What does the Jamie Dimon's shake-up of JPMorgan Chase (JPM) mean to the London-based European unit? That's a huge internal question right now. Jaime Dimon and his heir apparent James Staley have sought to persuade the London team that the region remains of critical strategic importance, reports the Financial Times.

But that's a hard sell right now given that Dimon just ousted Bill Winters, the derivatives pro who helped the bank navigate the financial crisis. He had worked at the bank for 26 years and served as co-head of investment banking. JPMorgan's investment bank derives about 40 percent of its revenues from its European operations, the FT notes. There are some big decisions to be made, such as whether to go ahead and buy all of JPMorgan Cazenove. The danger here for Dimon and his reports is that top bankers depart en masse. So far there's no sign of that. 

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