JPMorgan’s European chief to run business from New York

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JPMorgan’s European chief is planning to relocate from London to New York, while keeping his role running the bank’s Europe, Middle East and Africa business.

Filippo Gori, who is also JPMorgan’s co-head of global banking, moved to the UK from Hong Kong last year after being promoted to the dual role.

But the Italian banker is now in the process of leaving for New York, people familiar with the situation told the Financial Times.

One of the people said Gori would spend “at least half of his time” in Emea for the rest of this year and would “continue to be highly visible among employees and clients in the region”.

The person added that UK regulators had been aware that Gori might relocate to the US since he was appointed chief executive of JPMorgan’s Emea business in 2024.

Gori’s move is the latest in a string of examples of senior bankers overseeing UK-based operations from the US.

Sir Mark Tucker, who chairs the London-headquartered bank HSBC, lives in New York, while Barclays chief CS Venkatakrishnan, who previously worked at JPMorgan, splits his time between New York and the UK capital.

The Wall Street lender has reorganised its investment bank in recent years and reshuffled leadership roles across the group as a handful of executives vie to succeed Jamie Dimon as chief executive, who has run the bank since 2006.

Gori spent more than a decade in Hong Kong with JPMorgan before he was promoted last year to co-head the lender’s global banking division, one of the main business lines within its commercial and investment bank.

Doug Petno, who was elevated to co-head of JPMorgan’s global banking unit at the same time as Gori, was promoted again in January to co-lead the commercial and investment bank.

That promotion bumped Petno up the list of potential replacements for Dimon, who turned 69 in March, and Gori now runs global banking with John Simmons.

Other leading contenders to succeed Dimon are considered to be Marianne Lake, head of JPMorgan’s sprawling consumer bank, and Troy Rohrbaugh, the other co-head of the commercial and investment bank.

The person familiar with Gori’s move said it was not uncommon for bankers to live and work in different places. “As co-head of global banking, he would be on the road a lot anyway, including in the US, regardless of where he lives,” the person added.

JPMorgan and Gori declined to comment.