JPMorgan Chase has confirmed plans to build a state-of-the-art technology hub in Glasgow.

Located on Argyle Street in the heart of Glasgow’s International Finance District, the 270,000 sq ft building will contain large open plan office floors across 13 storeys, with the project being developed by Osborne+Co.

The technology hub will give JPMorgan Chase the capacity to expand further in the city and house up to 2,700 employees.

Construction is scheduled to begin early next year with the building expected to open in 2022.

In a statement, the firm said the development will include a number of “sustainability-focused features” such as efficient LED lights, responsibly sourced materials and minimised water consumption.

Lori Beer, global CIO at JPMorgan Chase, commented: “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.”

The bank currently employs around 2,000 people in Glasgow and is the largest technology employer and recruiter in Scotland. It also takes in around 130 interns and 80-90 graduates each year.

Since 2017, the company has also committed more than £1 million to boost digital skills in the city, helping more than 2,000 people.

This week marks the 20th anniversary of the firm’s strategic Technology Centre in the city.

Stephen Flaherty, managing director of the Technology Centre, said: “Our new home in Glasgow and our continued investment in jobs, training and development reflects the huge amount of talent available in the city. The technology capabilities being developed by our team here are playing a key role in enabling and supporting our customers and communities worldwide.”

First Minister Nicola Sturgeon welcomed the announcement, adding that during “uncertain times” the commitment shows Scotland is still “open for business”.

“I welcome JPMorgan Chase’s continued investment in Scotland through the building of these new and sustainable Glasgow headquarters,” she said.

“This commitment sends a strong message that even in these uncertain times, we remain open for business and shows great confidence in Scotland as a centre of excellence for financial services.”