James Johnson
As Britain’s new tax regime triggers elite departures, JPMorgan’s Europe chief shifts base to New York—signaling rising doubts over London’s role in global finance.
In a significant reshuffling at one of the world’s largest banks, Filippo Gori—JPMorgan Chase’s co-head of global banking and chief for Europe, the Middle East, and Africa (EMEA)—is relocating from London to New York. The move, coming just a year after his promotion, underscores a broader wave of executive exits from the United Kingdom, fueled by sweeping tax reforms under its newly elected Labour government.
Gori, a 50-year-old Italian national, previously headed JPMorgan’s Asia operations and took over the EMEA division from dealmaker Viswas Raghavan, who left the firm for Citi. Though JPMorgan insiders claim the relocation aligns with Gori’s global responsibilities—positioning him as a transatlantic voice for the EMEA region at the firm’s Manhattan headquarters—the timing has raised eyebrows.
Britain has recently scrapped its 200-year-old “non-dom” tax policy, which offered foreign nationals generous exemptions on overseas earnings. The April 6 rollback is part of a wider effort by the government to plug a yawning 5.3% budget deficit, triggering unease among top earners. Analysts warn that London’s status as a global financial hub may be slipping amid these policy shifts.
While JPMorgan declined to officially comment, sources emphasized that Gori will still spend 50% of his time traveling within the EMEA region. Nonetheless, the optics are stark: one of the City of London’s most influential bankers is heading for the exits.
He isn’t alone.
Earlier this year, Goldman Sachs Vice Chairman Richard Gnodde, another financial heavyweight, announced a move to Milan, echoing concerns about the UK’s tax environment. British private equity magnate Jeremy Coller also fled for Switzerland in 2023, continuing a growing pattern of relocation among the UK’s wealthiest residents.
A recent UBS Wealth Report projects the UK will lose 17% of its millionaires by 2028. Bloomberg’s analysis of corporate filings revealed that over 4,400 directors have left the country in the past 12 months—many from sectors directly affected by the tax overhaul, such as finance, insurance, and real estate.
In contrast, countries like Italy are seizing the moment. Under the leadership of Prime Minister Giorgia Meloni—an ally of former U.S. President Donald Trump—Italy has introduced a $220,000 flat tax on foreign income, openly courting the very billionaires Britain is pushing away.
As these geopolitical and fiscal strategies shift, Filippo Gori’s move from London to New York may represent more than just a career decision—it’s a signal that the gravitational center of global banking influence may also be on the move.
The City of London, long revered as a linchpin of international finance, now faces mounting pressure to reinvent itself or risk losing its place at the top.
