Lord Mayor frontrunner Tim Hailes quits City race over criminal case at a former employer to 'protect the City's reputation'

From the Newshound archive · first published 28 September 2026 · last updated 29 September 2026.

Tim Hailes, a City alderman and former JP Morgan banker who had been the frontrunner to become the next Lord Mayor of London, has withdrawn from the race after a close business associate at a previous firm became the subject of criminal proceedings. Hailes stressed he is not personally under investigation, but said he was unwilling to place either the mayoralty or the City's reputation in jeopardy. His withdrawal came too late to call off the election, which goes ahead as planned. City aldermen have moved swiftly to back Bronek Masojada, who formerly led insurance firm Hiscox as chief executive and had originally been lined up as a 2027 candidate, to succeed him.

Hailes said he learned 'late last week' that someone 'closely connected' to a former employer faced criminal proceedings, without identifying them.

Masojada could be confirmed as Lord Mayor elect on Wednesday, when the election is due to be held.