Posts Tagged ‘Jamie Dimon’

JP Morgan London headquarters plan in doubt

December 30, 2009

» JP Morgan may drop HQ plans

JP Morgan have, it is alleged, threatened not to build their very nice new building because of the bonus tax. Several possibilities:

The facts are intriguingly vague. JP Morgan have not actually threatened not to build their shiny new building, but the possibility has been raised by “a senior J.P. Morgan executive“. The building is supposed to cost £1.5 billion versus a bonus tax which is supposed to raise almost a third of that.

However, there is no detail to say that the alleged executive knows anything about it, was sober at the time of speaking or even exists. On the other hand, perhaps its Jamie Dimon, the head of JPM himself, applying more pressure on the government. Also, it’s really just a new building – valuable for builders, but not really a threat to withdraw jobs, and it’s the jobs issue (or rather, London’s precious status as a financial centre) which the government has heard most about. The following quote (from another JPM executive) is also worthy of note:

There were no threats made on the call and we have made no decisions on people or buildings based on the super-tax announcement.

All we really know is that the head of JPM had a chat with the chancellor and said he was not entirely happy about the bonus tax, which is not really surprising. If he had praised it, that would have been a more solid news story.