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Barclays has cemented its commitment to London’s financial heart and the future of office work by acquiring its Canary Wharf global headquarters in a £750 million deal.

The banking giant has secured a long-term lease for the One Churchill Place tower from the Canary Wharf Group (CWG).

This iconic 32-floor building has served as Barclays’ global headquarters since 2005.

The strategic acquisition ensures Barclays maintains control of the office space well beyond its current lease expiry in 2039, providing crucial long-term cost certainty.

The £750 million valuation covers a 999-year leasehold interest, a common form of extended property agreement.

The move also highlights Barclays’ ongoing investment in the tower, including the development of flexible workspaces designed to adapt to evolving working patterns, underscoring its belief in a physical office presence.

CS Venkatakrishnan, Barclays’ group chief executive, said: “This acquisition gives us long-term certainty, greater flexibility over our London footprint and reinforces our continued confidence in London as one of the world’s leading global financial centres.”

Shobi Khan, CWG’s chief executive, said the decision was “a strong endorsement of both Canary Wharf and London”.

“It underlines the long-term confidence that leading businesses continue to place in the district as a location where they can invest, grow and bring people together,” he said.

The news comes after 20,000 UK staff at Barclays will get a more than 5 per cent pay rise after a deal was reached with trade union Unite.

The deal involves a 5.35 per cent pay rise and is understood to benefit those in ranks below the vice president position in the UK, including within the head office and branches, and not those working in the investment bank.

A spokesman for Barclays said: “We’re pleased to have reached agreement with Unite on our new pay proposal, following constructive discussions with the union and approval by its members.

“The pay deal reflects our continued focus on supporting our fair pay agenda, ensuring colleagues are recognised fairly, competitively and in a way that is sustainable for the organisation.”

The median total pay for Barclays UK employees was £60,603 in 2025.

Last year, global investment banking giant JP Morgan Chase announced plans to build a new tower in London’s Canary Wharf which will be three million square feet and house 12,000 of its staff.

The company’s chief executive said the office “will represent our lasting commitment to the City, the UK, our clients and our people”.

Meanwhile, HSBC is planning to exit its Canary Wharf tower by 2027 when its current lease expires, and relocate the global headquarters to London’s St Paul’s.

But it reversed plans to fully leave Canary Wharf by signing a new 15-year lease on a smaller office in the financial hub.