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.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 f...