11 hours ago
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.
London's fading lustre
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.
