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JPMorgan’s European chief is planning to relocate from London to New York, whereas protecting his function working the financial institution’s Europe, Center East and Africa enterprise.
Filippo Gori, who can also be JPMorgan’s co-head of world banking, moved to the UK from Hong Kong final yr after being promoted to the twin function.
However the Italian banker is now within the strategy of leaving for New York, individuals acquainted with the scenario instructed the Monetary Instances.
One of many individuals mentioned Gori would spend “not less than half of his time” in Emea for the remainder of this yr and would “proceed to be extremely seen amongst staff and shoppers within the area”.
The individual added that UK regulators had been conscious that Gori may relocate to the US since he was appointed chief govt of JPMorgan’s Emea enterprise in 2024.
Gori’s transfer is the newest in a string of examples of senior bankers overseeing UK-based operations from the US.
Sir Mark Tucker, who chairs the London-headquartered financial institution HSBC, lives in New York, whereas Barclays chief CS Venkatakrishnan, who beforehand labored at JPMorgan, splits his time between New York and the UK capital.
The Wall Avenue lender has reorganised its funding financial institution in recent times and reshuffled management roles throughout the group as a handful of executives vie to succeed Jamie Dimon as chief govt, who has run the financial institution since 2006.
Gori spent greater than a decade in Hong Kong with JPMorgan earlier than he was promoted final yr to co-head the lender’s international banking division, one of many essential enterprise strains inside its business and funding financial institution.
Doug Petno, who was elevated to co-head of JPMorgan’s international banking unit concurrently Gori, was promoted once more in January to co-lead the business and funding financial institution.
That promotion bumped Petno up the checklist of potential replacements for Dimon, who turned 69 in March, and Gori now runs international banking with John Simmons.
Different main contenders to succeed Dimon are thought-about to be Marianne Lake, head of JPMorgan’s sprawling shopper financial institution, and Troy Rohrbaugh, the opposite co-head of the business and funding financial institution.
The individual acquainted with Gori’s transfer mentioned it was not unusual for bankers to stay and work somewhere else. “As co-head of world banking, he could be on the highway lots anyway, together with within the US, no matter the place he lives,” the individual added.
JPMorgan and Gori declined to remark.
