UK Investor Summit Faces Setback as Top US Bankers Skip Event

Some heads of U.S. financial institutions are likely to skip a British investor summit next month, a blow to Prime Minister Starmer’s efforts to attract billions of dollars of investment to boost economic growth.

JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon and Blackstone CEO Steve Schwarzman will not be able to attend the Oct. 14 meeting due to scheduling conflicts, according to people familiar with the matter.

However, Chancellor Reeves met with Mr Dimon in London this week to discuss the role financial-services companies can play in stimulating Britain’s economic growth, people familiar with the matter said. Mr Reeves also met with Mr Schwarzman in New York last month.

The two firms plan to send other executives instead, the people said, asking not to be identified, while several CEOs of U.S. financial institutions, including Goldman Sachs Group Inc.’s David Solomon, are expected to attend in a show of support for Britain’s new Labour government.

According to a report by the Capital Markets Industry Taskforce (CMIT), investment of about 1 trillion pounds (about 187 trillion yen) is needed over the next 10 years to put the UK on a 3% annual growth path in real wages and real GDP per capita. The Starmer administration is hoping that the meeting will help attract such investment money.

The UK’s economic growth has been a major focus for the Starmer administration, and the investor summit was seen as a key opportunity to attract foreign investment. Despite the absence of some top US bankers, the event is still expected to draw a number of high-profile attendees.

The meeting is part of a broader effort by the UK government to boost economic growth and attract foreign investment. The government has been working to create a favorable business environment and has introduced a number of initiatives aimed at supporting businesses and stimulating growth.