Latest news with #FilippoGori
Daily Mail
a day ago
- Business
- Daily Mail
JPMorgan's anti-WFH crusader Jamie Dimon lets top Europe chief work 3,000 miles from his team
A top JPMorgan Chase executive has been allowed to work remotely from his team - while CEO Jamie Dimon continues to crack the whip on employees with his return-to-office mandate. Filippo Gori, the banking behemoth's CEO of Europe, the Middle East, and Africa (EMEA), will be moving to New York City while continuing to run the European business, reported the Financial Times. He is ditching the company's London office - the epicenter of his workload - less than a year after relocating from Hong Kong to take the top job. This means that Gori is free to run the EMEA division five hours behind, and 3,400 miles away from, the bank's managers, staff, and clients whom he is in charge of. While Gori is expected to spend at least half of his time in Europe, the Middle East, and Africa, he'll be living and working from the Big Apple - despite Dimon's incessant belief that managers and bankers ought to work together, in-person and in-office. By contrast, for example, Pablo Garnica, the bank's top executive of EMEA Private Bank, is based in Madrid, Spain - who stressed in an interview last year: 'We believe that being close to the clients and being part of that community is really important.' It's understood that Gori, who is also Co-Head of Global Banking, will be working from the bank's headquarters on Madison Avenue five days a week during his move. CEO Jamie Dimon (pictured) has felt the ire of his staff following his incessant belief that work from home is not effective for running a business Gori's move to the States comes amid CEO Dimon's heated criticisms of remote work, which have made him a champion of the return-to-office culture shift. The Wall Street veteran's ironclad anti-remote work stance has caused a seismic backlash ever since he first announced his plan in the years following the pandemic. '[Return-to-office] for the serfs, work from home for the aristocracy. Yep, sounds about right,' one person previously said. 'Rules for thee but not for me. I despise these double standards,' said another. 'Trash policy from a trash company run by a trash CEO,' added a third. 'Billionaires virtue signaling about "work" while they make 5000x more per hour than average wage is always hilarious,' said a fourth. Earlier this year, the JPMorgan Chase CEO announced that the company would require employees to return to the office five days a week starting in March. Dimon also said one reason he wanted people back in the office was that 'younger people are being left behind.' 'To have the younger people coming in but not their bosses - I have a problem with that too,' he said. He also noted that the benefits of in-person office conversations will help younger people to succeed in their careers. 'All day long we're talking,' he said. 'Constant updates, constant share of information.' Remote work means young people miss out on these conversations, essentially 'leaving them behind,' Dimon said. 'I won't do that.' Dimon further added that remote employees tend to not pay attention on company Zoom calls. His strong-armed stance on remote work went viral after one of the company's employees asked a question during a company town hall back in February. The question, posed by Nicolas Welch, a tech analyst at the bank since 2017, triggered an extraordinary rant from the chairman. 'Don't waste time on it. I don't care how many people sign that f*****g petition,' Dimon said. 'It simply doesn't work. It doesn't work for creativity, it slows down decision-making. And don't give me this s**t that work-from-home-Friday works. I call a lot of people on Fridays, and there's not a goddamn person you can get a hold of.' But his rampant anti-work-from-home mandate has infuriated many bankers. According to insiders, the discontent swirls across departments and seniority levels, with employees sharing concerns about surveillance, privacy, and the feasibility of a five-day office mandate, particularly in offices that don't even have enough desks or parking spaces to accommodate everyone. In March, Dimon obliterated a young crowd asking why they can't work from home while speaking at Stanford University's Graduate School of Business. He got onto the controversial topic after a graduate student asked a question regarding his leaked, expletive-loaded remarks from a company town hall about the finance firm's end of hybrid work. Dimon claimed the only group of people disgruntled with the move are 'the people in the middle' - like corporate office workers. 'If you work in a restaurant, you've got to be in. You all may not know this, but 60 percent of Americans worked the whole time,' he said. 'Where did you get your Amazon packages from? Your beef, your meat, your vodka? Where did you get the diapers from?' Dimon appeared to be referring to people who continued to work in person during the pandemic. 'You got UPS and FedEx and manufacturers and agriculture and hospitals and cities and schools and nurses and sanitation and firemen and military. They all worked,' he continued.
