Latest news with #Gori
New York Post
12 hours ago
- Business
- New York Post
JPMorgan's Europe boss set to quit London for NYC
JPMorgan's European boss is set to flee London for New York after being promoted only last year — as the UK battles with an exodus of top business talent amid a flurry of new taxes imposed by the country's left-wing government. Filippo Gori, an Italian national, arrived in the British capital after a decade in Hong Kong to take over the bank's Europe, Middle East and Africa (EMEA) division from dealmaker Viswas Raghavan, who left the Jamie Dimon-led lender for Citi. Gori, 50, who previously headed the company's Asia region, is also the co-head of JPMorgan's global banking unit alongside John Simmons. Advertisement 3 Filippo Gori is leaving London for New York. Bloomberg via Getty Images A JPMorgan insider, speaking on condition of anoymity, did not point the finger at Britain's new tax rules, saying that running the Europe business from New York made sense because Gori can be 'an international voice for the EMEA region' at the bank's global headquarters. The source also pointed to his global banking title, and the fact that the Italian would be traveling in the EMEA region for '50% of his time.' Advertisement A JPMorgan spokesperson declined to comment. Britain has a budget deficit equivalent to 5.3% of the country's GDP. It has seen the recently-elected Labour government introduce a string of wealth taxes in a desperate bid to plug the black hole in the nation's finances, including ending a 200-year-old tax break for the uber-rich. The special tax break status, which formally ended on April 6, allowed well-heeled residents to gain generous allowances on money earned overseas. Advertisement The new tax rules have cast doubt on the City of London's immediate future as a global financial powerhouse. Goldman Sachs vice-chair Richard Snodde, a South African banker, announced earlier this year that he would relocate to Milan, the Italian financial center, just weeks after the UK scrapped the light-touch 'non dom' tax rules. British private equity titan Jeremy Coller decamped for Switzerland last summer. 3 Filippo Gori will be based out of JPMorgan's headquarters in New York once his move from London is complete. Christopher Sadowski Advertisement According to the recent UBS 2024 wealth report, the UK is forecast to lose 17% of its millionaires by 2028. A separate analysis by Bloomberg that reviewed British corporate filings found that more than 4,400 company directors have left the UK in the past year. It said those who quit are chiefly from the finance, insurance and property sectors — all jobs that are popular with those who favor the so-called non-dom status. Italy's right-wing government, led by staunch Donald Trump ally Georgia Meloni, brought in a $220,000 flat tax applied on income earned abroad in a bid to tempt wealthy foreigners to transfer their tax residence to the country. 3 Italian PM Giorgia Meloni, a staunch ally of President Donlad Trump, is trying to tempt wealthy financiers to the country with a flat tax. It was seen as a direct challenge to entice British-based billionaires worried about the UK government's tax grab. The Post has approached the British prime minister's office for comment.
Yahoo
16 hours ago
- Business
- Yahoo
JP Morgan's Europe chief leaves London for New York
The head of JP Morgan's European operations is set to quit London and move to New York as the UK capital battles an exodus of talent and wealth. Filippo Gori plans to relocate to the US after living in London for less than a year. He moved to Britain from Hong Kong in the middle of last year after being appointed chief executive of JP Morgan's Europe, Middle East and Africa business last May. The Italian banker's decision to move to New York will see him join a growing list of bankers, investors and business leaders who have announced plans to leave Britain in the wake of Labour's election last year. Richard Gnodde, Goldman Sachs' vice chairman, left London earlier this year for Milan, in one of the most high-profile exits from the UK's financial centre. He decided to relocate after Rachel Reeves, the Chancellor, scrapped non-dom status and changed inheritance tax rules for foreign trusts. The billionaire property investors Ian and Richard Livingstone have also moved from London to Monaco in the wake of the tax raid, while steel tycoon Lakshmi Mittal is also preparing to leave the UK. A source close to Mr Gori said his decision to leave London was not related to Labour's tax hikes but reflected his role as co-head of JP Morgan's global banking business, a position he holds alongside his European role. Doug Petno, the other global banking co-head, is already based in New York and a source close to the bank said it was 'mutually agreed' that it 'makes sense' for Mr Gori to be based in the same city. He will be expected to spend at least half of his time in the Europe, Middle East, and Africa region and will travel to London regularly. Regardless of the motives, Mr Gori's relocation is likely to fuel concerns that London is losing its status as a global financial hub. As well as suffering an exodus of talent, the London Stock Exchange has seen a steady stream of businesses quit the market to move to New York and has struggled to attract new listings. Mr Gori will be the latest executive to oversee a British bank from the US. C.S. Venkatakrishnan, Barclays' chief executive, splits his time between New York and the bank's Canary Wharf headquarters. Sir Mark Tucker, HSBC chairman, manages operations from his home in New York. Prior to moving to London, Mr Gori spent more than a decade in Hong Kong, where his family still live. His relocation to New York comes as JP Morgan's top executives are vying for the chance to succeed Jamie Dimon, the bank's long-time chief executive. Marianne Lake, a Briton, is one of the frontrunners in the race, as is Mr Petno. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Yahoo
15-05-2025
- General
- Yahoo
Welcoming Pope Leo XIV: Members flock to St. Augustine's Parish for special service
