JP Morgan Chase CEO Jamie Dimon has thrown his support behind the new government and said Liz “should be given the benefit of the doubt” as she pushes ahead with tax cuts. Speaking last night from London with US broadcaster CNBC, Dimon backed Liz’s tax plans and hammered home the need for laser-like focus on growth – adding he’d “love to hear that out of their mouth every time a president or prime minister speaks”…
“It’ll take time to execute the policies and kind of drive growth and what’s important … [but] there’s a lot of things the UK has going for it and proper strategies to get it growing faster … then it can accomplish some of the other objectives it wants to accomplish too […] I would like to see the new Prime Minister, the new Chancellor, be successful […] I think every government should be focusing on growth. I would love to hear that out of their mouth every time a president or prime minister speaks.
Another proud member of the Pro-Growth Coalition. Although he did warn the US will likely tip into recession in about 6 months…
Banking giant JP Morgan is planning to switch out the lights in its Frankfurt HQ for the last time and shift its workforce to London amid blackout fears across Germany this winter. With Putin turning off the gas taps to Europe, spooked executives are drawing up emergency measures to set up shop in Britain should Germany go dark over Christmas. The same JP Morgan that shifted billions in assets out of London right after Brexit. Welcome back.
Even if they ultimately decide to stay in Frankfurt, they’re also considering bringing in diesel generators just to keep the phones working without mains power for several days. Although they’re obviously still insisting this is all just contingency planning:
“It would take a perfect storm of a complete shutdown of Russian gas supply, no reduction of gas use at all and little alternative sourcing for gas before it would have real impact on our business.”
Hopefully no cold, dark nights in Brrr-lin this winter…
This morning Sajid Javid, the former Tory chancellor and culture secretary, who is still a Tory MP, told the Telegraph’s readers
“I’m shocked that in the middle of what’s become an existential crisis for many football clubs, this clique of owners have displayed such appalling selfishness, and a callous disregard for their fans. A ‘Super League’ monopoly strikes at the very spirit of the beautiful game – it shuts out the underdog, offends our British sense of fair play, and reduces football to numbers on a spreadsheet. Given that the club’s owners appear to be motivated solely by profit, the Government should consider introducing a new Super Tax that would come into effect if they actually went ahead. That should splash enough red ink on their spreadsheets to quickly put an end to these destructive, anti-competitive proposals.”
When the US investment bank behind the European Super League, JP Morgan, hired Sajid Javid last year, they said “We are delighted to welcome Sajid back to JP Morgan as a senior adviser, and we look forward to drawing upon his in-depth understanding of the business and economic environment to help shape our client strategy across Europe.” Saj’s advice to the football club owners who are (or were) JP Morgan’s clients is clear enough. Guido can’t however help thinking that as client strategies go, JP Morgan might be a little disappointed with the advice for which they have paid him £150,000…
Former Labour, former The Independent Group, former Change UK – The Independent Group, former LibDem MP Chuka Umunna has added another job to his already lengthy CV, joining JP Morgan’s European environmental, social and governance (ESG) advisory efforts – the hot sector in finance currently. A brave choice given the last strategic advice Umunna gave on Europe resulted in him and all multiple colleagues losing their seats…
An internal memo sent to Guido reveals Chuka is leaving global comms firm Edelman, which he only joined last July, along with his old flame Luciana Berger, to “work closely with the firm’s regional and global ESG stakeholders… to help our clients successfully navigate the evolving ESG landscape.” In particular, he’ll work on the new sustainability-focused financing wing of the investment bank. There’s no word on whether Chuka is retaining any of his other three roles at Forbes, Digital Identity Net U.K. and a strategic corporate advisor to companies.
Read the internal announcement in full below:
JP Morgan boss Jamie Dimon offered another doom-mongering prediction this morning, claiming Brexit would be “terrible” for the economy and thousands of jobs would be lost. He should read the analysis of his own Chief Market Strategist, one Stephanie Flanders. She says Remain campaigners warning of Armageddon are exaggerating:
“Though we anticipate a vote in favour of remaining in the European Union , a “leave” vote in the coming UK referendum is a distinct possibility and is something that investors should be prepared for. Long term, the costs… of Brexit to the UK economy are probably exaggerated by commentators and campaigners”
Of course, JP Morgan supported the single currency, spends millions lobbying the European Commission and is a major donor to Stronger In. No further questions…
