Older folk in the Square Mile bemoan the demise of the liquid lunch. Hammering out the terms of a deal over a glass (or three) of Chateauneuf du Pape just isn’t how it’s done anymore. But bankers at JPMorgan appear to be reviving the tradition – and not just the liquid lunch, but the liquid breakfast, too.
Earlier this month the firm submitted a licensing application to the City of London Corporation ‘to permit the sale of alcohol on the premises’ at its private banking office on the Embankment.
Closer inspection of the application reveals the execs have asked for permission to crack open the booze from as early as 10am, seven days a week.
Spy suddenly feels impelled to open an account with them. Where do I sign?
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Other bankers, however, are in no mood to be popping champagne. Despite efforts by Keir Starmer and Rachel Reeves to woo the City, many are bracing for a fresh wave of higher taxes and red tape after the election.
Some are more blunt about their concerns than others. Edmond de Rothschild Asset Management has decided to call a press conference on July 4, the day voters head to the polls, to discuss “new political obstacles.” Ouch.
Rothschild says the ‘impact’ of the French elections will also be high up on the agenda. Just as well that the company keeps its headquarters in tranquil Geneva.
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