Jamie Dimon Warns JPMorgan May Rethink London Tower if Starmer Falls
CNBC reported Wednesday that JPMorgan Chase CEO Jamie Dimon has raised the prospect of reconsidering the bank’s planned London office tower should UK Prime Minister Keir Starmer be removed from power. Speaking to Bloomberg in Paris, Dimon said a hostile incoming government could force a rethink of JPMorgan’s long-term presence in the British capital.
A Landmark Project Now Conditional on Politics
JPMorgan unveiled plans late last year to construct a three-million-square-foot tower in London’s Canary Wharf district. The building would serve as the bank’s UK headquarters and accommodate up to 12,000 employees. Construction is projected to span six years. JPMorgan also intends to renovate its existing Bank Street premises during that period.
At the time of announcement, the bank attached conditions to the project, including a continuing favourable business climate and receipt of all required approvals. Dimon amplified those conditions Wednesday, saying a government openly hostile to banks would be enough to prompt a reassessment.
He also raised concerns about JPMorgan’s existing tax burden in the UK. The bank has already committed what Dimon described as roughly $10 billion in additional taxes tied to the construction work. The wider project, the bank has estimated, will add approximately £9.9 billion to the UK economy and generate more than 7,800 jobs over six years.
Background: Starmer Under Siege After Local Election Losses
Starmer’s political position has deteriorated sharply following last week’s local elections. Labour suffered significant losses, with the right-wing Reform UK party and the left-wing Green Party both recording substantial gains. By Tuesday, around 90 Labour MPs had publicly demanded Starmer’s resignation. More than 100 others signed a statement urging him to remain in post.
The turmoil rattled UK gilt markets. British government bonds sold off across maturities on Tuesday as political anxiety deepened. By Wednesday morning, gilts had partially recovered after Starmer publicly refused to step down.
Also Read: UK Gilt Markets Rattled as Labour Leadership Pressure Mounts
Dimon Praises Starmer and Reeves Despite Uncertainty
Despite the conditional warning, Dimon offered a clear personal endorsement of the prime minister. He described Starmer as highly intelligent and praised Finance Minister Rachel Reeves for navigating difficult fiscal conditions inherited from prior administrations. He acknowledged that tough near-term decisions were necessary to build long-term economic growth.
Dimon also welcomed Starmer’s efforts to rebuild UK-EU ties without reversing Brexit. He pointed to proposed closer military, intelligence, and economic arrangements with European partners as constructive steps. JPMorgan currently employs more than 20,000 people across the UK, with roughly 13,000 based in London. Its existing London operations contribute an estimated £7.5 billion annually to the local economy.
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