JPMorgan Chase could rethink its proposed multibillion-dollar office tower in London if Prime Minister Keir Starmer is ousted, CEO Jamie Dimon said on Wednesday.
Speaking with Bloomberg in Paris, Dimon said that while a change in leadership would not alter JPMorgan's core strategy, it might trigger a reassessment of the bank's long-term plans in the U.K. capital. When asked whether Britain's recent political turbulence affected his outlook on the project, Dimon replied it would if a successor government were "hostile to the banks."
Dimon also criticised what he described as the tax burden the bank has faced in the U.K., saying JPMorgan had already paid $10 billion in "additional taxes" related to the construction project.
Project details and economic contribution
JPMorgan announced late last year that it plans to build a three-million square foot tower in the Canary Wharf financial district. The company said the development would serve as its U.K. headquarters and could accommodate up to 12,000 employees. Construction is expected to take six years, during which time the bank also intends to renovate its existing Bank Street offices.
The bank made clear at the time of the announcement that the project is conditional on a continuing positive business environment in the U.K. and on obtaining the necessary national and local approvals and agreements.
JPMorgan currently employs more than 20,000 people in the U.K., with 13,000 based in London. In November, the bank said its construction and office upgrade programmes would contribute an estimated A39.9 billion ($13.4 billion) to the U.K. economy and create more than 7,800 jobs over six years.
Political uncertainty and leadership pressure
Dimon's remarks come against a backdrop of uncertainty surrounding Prime Minister Keir Starmer's leadership. The prime minister's position was weakened after his party delivered a disappointing performance in last week's local elections, prompting calls for his resignation. As of Tuesday morning, 90 members of parliament from the governing Labour Party had asked Starmer to step down, while more than 100 MPs had signed a statement expressing support for him. The recent elections also saw gains for the right-wing Reform UK party and the Green Party on the left.
In the interview, Dimon expressed personal support for both Starmer and Finance Minister Rachel Reeves. "I think Keir Starmer's a very smart guy," he said, adding that politics is challenging. He noted the government faces debts and deficits they inherited and said he respected Reeves, insisting they "have got to be tough."
Dimon also praised Starmer's stance on rebuilding post-Brexit relations with the European Union. "I think they need to work closer with Europe," he said, referencing cooperation between Starmer and French President Emmanuel Macron on military alliances, intelligence sharing and economic relationships.
What JPMorgan has said about the build
The bank's public statements when unveiling the Canary Wharf tower emphasised that the plan would proceed only if the business environment remained supportive and required approvals were obtained. The timeline anticipates six years of construction and adjacent renovation work on Bank Street.
Given JPMorgan's existing U.K. workforce of more than 20,000 employees, the proposed tower would concentrate a significant portion of its London staff into a single, large headquarters while also representing a major investment intended to deliver economic benefits and job creation over the construction period.
Conclusion
Dimon's comments underline how political developments in the U.K. can affect corporate investment decisions, particularly for large-scale, multi-year projects that require regulatory approvals and a stable policy backdrop. While JPMorgan has signalled continued commitment to its U.K. operations, the bank's willingness to reassess the Canary Wharf tower if a new government were openly hostile to banks highlights the intersection of politics, taxation, and corporate planning.