Dimon Reportedly Warns Healey, France Tax Cyberattacks, More
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JP Morgan's CEO Jamie Diamond is reported to have personally called Britain's new Chancellor, John Healy, to warn him against raising bank taxes. The Financial Times says the boss of America's biggest bank made the intervention last week. Bloomberg's James Woolcock has more.
Diamond has long been a critic of specific bank taxes in Britain. Now he's taking that argument directly to the UK Chancellor. The FT says he warned Healy in a call that higher taxes often drive jobs away, pointing to a decline in finance jobs in New York that he partly blamed on the city's tax burden. Diamond's call comes after Andy Burnham's government declined to rule out increasing levies on lenders. As bumper profits prompt speculation the new administration will target the City of London. Speaking at Bloomberg's London office last month, Healy stressed his commitment to UK PLC.
I'm just as concerned. about the cost of business as I am about the cost of living. Tax, energy, supply chain costs, labour. I know that businesses large and small have felt really squeezed.
But Healy also needs to fund the government spending pledges, leaving him balancing demands from Labour, the bond markets, and now the boss of the world's biggest bank.
Donald Trump's Wall Street deregulation drive is changing the debate over banking rules in Europe, but as lenders push for similar relief in the EU, Bloomberg reporting reveals that watchdogs are increasingly uneasy about the direction the US is taking. Bloomberg's Freddy Full.
As financial reforms in America keep coming, European banks are pressing Brussels to ensure they're not left behind. And the European Commission is responding, delaying tougher trading rules and reconsidering limits on how far banks can use their own calculations to reduce capital buffers. But Bloomberg has spoken to senior European central bankers and Watchdogs who say the aggressive US approach is now making international regulatory meetings increasingly fraught.
Why did JPMorgan CEO Jamie Dimon call UK Chancellor John Healey about bank taxes?
Several expressed concern about what they see as American complacency around risks in banking, AI, and credit. One veteran policymaker told us that in almost two decades at the global regulatory table, he's never seen a bigger divide with the US over three years. Threat to Financial Stability In London, Freddie Fulston, Bloomberg Radio.
President Trump has told the Pentagon to substantially reduce joint military exercises with longtime Ali South Korea. In a social media post, he hinted that the shift was driven by frustration that the country hadn't given more support to his war with Iran, saying South Korea had recently declined to join him in the denuclearization of the country. Our news test managing editor Jill Dis has the details.
He cited his uh relationship with Kim Jong-un of North Korea. He cited the costly measures, these uh military drills that were scheduled to take place today. They're actually still going forward, but uh you know, this is kind of a a very abrupt uh message from from Trump here. Another thing that he kind of suggests in that post a little bit is this idea that maybe it's unrelated, maybe it's related. This concept of um the South Korea maybe not being necessarily as participatory in Trump's war with Iran is he would like
On us, as manager enter Jill Disis there. Trump's announcement came as the US Naval Institute said that the single American aircraft carrier stationed in the Asia Pacific region was being diverted to the Middle East.
Well, oil producers in the Middle East are continuing to shuttle large volumes of crude out of the Persian Gulf, keeping global prices in check.
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