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Jamie’s Castle in the Sky

Dimon’s $3 billion (or maybe as much as $5 billion, really) new headquarters is the physical embodiment of his fortress balance sheet and a metaphor for our fractional banking system. But the seeming permanence of its bronze facade shouldn’t fool old Wall Street hands, who know nothing is forever.

Jamie Dimon
The Foster-designed HQ is the physical embodiment of JPMorgan Chase’s extraordinary success, and various reports cited the cost at $3 billion. Photo: Timothy A. Clary/AFP/Getty Images
William D. Cohan
October 26, 2025

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This week, I jumped on the opportunity to attend the “ribbon cutting” at JPMorgan Chase’s new 60-story, Sir Norman Foster–designed headquarters at 270 Park Avenue. It is the newest and most extravagant addition to the Midtown Manhattan skyline, and it is a beast, and that’s not by coincidence. Jamie Dimon, the architect of the renaissance of JPMorgan Chase during his more than 20-year tenure as the bank’s C.E.O., has repeatedly spoken about the bank’s “fortress balance sheet” as a way to instill confidence in the company. Now he has a legit fortress to back it up.