JPMorgan London plans in doubt

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FT.com / Companies / Banks - JPMorgan London plans in doubt.

JPMorgan is considering axing plans for new European headquarters in Canary Wharf, London, in the wake of the bank bonus tax Alistair Darling, UK chancellor, announced in his pre-Budget report this month.

A senior JPMorgan executive said: “It will be a factor in the decision”.

Bankers recognise that the 50 per cent bonus tax is a one-off measure this yearjustified by exceptional profits aided by international government bail-outs, but many see the tax as further evidence that the UK is becoming anti-bank.

London is not becmoing anti-bank.

London is saying it does not need more banks undertaking socially useless activity at cost to us all.

Not the same thing at all.