JPMorgan’s EMEA Chief Filippo Gori Relocates to New York Amid Shifting Global Banking Strategy

17 June 2025

Credit: Qilai Shen/Bloomberg

JPMorgan Chase is undergoing a significant leadership shuffle as Filippo Gori, the bank’s head of Europe, the Middle East, and Africa (EMEA), prepares to relocate from London to New York. Though he will continue to oversee the EMEA region, his move across the Atlantic is the latest sign of shifting executive dynamics within major financial institutions amid the UK’s changing tax landscape and a deepening realignment in global banking strategy.

Gori, a 25-year veteran of the firm, is currently one of JPMorgan’s most senior international figures and also serves as co-head of global banking. His relocation is not a resignation but rather a strategic shift. According to people familiar with the matter, Gori will remain in charge of JPMorgan’s EMEA operations, frequently traveling between regions while establishing a stronger leadership presence in New York, where the bank’s global base continues to consolidate influence.

The announcement comes amid a broader wave of executive relocations out of the UK, as the country begins to unwind its longstanding non-domiciled tax regime. The scrapping of the “non-dom” status, a policy that previously allowed foreign nationals to avoid paying UK taxes on overseas income has triggered concern among many of London’s top-earning financial professionals. High-profile departures are becoming more frequent as senior executives weigh the benefits of staying in Britain against the increasing tax burdens and regulatory pressures.

Gori’s move is not directly tied to the tax reform, but the timing raises questions about London’s future as a financial nerve center for global banks. Since the 2016 Brexit referendum, London has worked to preserve its role as Europe’s de facto financial capital, even as rivals like Paris, Frankfurt, and Dublin have gained ground. Yet, with top talent increasingly willing to base themselves elsewhere, the symbolic weight of such relocations grows.

JPMorgan Chase has repeatedly affirmed its commitment to its London operations, where it employs around 22,000 people and maintains one of the largest investment banking hubs outside the United States. The bank’s CEO, Jamie Dimon, has long defended the strategic importance of London, even after relocating more capital and personnel into European Union member states to preserve market access post-Brexit. Still, Gori’s move reflects a structural reality: while the UK may remain a vital piece of the puzzle, decision-making at the highest levels is increasingly centered in New York.

This leadership transition also speaks to the increasingly global nature of JPMorgan’s operations. With more than half of its revenue generated outside the United States, the bank has sought to balance regional leadership with centralized strategic coordination. In that context, Gori’s move enables closer proximity to other top executives and facilitates a more unified global banking approach.

Gori’s career has spanned the globe. He joined JPMorgan in 1999 and has held numerous roles across Milan, London, and Hong Kong. He was named CEO of JPMorgan Italy in 2011, became CEO of Asia Pacific in 2015, and assumed his current EMEA leadership post in 2020. His international background and deep understanding of cross-border finance make him well-suited to navigate the complexities of operating from New York while continuing to manage an expansive and diverse region.

The bank’s internal memo announcing the move made clear that Gori would maintain significant travel to London and other key cities, suggesting the bank is not retreating from its European base but instead responding to evolving global dynamics. Sources close to the matter described the shift as a strategic alignment rather than an exit, emphasizing that operational control and staff numbers in London would remain unchanged.

This development arrives just days after another leadership announcement from JPMorgan: the promotion of Mark O’Donovan to lead its international consumer banking division. O’Donovan, a longtime JPMorgan executive, will relocate to London, underscoring the bank’s commitment to maintaining senior leadership within Europe even as others pivot westward. O’Donovan will take over from Sanoke Viswanathan, who is leaving the bank to become CEO of FactSet, a U.S.-based financial data firm.

The juxtaposition of these two moves, one leader heading to New York, another arriving in London paints a more nuanced picture of JPMorgan’s strategy. Rather than pulling out of Europe, the bank appears to be reshuffling leadership positions to maximize operational efficiency and respond to individual business needs.

Still, the optics of Gori’s departure will be closely watched. As more financial leaders weigh the costs and benefits of staying in the UK, his move could set a precedent. Other international banks may follow suit, especially if tax and regulatory conditions continue to shift unfavorably. For now, JPMorgan maintains its dual commitment: anchored in New York, operational in London, and global in ambition.

In a world where borders are increasingly porous for capital and decision-making, leadership is no longer bound by geography. Filippo Gori’s relocation symbolizes this evolution a strategic decision in a new era of global banking where power flows not just through cities, but through people able to lead across them.