Jamie Dimon, the chairman and CEO of JP Morgan-Chase, has weighed in on Keir Starmer's mounting leadership troubles, warning Labour against becoming "hostile to banks again." While expressing support for the prime minister, who faces intensifying pressure to resign, Dimon threatened to pull a billion-dollar project if the party veers left.
Dimon's Warning on Investment
Nearly 100 Labour MPs have called for Sir Keir to resign or set a timetable for his departure, following last week's disastrous local election results and the resignation of four government ministers. Dimon, speaking to Bloomberg TV on Tuesday, said: "I think Keir Starmer's a very smart guy. Politics is really tough. They're in a bind because of debts and deficits — they inherited a lot of that. I think the world of Rachel Reeves. They've got to be tough... I think they've got to work closer with Europe."
However, he cautioned against Labour lurching left to regain votes, warning he could reconsider a $3bn investment in a new Canary Wharf skyscraper. The building plans, agreed in November last year, would offer 3 million sq ft of floorspace and accommodate 12,000 employees. Asked if he would review the plans amid political upheaval, Dimon said: "Not political instability but if they become hostile to banks again, yes." He added: "I've always objected to the fact, we didn't damage the UK in any way, we paid probably $10bn [£7.4bn] in extra taxes by now. I don't think that's right or fair. If that happens too much we will reconsider."
Political Fallout
Safeguarding minister Jess Phillips, former minister for victims Alex Davies-Jones, junior minister Miatta Fahnbulleh, and health minister Zubir Ahmed have all resigned, urging Sir Keir "to act in the country's interest and set out a timetable for your departure." Over 90 Labour MPs have called for a leadership change, while more than 100 have backed the leader. US President Donald Trump also weighed in, saying: "That's up to him, but I told him from day one, you're getting killed on energy. You're windmilling your country to death. Open up the North Sea. You have one of the greatest sources of energy in the world." He added that the UK needs to get "tough on immigration."
