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.
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.”
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.
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.
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.
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.
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