ANDOVER — The Rev. Peter Gori was performing a funeral Mass at St. Augustine's Parish about noon last Thursday when the news broke that a new pope had been chosen. He said after the funeral, people kept asking him one question over and over: If he knew Pope Leo XIV. 'I said, 'Yes, every Augustinian in the world knows him,'' Gori said with a laugh. The Andover parish is an Augustine Catholic community. Augustinians follow the Rule of St. Augustine and his intentions to pursue the love of God through the unity of minds and hearts. There is a commitment to serve the church wherever the church needs its followers to go or service. About noon local time, and 6 p.m. at the Vatican, white smoke billowed out of the chimney atop the Sistine Chapel to alert the world that a new pope was selected. The cardinal conclave met for about two days, coming to at least a two-thirds vote to select Chicago-born Cardinal Robert Francis Prevost, 69, as the 267th pontiff of the Roman Catholic Church. Prevost chose Leo XIV as his papacy namesake and addressed the crowd at the Vatican with an emotion-filled speech and prayer from the balcony of St. Peter's Basilica. The moment was a historic one, as he became the first American pope. 'Naturally as an Augustinian, I'm very proud of him,' Gori said. He described the new pope as young and 'a very nice fellow, quiet and known for being calm.' Leo XIV was the Order of St. Augustine's superior general more than a decade ago. There are about 2,000 Augustinians globally. His chosen name of Leo XIV may have given some indication to his papacy and called it a beautiful choice, Gori added. 'I suspect he is a good admirer of Pope Leo XIII,' he said. Leo XIII was the last to select the name Leo in 1878. Leo XIII was an advocate for workers rights. The Andover priest added that Catholics may see a 'gentle continuation' of Francis' ideals, values and teachings based on the namesake. Gori said the fact that an American was chosen was a surprise to many, including himself. For Gori, the news was a shock to hear an American had been selected because of the amount of turbulence in the United States, and caused by the United States, over the last several months. 'I'm sure Catholics in America will pay close attention and maybe sometimes find themselves trying to defend what he says because he is a fellow countryman,' Gori said. 'But he will hopefully see a great outpouring of love and affection from Catholics here in the United States.' It wasn't a 'safe bet,' Gori said, for an American to be chosen, but noted how the conclave has recently chosen non-Italians to lead the church. 'In some ways, the world is getting smaller, but the pope importantly belongs to everyone,' Gori said. 'He will be carrying a Vatican passport now and not an American one.' Others in the community responded to the new pontiff and their hopes for the Catholic Church. Pastor John Delaney of Sacred Hearts Parish in Haverhill said he was surprised to hear that an American was selected. 'But, what I've heard is that he's going to be great,' he said. 'He seems to be very gentle, personable, approachable, and a fine successor to Pope Francis.' Boston Archbishop Richard Henning joined Catholics in the Archdiocese of Boston and around the globe in celebrating the pope's election. 'We pray for him as he begins this ministry as the Vicar of Christ and the Bishop of Rome,' Henning said. 'May he be for us a visible source and foundation of communion in faith.' 'I have been representing clergy sexual abuse victims or survivors worldwide for decades,' the Law Offices of Mitchell Garabedian said in a press release. Garabedian is best known as an attorney who represents victims of sexual abuse by clergy. 'Hopefully, Pope Leo XIV will actually create effective programs to help clergy sexual abuse victims try to heal, screen and supervise priests and prevent clergy sexual abuse. The Catholic Church has to understand that the safety of innocent children cannot be sacrificed for an outdated and inexcusable need to protect the reputation of the Catholic Church.'
Reuters
14-03-2025
- Sport
- Reuters
Gori details his Irish origins and how Italy can beat Ireland
March 14 (Reuters) - Italy host Ireland on the final day of the Six Nations Championship on Saturday, a special fixture for former scrumhalf Edoardo Gori, who has an Irish grandmother and was part of a unique Italian win which may hold the secret to a repeat result. Gori made 69 appearances for Italy and was in the only Italian side to record a Six Nations win over Ireland, back in 2013. "My grandmother was very emotional whenever Italy played Ireland," Gori told Reuters. "Sadly, she died when I was 19 but saw me play against Ireland at underage level. She was really happy when I started playing rugby as a child, especially in Italy where it wasn't so popular. "I'm a little bit Irish myself, so playing against them was an incredible emotion, and they always had an incredible team, they were always my favourite side." While always emotional, Gori's early meetings with Ireland were not always memorable for the right reasons. "My first senior game against them ended after a few minutes with a shoulder injury," Gori remembers. "From underage up, all my games against Ireland were unlucky, a lot of heavy defeats, and then we got that win." Gori may not recall the finer details, but the 22-15 win was a day he will never forget. "We had already beaten France, an historic Six Nations for us, it was the last game, against Ireland," Gori said. "It was the farewell match for Andrea Lo Cicero, one of my mentors, there was a lot of emotion. I remember it was mid-March with beautiful weather in Rome. It really is one of the most beautiful moments of my career. "It was a great Irish team, but I don't recall the whole lineup. Brian O'Driscoll was still playing, but I don't remember if he played that one." Once reminded that O'Driscoll did play and was one of three Irish players to get sin-binned, Gori's memory improves. "Yes! He was yellow carded, that's why we won," he joked. Gori enjoys watching the current Italy team, but feels they are still an inexperienced side. "They look to attack a lot, very different from how we were when I played, which was more defensive," Gori said. "The problem is, they lack some experienced heads which we had, the likes of Sergio Parisse, Lo Cicero, strong figures on a charismatic level who are needed in difficult moments. "True, we also lost a lot of games, but now it seems there is a lack of leadership, guys to turn things around." After two heavy defeats against France and England, Italy will hope to finish the campaign in style and while Gori believes they face a tough task, perhaps there is a way to win. "Ireland also had a big loss to France, it's been a while since we've seen Ireland suffering like this, but they are still the number three side in the world," he said. "Our guys have the ability to play a super game, so why take away the possibility to dream, but it will be very difficult. Ireland have, unlike Italy, a lot of experience. "We have to be competitive from beginning to end. Against England we played a great first half, but you can't start the second half conceding three tries in 10 minutes. Do that against Ireland and it will also be impossible to come back. "But maybe some yellow cards, like in 2013, that could help."
