June 21, 2026
In the buildup to 2016's Brexit referendum, JPMorgan CEO Jamie Dimon said the US bank could shift 4,000 jobs from Britain, joining a chorus of executives who warned a vote to leave the European Union would ravage the country's finance industry.
A decade later, the Wall Street giant plans to build a tower in London's Canary Wharf that it says could house up to 12,000 employees - a commitment hailed as "a multi-billion pound vote of confidence" by finance minister Rachel Reeves.
Other signs too suggest the British financial industry has weathered Brexit better than many expected: employment in the City of London financial district is near an all-time high, and banks are posting record profits.
But interviews with executives and data reviewed by Reuters paint a more nuanced picture, of Britain as a financial centre whose dominance has been eroded while the country itself has become less attractive for some investors.
