sectors in Scotland,” said Scottish first minister Humza Yousaf.
“JPMorgan Chase is one of the country’s largest technology employers, and this renewed commitment to the city acknowledges Scotland’s skilled workforce and our reputation as a center of excellence for finance and technology.”
Glasgow has great ambitions as a tech powerhouse, with three ‘innovation districts’ – Glasgow City Innovation District (GCID), Glasgow Riverside Innovation District (GRID) and the Advanced Manufacturing Innovation District (AMIDS) – offering tech startups and enterprises access to a range of accelerator programmes.
Meanwhile, Bruntwood Sci Tech is revamping the city’s Met Tower to create a large-scale dedicated digital and tech hub as part of a £60 million project aimed at providing more than 200,000 sq ft of space for the city’s startups, scaleups, and larger businesses.
Across Scotland as a whole, there are more than 850 high-growth tech companies, according to Beauhurst. Meanwhile, figures from FinTech Scotland show that Scottish FinTech SMBs raised more than £305 million in funding during 2022.
