Filippo Gori’s relocation sends new signals about post‑Brexit London, Wall Street power hubs and the bank’s succession race

Introduction
In a decision that reshapes JPMorgan Chase’s executive geography, Filippo Gori—the bank’s CEO for Europe, the Middle East and Africa (EMEA) and co‑head of its newly formed Global Banking franchise—has told colleagues he will relocate from London to New York later this summer. While he will retain direct oversight of the EMEA region, Gori will base himself at 270 Park Avenue, splitting his time between Manhattan and frequent trips to continental capitals. The move highlights London’s evolving role five ye…

Why the Move?
Gori’s inner‑circle colleagues cite three drivers. First, proximity: as co‑head of Global Banking, he now shares day‑to‑day decision‑making with U.S. commercial‑bank veteran Doug Petno, a partnership that benefits from being in the same time zone at least part of the week. Second, family: Gori’s wife and teenage daughters remained in Hong Kong, where the banker spent a decade and served as Asia‑Pacific CEO until his 2024 promotion. New York will put him one direct flight closer to Asia as he juggles du…

Implications for London
At first glance the move looks like another drip in the brain‑drain narrative plaguing post‑Brexit London, yet JPMorgan insiders frame it differently. Gori will continue to be registered with the UK’s Prudential Regulation Authority as “SMF 1”—the most senior manager function—mirroring a precedent set by Barclays CEO C.S. Venkatakrishnan, who runs the bank largely from New York. Nevertheless, sceptics argue that a chief physically removed from the City reduces London’s power corridors to second‑tier log…

What It Says About Succession
The relocation also folds into the broader guessing game over who will one day succeed JPMorgan CEO Jamie Dimon. When the bank merged commercial, corporate and investment banking into a single Global Banking unit in early 2024, insiders pointed to its leadership duo—Gori and Petno—as fresh contenders alongside consumer‑bank co‑head Jenn Piepszak and trading chief Troy Rohrbaugh. Planting one foot in New York allows Gori to cultivate relationships with the board and U.S. regulators that any future CEO w…

A Broader Executive Mobility Trend
Gori is hardly alone. HSBC chair Sir Mark Tucker and former Lloyds boss António Horta‑Osório have long operated from Manhattan apartments while chairing UK‑listed banks. The pandemic normalised multi‑hub management, with Zoom calls filling gaps once bridged by red‑eye flights. Yet the symbolism endures: talent flow westward is awkward amid British government claims that the City’s “Big Bang 2.0” deregulation will restore its competitive edge.

Regulatory and Logistical Hurdles
Bankers relocating across jurisdictions face a thicket of regulatory and tax issues. Under the UK’s Senior Managers Regime, Gori must demonstrate “effective oversight” of EMEA operations; JPMorgan insiders say he will formalise a schedule of fortnightly Europe visits and delegate day‑to‑day supervision to London‑based deputies. U.S. visas for non‑resident workers are another chore; Gori’s Italian citizenship affords access to an E‑1 Treaty Trader visa, typically issued for five years.

Impact on Clients and Deals
Investment‑banking league‑table rivals downplay competitive fallout, claiming that Gori’s most lucrative mandates already originate in cross‑border U.S. activations and that client coverage teams in Frankfurt, Paris and Milan wield greater local sway. Yet bankers concede that CEO‑level availability can tip a beauty contest. “When a sovereign wealth fund wants a 3 a.m. call, it matters whether the boss is eight hours ahead or behind,” notes a head‑hunter who places senior bankers in the Gulf.

London’s Office Space Question
JPMorgan is simultaneously reevaluating its Canary Wharf footprint, having grown its London headcount from 14,000 to 22,000 since 2020. Some staff whisper that Gori’s departure could accelerate a consolidation into a smaller, sustainability‑rated tower at North Quay, mirroring Citi’s move next door. A JPMorgan spokesperson declined to comment.

Cultural Significance
Gori, now 49, joined JPMorgan in Milan in 1999, worked in London until 2003, then spent 11 years in Hong Kong before becoming Asia‑Pacific CEO in 2020. Colleagues describe him as polylingual and relentlessly itinerant, once logging 240 flight segments in a single year. His move epitomises a new breed of “borderless bankers” who treat geography as a tool rather than a constraint.

Conclusion
Filippo Gori’s impending relocation from London to New York encapsulates the realities of twenty‑first‑century finance: global franchises demand elastic leadership, and traditional headquarters have ceded primacy to interconnected hubs. London remains Europe’s deepest capital market, but influence now migrates with each executive’s diary. Whether Gori’s westward tilt augurs further erosion of London’s status or merely reflects a personal calculus will become clear as clients, regulators and rivalling su…