JPMorgan May Scrap London HQ Over Proposed UK Bank Tax Hike
JPMorgan CEO Jamie Dimon warned that proposed increases to the UK bank tax surcharge would prompt the bank to abandon its planned London headquarters. He said the move would preserve shareholder returns and could force a strategic realignment of its European operations.
1. Dimon Warns on UK Headquarters Plan
During an investor session, Jamie Dimon said that if the UK raises its bank tax surcharge beyond current levels, JPMorgan would scrap its plan to make London its group headquarters. He emphasized that avoiding higher taxes is critical to maintaining target returns on equity and that the bank would reconsider its European strategic footprint if the proposal proceeds.