Int'l Business Times
2 days ago
- Business
- Int'l Business Times
JPMorgan's Europe Boss Flees to NYC as UK Tax Hikes Spark Exodus!
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. Originally published on IBTimes UK
New York Post
4 days ago
- Business
- New York Post
JPMorgan's Europe boss set to quit London for NYC
JPMorgan's European boss is set to flee London for New York after being promoted only last year — as the UK battles with an exodus of top business talent amid a flurry of new taxes imposed by the country's left-wing government. Filippo Gori, an Italian national, arrived in the British capital after a decade in Hong Kong to take over the bank's Europe, Middle East and Africa (EMEA) division from dealmaker Viswas Raghavan, who left the Jamie Dimon-led lender for Citi. Gori, 50, who previously headed the company's Asia region, is also the co-head of JPMorgan's global banking unit alongside John Simmons. Advertisement 3 Filippo Gori is leaving London for New York. Bloomberg via Getty Images A JPMorgan insider, speaking on condition of anoymity, did not point the finger at Britain's new tax rules, saying that running the Europe business from New York made sense because Gori can be 'an international voice for the EMEA region' at the bank's global headquarters. The source also pointed to his global banking title, and the fact that the Italian would be traveling in the EMEA region for '50% of his time.' Advertisement A JPMorgan spokesperson declined to comment. Britain has a budget deficit equivalent to 5.3% of the country's GDP. It has seen the recently-elected Labour government introduce a string of wealth taxes in a desperate bid to plug the black hole in the nation's finances, including ending a 200-year-old tax break for the uber-rich. The special tax break status, which formally ended on April 6, allowed well-heeled residents to gain generous allowances on money earned overseas. Advertisement The new tax rules have cast doubt on the City of London's immediate future as a global financial powerhouse. Goldman Sachs vice-chair Richard Snodde, a South African banker, announced earlier this year that he would relocate to Milan, the Italian financial center, just weeks after the UK scrapped the light-touch 'non dom' tax rules. British private equity titan Jeremy Coller decamped for Switzerland last summer. 3 Filippo Gori will be based out of JPMorgan's headquarters in New York once his move from London is complete. Christopher Sadowski Advertisement According to the recent UBS 2024 wealth report, the UK is forecast to lose 17% of its millionaires by 2028. A separate analysis by Bloomberg that reviewed British corporate filings found that more than 4,400 company directors have left the UK in the past year. It said those who quit are chiefly from the finance, insurance and property sectors — all jobs that are popular with those who favor the so-called non-dom status. Italy's right-wing government, led by staunch Donald Trump ally Georgia Meloni, brought in a $220,000 flat tax applied on income earned abroad in a bid to tempt wealthy foreigners to transfer their tax residence to the country. 3 Italian PM Giorgia Meloni, a staunch ally of President Donlad Trump, is trying to tempt wealthy financiers to the country with a flat tax. It was seen as a direct challenge to entice British-based billionaires worried about the UK government's tax grab. The Post has approached the British prime minister's office for comment.
