Jamie Dimon Warns JP Morgan Could Rethink London Tower if Starmer Falls
CNBC reported Wednesday that JPMorgan CEO Jamie Dimon raised the prospect of scrapping the bank’s planned London headquarters if the UK’s political landscape shifts against the financial sector.
Speaking to Bloomberg in Paris, Dimon said the JP Morgan London office project would come under review if any successor government proved hostile to banks. The remarks came as Prime Minister Keir Starmer faced intense pressure to resign following heavy losses for his Labour Party in last week’s local elections.
A Multibillion-Dollar Bet on London
JP Morgan announced the Canary Wharf project late last year. The planned tower would span three million square feet, house up to 12,000 employees, and serve as the bank’s UK headquarters. Construction is expected to run for six years alongside renovations to the bank’s existing Bank Street building.
JP Morgan currently employs more than 20,000 people across the UK. The bank estimated its combined construction and upgrade programme would contribute roughly £9.9 billion to the British economy and generate over 7,800 jobs. Its existing London operations alone contribute an estimated £7.5 billion annually.
The announcement last year included a caveat: plans remained conditional on a continued positive business environment and the necessary regulatory approvals.
UK Bond Markets React to Political Turmoil
Starmer’s survival as prime minister has become a live concern for fixed-income investors. UK government bonds, known as gilts, sold off sharply on Tuesday as the Labour infighting intensified. By Wednesday morning, gilts were rallying after Starmer publicly defied calls to step down.
As of Tuesday, roughly 90 Labour MPs had demanded Starmer’s resignation, while more than 100 signed a statement backing him to continue. The surge in support for right-wing Reform UK and the left-wing Green Party in local voting drove the initial Westminster panic.
Dimon Praises Starmer and Reeves
Despite his warning, Dimon was broadly supportive of the current UK leadership. He described Starmer as “a very smart guy” in the Bloomberg interview and said he thinks highly of Finance Minister Rachel Reeves. He acknowledged both leaders face a difficult inheritance of elevated debt and deficits.
Dimon also endorsed Starmer’s efforts to rebuild post-Brexit ties with Europe. He cited prospective military, intelligence, and economic partnerships with the continent as constructive steps, stopping short of calling for Brexit to be reversed.
The political situation remains fluid. Starmer was due to hold talks with senior cabinet members on Wednesday as he worked to consolidate support inside the parliamentary party.
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