JPMorgan Chase CEO Jamie Dimon has warned that the bank could reconsider its $3bn (£2.2bn) investment in a new Canary Wharf skyscraper if the Labour Party becomes 'hostile to banks again'. The comments come as Prime Minister Keir Starmer faces mounting pressure to resign following disastrous local election results.
Speaking to Bloomberg TV on Tuesday, Dimon expressed support for Starmer and Chancellor Rachel Reeves but cautioned against a leftward shift. 'Not political instability, but if they become hostile to banks again, yes,' he said when asked if he would review the project.
The skyscraper, agreed in November last year, will provide 3 million sq ft of floorspace for 12,000 employees. Dimon noted that JPMorgan has already paid an extra $10bn (£7.4bn) in UK taxes, adding: 'I don't think that's right or fair. If that happens too much, we will reconsider.'
Nearly 100 Labour MPs have called for Starmer's resignation, with four government ministers quitting after last week's elections. Safeguarding minister Jess Phillips was among those urging Starmer to set a departure timetable.
US President Donald Trump also weighed in, advising Starmer to focus on energy policy and immigration, saying the UK is 'windmilling your country to death' and needs to 'open up the North Sea'.
