"Dimon said the US bank could look past the current political instability around Starmer's future in No 10, which has roiled bond markets and sent domestic bank's shares plunging. However, he warned that plans to build the bank's new HQ which will house more than half of its 23,000 UK staff could be reversed if a new leader were to target lenders. He told Bloomberg TV during an interview in Paris on Tuesday that construction plans would be threatened not [by] political instability, but if they become hostile to banks again."
"“I've always objected to the fact we paid probably $10bn in extra taxes by now, he added. I don't think that's right or fair. If that happens too much we will reconsider.” It is understood that Dimon was referring to the UK's decision to target banks with two sector-specific taxes as a result of the 2008 financial crisis: the bank surcharge, which is a tax on bank profits, and the bank levy, which applies to certain parts of lenders' UK balance sheets."
"JP Morgan revealed plans last November to build the tower in Canary Wharf, hours after lenders were spared tax hikes in Rachel Reeves's autumn budget, after strong lobbying by the banking sector. JP Morgan stressed in November that the Canary Wharf tower plan would depend on a continuing positive business environment in the UK. Questions were recently raised about the financial inducements the company has sought from the UK government to build the skyscraper."
"JP Morgan has requested a discount on its business rates, according to documents produced by Tower Hamlets council, despite having made a net income of $57bn (43bn) in 2025. Dimon has publicly praised Starmer and Reeves in the past, and said on Tuesday that Starmer was a smart guy. However, JP Morgan stressed in November that the Canary Wharf tower plan would depend on a continuing positive business environment in the UK."
JP Morgan’s CEO warned that the bank’s planned £3bn headquarters in London could be scrapped if political leadership in the UK turns hostile to banks. The warning followed political uncertainty around Keir Starmer’s future, which has affected bond markets and domestic bank shares. Dimon said the Canary Wharf tower plan depends on a positive business environment and would be threatened if new policies target lenders again. He objected to additional taxes on banks, referencing sector-specific UK measures introduced after the 2008 financial crisis, including a bank surcharge and a bank levy. JP Morgan also sought relief on business rates despite reporting very large net income.
Read at www.theguardian.com
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