Yahoo
4 days ago
- Business
- Yahoo
JP Morgan's Europe chief leaves London for New York
The head of JP Morgan's European operations is set to quit London and move to New York as the UK capital battles an exodus of talent and wealth. Filippo Gori plans to relocate to the US after living in London for less than a year. He moved to Britain from Hong Kong in the middle of last year after being appointed chief executive of JP Morgan's Europe, Middle East and Africa business last May. The Italian banker's decision to move to New York will see him join a growing list of bankers, investors and business leaders who have announced plans to leave Britain in the wake of Labour's election last year. Richard Gnodde, Goldman Sachs' vice chairman, left London earlier this year for Milan, in one of the most high-profile exits from the UK's financial centre. He decided to relocate after Rachel Reeves, the Chancellor, scrapped non-dom status and changed inheritance tax rules for foreign trusts. The billionaire property investors Ian and Richard Livingstone have also moved from London to Monaco in the wake of the tax raid, while steel tycoon Lakshmi Mittal is also preparing to leave the UK. A source close to Mr Gori said his decision to leave London was not related to Labour's tax hikes but reflected his role as co-head of JP Morgan's global banking business, a position he holds alongside his European role. Doug Petno, the other global banking co-head, is already based in New York and a source close to the bank said it was 'mutually agreed' that it 'makes sense' for Mr Gori to be based in the same city. He will be expected to spend at least half of his time in the Europe, Middle East, and Africa region and will travel to London regularly. Regardless of the motives, Mr Gori's relocation is likely to fuel concerns that London is losing its status as a global financial hub. As well as suffering an exodus of talent, the London Stock Exchange has seen a steady stream of businesses quit the market to move to New York and has struggled to attract new listings. Mr Gori will be the latest executive to oversee a British bank from the US. C.S. Venkatakrishnan, Barclays' chief executive, splits his time between New York and the bank's Canary Wharf headquarters. Sir Mark Tucker, HSBC chairman, manages operations from his home in New York. Prior to moving to London, Mr Gori spent more than a decade in Hong Kong, where his family still live. His relocation to New York comes as JP Morgan's top executives are vying for the chance to succeed Jamie Dimon, the bank's long-time chief executive. Marianne Lake, a Briton, is one of the frontrunners in the race, as is Mr Petno. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Telegraph
4 days ago
- Business
- Telegraph
JP Morgan's Europe chief leaves London for New York
The head of JP Morgan's European operations is set to quit London and move to New York as the UK capital battles an exodus of talent and wealth. Filippo Gori plans to relocate to the US after living in London for less than a year. He moved to Britain from Hong Kong in the middle of last year after being appointed chief executive of JP Morgan's Europe, Middle East and Africa business last May. The Italian banker's decision to move to New York will see him join a growing list of bankers, investors and business leaders who have announced plans to leave Britain in the wake of Labour's election last year. Richard Gnodde, Goldman Sachs' vice chairman, left London earlier this year for Milan, in one of the most high-profile exits from the UK's financial centre. He decided to relocate after Rachel Reeves, the Chancellor, scrapped non-dom status and changed inheritance tax rules for foreign trusts. The billionaire property investors Ian and Richard Livingstone have also moved from London to Monaco in the wake of the tax raid, while steel tycoon Lakshmi Mittal is also preparing to leave the UK. A source close to Mr Gori said his decision to leave London was not related to Labour's tax hikes but reflected his role as co-head of JP Morgan's global banking business, a position he holds alongside his European role. Doug Petno, the other global banking co-head, is already based in New York and a source close to the bank said it was 'mutually agreed' that it 'makes sense' for Mr Gori to be based in the same city. He will be expected to spend at least half of his time in the Europe, Middle East, and Africa region and will travel to London regularly. London's fading lustre Regardless of the motives, Mr Gori's relocation is likely to fuel concerns that London is losing its status as a global financial hub. As well as suffering an exodus of talent, the London Stock Exchange has seen a steady stream of businesses quit the market to move to New York and has struggled to attract new listings. Mr Gori will be the latest executive to oversee a British bank from the US. C.S. Venkatakrishnan, Barclays' chief executive, splits his time between New York and the bank's Canary Wharf headquarters. Sir Mark Tucker, HSBC chairman, manages operations from his home in New York. Prior to moving to London, Mr Gori spent more than a decade in Hong Kong, where his family still live. His relocation to New York comes as JP Morgan's top executives are vying for the chance to succeed Jamie Dimon, the bank's long-time chief executive. Marianne Lake, a Briton, is one of the frontrunners in the race, as is Mr Petno.
