JP Morgan Threatens to Cancel £3bn London HQ if New Labour Prime Minister Turns Hostile to Banks

JP Morgan chief executive Jamie Dimon told Bloomberg TV in Paris that the bank could abandon its plan to build a £3 billion headquarters in Canary Wharf if a successor to Prime Minister Keir Starmer adopts a policy stance hostile to lenders. The project, announced in November, would house more than half of JP Morgan’s 23,000 UK staff.

The Guardian

The plan emerged after the autumn budget by Chancellor Rachel Reeves left lenders untouched by two sector-specific levies – the bank surcharge on profits and the bank levy on balance-sheet items – introduced after the 2008 crisis. Dimon praised Starmer as a “smart guy” and noted that JP Morgan has already paid roughly $10 billion in extra taxes. JP Morgan stressed that the Canary Wharf project depends on a “continuing positive business environment in the UK.”

The Guardian

The tower would cost £3 billion and accommodate over half of JP Morgan’s 23,000 UK employees. The bank reported net income of $57 billion (£43 billion) in 2025 and estimates it has paid about $10 billion in additional taxes since the levies began. Tower Hamlets council documents show JP Morgan has sought a discount on business rates for the development.

The Guardian

An investment-banking source warned that a hostile policy shift could jeopardise planned IPOs, noting that market stability is essential for such transactions. The source added that “quite positive signals from the City” could be lost if the new government targets banks, and that another “messy leadership race” would further destabilise growth initiatives.

The Guardian

• “not [by] political instability, but if they become hostile to banks again” — Jamie Dimon, CEO, JP Morgan

The Guardian

• “I’ve always objected to the fact … we paid probably $10bn in extra taxes by now,” — Jamie Dimon, CEO, JP Morgan

The Guardian

• “I don’t think that’s right or fair. If that happens too much we will reconsider.” — Jamie Dimon, CEO, JP Morgan

The Guardian

• “If you’re planning for an IPO, for example, you need stability in the markets … There’s been talk of a number of IPOs coming down the track in the UK, and that gets derailed in situations like this.” — Investment-banking source, City of London

The Guardian

• “The worst thing at the moment would be going through another messy leadership race,” — Investment-banking source, City of London

The Guardian

The Labour leadership contest is expected to finish before summer, after which the new prime minister’s stance on banking regulation will become clearer. JP Morgan said it will decide on the headquarters once the policy environment is confirmed, a decision that could affect the timing of major UK IPOs and other investment projects.

The Guardian