JPMorgan's Europe Boss Ditches London for New York as 4,400 Finance Chiefs Flee Labour's 'Punishing' Tax Blitz

The JPMorgan Chase's European chief, Filippo Gori, on 16 June 2025 announced his relocation from London to New York, joining a wave of over 4,400 financial executives reportedly exiting the UK due to Labour's aggressive tax reforms.

The move, less than a year after Gori's arrival in London, underscores the growing unease in Britain's financial sector.

Navigate Labour's Tax Overhaul Fallout

Labour's July 2024 election victory brought sweeping tax changes, including the abolition of non-dom status and revised inheritance tax rules for foreign trusts, costing high earners millions.

The Financial Times reports that these policies have prompted 4,400 UK-based financial professionals to relocate in 2025, with New York, Dubai, and Singapore as top destinations.

Gori, who moved to London from Hong Kong in May 2024 to lead JPMorgan's Europe, Middle East, and Africa operations, will now oversee these regions from New York, spending 'at least half his time' in EMEA, per Bloomberg.

His exit from London aligns with other high-profile departures, such as Goldman Sachs' Richard Gnodde, who left for Milan, citing tax pressures.

On X, posts like those from @EniatoFinance highlight the growing perception that London is losing its edge as a financial centre.

Witness London's Financial Exodus

The UK's financial sector is haemorrhaging talent and capital. The Telegraph notes that the London Stock Exchange has struggled to attract new listings, with businesses increasingly opting for New York, where financial sector jobs rose 5% in 2025.

JPMorgan's strict in-office policy makes Gori's transatlantic move notable, as it reflects broader concerns about the UK's economic environment.

The Institute for Fiscal Studies estimates Labour's tax hikes, costing £25 billion ($33.64 billion) annually, have disproportionately hit high-net-worth individuals, with 9% of those earning over £1 million ($1.34 million) planning to leave by 2026.

This exodus threatens London's status, as firms like HSBC and Barclays already have executives, such as Mark Tucker and CS Venkatakrishnan, splitting time between the US and UK.

Anticipate Ripple Effects on Global Finance

Gori's relocation coincides with internal dynamics at JPMorgan, where he is a contender to succeed CEO Jamie Dimon, alongside executives like Marianne Lake.

The move signals strategic shifts, as New York strengthens its position as a global financial hub. However, it raises questions about client relations and oversight in EMEA, with industry analysts warning of potential service gaps.

On X, sentiment is divided: some, like @BobHunterMD, lament London's decline, while others argue the UK must prioritise broader economic fairness over retaining elites.

A Financial Hub at a Crossroads

Filippo Gori's departure from London to New York is a symptom of a larger crisis gripping the UK's financial sector.

Labour's tax blitz, intended to fund public services, is driving away the very talent and capital that sustain economic growth.

As 4,400 finance chiefs flee, London's global standing wavers, but rebuilding trust and competitiveness will demand bold policy reversals and UK must act swiftly to stem the tide at the earliest, or risk losing its financial crown.