JP Morgan has cast doubt on its commitment to its new £1.5 billion (around $1.94 billion) European headquarters at Canary Wharf in Eastern London due to its anger at the lack of support for the financial sector in the UK, suggesting its Asia expansion ambitions now take greater priority, according to the Sunday Telegraph.

Jamie Dimon, the bank’s chief executive, is understood to have doubts about investing so heavily in London when there is uncertainty about future costs that could be imposed on banks. The newspaper, quoting unnamed sources, said the bank was "on the verge" of quitting the development.

Talks are understood to have taken place between JP Morgan, officials from the Mayor of London's office and Canary Wharf Group over the future of the headquarters, although no decision has been reached, the report said. It added that none of the parties mentioned in its report were able to comment. JP Morgan could not be reached by this publication at the time of going to press.

“The bank has made it clear that it now sees expansion being in Asia rather than in London,” the report said.

HSBC, the London-listed bank with strong historic ties to Hong Kong and other parts of Asia, recently decided that its chief executive should be permanently based in Asia, reflecting its views of where the centre of economic gravity was now located.