The building will be located on Argyle Street in the heart of Glasgow’s International Finance District, giving the firm the capacity to further grow with space for up to 2,700 employees. It is scheduled to open its doors in 2022.

The 270,000 sq ft building will contain large open plan office floors across 13 storeys and the project will be developed by Osborne+Co.

The development is one of the first buildings constructed under Planning Policy CDP 5 (Resource Efficiency) of the Glasgow City Development Plan, which sets energy efficiency and CO2 emission performance standards and goes further than other UK cities.

The building is targeting BREEAM Excellent certification, the leading sustainability assessment method, in line with JPMorgan Chase’s global commitment to source renewable energy for 100 per cent of its global power needs by 2020.

To achieve this, it will include a number of sustainability-focused features including efficient LED lights, responsibly sourced materials and minimized water consumption. There will be over 350 bicycle spaces but only 12 car parking spaces.

JPMorgan Chase currently employs around 2,000 people in Glasgow and is the largest technology employer and recruiter in Scotland.

The city has been home to the firm’s strategic and award-winning Technology Centre for 20 years this week. With a 100 per cent focus on technology, it provides 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.

Stuart Patrick, Glasgow Chamber of Commerce chief executive and Glasgow City of Science and Innovation chair, said: “This is fantastic news for Glasgow and reinforces the city’s fast-growing reputation as a major financial centre.

“With this announcement JPMorgan has clearly signalled its long-term commitment to the city, one with the possibility of creating a substantial number of new jobs in the sector. Osborne+Co is to be congratulated for its imagination in creating an innovative Grade A office space of a standard fit to attract one of the world’s leading financial giants.”

Lori Beer, JPMorgan Chase & Co global chief information officer, 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.”

Susan Aitken, Glasgow City Council leader, 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.

“We very much welcome the company’s positive comments and current programs to nurture the talent pipeline emerging from our schools, colleges and universities and look forward to continuing to work closely with them in the years ahead.”