One-Time UK Labour Leadership Contender Joins JP Morgan

    Stockholm (NordSIP) – According to news reports in the British press, JP Morgan hired Chuka Umunna to head its European ESG efforts. Umunna was a British Member of Parliament (MP) for Streatham between 2010 and 2019. A lawyer by training, Umunna was once heralded as the future of the Labour party before withdrawing from its leadership contest against Jeremy Corbyn in 2015.

    He joined Ed Miliband as Shadow Secretary of State for Business, Innovation and Skills between 2011 and 2015. Upon the election of Corbyn as Labour party leader, Umunna left his leadership role to become a backbencher. In 2019, he founded the Change UK party with several disgruntled MPs from the Labour and Liberal Democratic party, largely on a pro-EU platform. Following the failure of the new party at the 2019  European Parliament election, Umunna joined the Liberal Democratic party, before losing his election to the House of Commons and starting a career in business.

    Umunna joins the Wall Street bank from communications consultancy Edelman, where he was Head of ESG. His appointment to JP Morgan has been met by pervasive remarks about the irony that Umunna, who criticised salaries in the City and in Wall Street as “reckless”, should now probably find himself receiving some such compensation. No details have been disclosed about Umunna’s salary.

    Image from UK Parliament via Wikimedia Commons

    Filipe Albuquerque
    Filipe Albuquerque
    Filipe is an economist with 8 years of experience in macroeconomic and financial analysis for the Economist Intelligence Unit, the UN World Institute for Development Economic Research, the Stockholm School of Economics and the School of Oriental and African Studies. Filipe holds a MSc in European Political Economy from the LSE and a MSc in Economics from the University of London, where he currently is a PhD candidate.

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