JPMorgan’s top executives have embarked on a charm offensive to allay fears among staff and regulators that the ousting of Bill Winters as co-head of the investment bank will mean a diminished role for its London operations.

Jamie Dimon, JPMorgan’s chief executive, made a surprise visit to London last week, meeting about 70 senior managers, to reassure them that the City and Europe remain crucial to the bank’s future, the group said.

Steve Black, the former investment banking co-head who is now its executive chairman, and Jes Staley, the new head, have also spent several days in London in recent weeks.

JPMorgan’s investment bank derives about 40 per cent of its revenues from its European operations, based in London.

Financial Times