Dimon Warns Bank Taxes May Scrap JPMorgan's New London HQ

Added: 2026-05-16

[00:00:00]So there's a lot of, you know, the markets are on tenterhooks to know whether the Prime Minister survives. We don't exactly know what comes next.

[00:00:08]The markets are nervous. What does it mean for JP Morgan in London? Well, look, we've had ups and downs in markets and up and down politicians, so it's not going to change our fundamental strategy. I would say that Europe, including the UK, know what to do as the Draghi report.

[00:00:24]There are 300 items in their common capital markets, common regulations allowing cross-border in this in the EU competition.

[00:00:33]There's huge regulatory non-tariff but regulatory burdens.

[00:00:37]They need to do the same in the UK. I think Keir Starmer is a very smart guy. Politics is really tough.

[00:00:42]They're in a bind because of debts and deficits.

[00:00:45]And you know they inherited a lot of that.

[00:00:47]I think the world of Rachel Reeves. And they've got to be tough.

[00:00:51]They got to say we're going to do these things.

[00:00:53]And the short term may not be great, but, you know, governments have to get this stuff done right. That grows the economy and militarily.

[00:00:59]And I think they need to work closer to Europe.

[00:01:01]And, you know, if you if you remember Keir Starmer and President Macron, they were going to work closer not reversing Brexit.

[00:01:07]But you know military alliances and alliances making sure the economies, you know, have economic relief, which are good for both the continent and good for your UK. You're building a big mega project, very work that everyone is quite excited about.

[00:01:21]Does this potential political instability actually change your view on everything? Or, you know, do you see costs going up or are you worried about taxation, political instability?

[00:01:31]But if they become part of the banks again?

[00:01:32]Yes. I mean, I've always objected to the fact, you know, we didn't damage the UK in any way.

[00:01:37]We paid probably $10 billion extra taxes by now.

[00:01:41]I don't think that's right or fair. If that happens too much, we will reconsider.