{
  "id": 10422602,
  "title": "Drama in the City as Lord Mayor frontrunner pulls out over ‘criminal proceedings’ facing close associate",
  "url": "https://urgent.news/2026/09/28/drama-in-the-city-as-lord-mayor-frontrunner-pulls-out-over-criminal",
  "topic": "business",
  "section": "Business",
  "published": "2026-09-28T10:08:38.000Z",
  "source": {
    "name": "City AM",
    "slug": "city-am",
    "url": "https://www.cityam.com/drama-in-the-city-as-lord-mayor-frontrunner-pulls-out-over-criminal-proceedings-facing-close-associate/"
  },
  "original_language": "en",
  "account": "Lord Mayor frontrunner Tim Hailes abruptly withdrew his candidacy for the position of next Lord Mayor of the City of London due to criminal proceedings involving a close associate, City AM reports. The banker, who joined the City aldermen in 2013, made the decision to step aside to avoid damaging the City's reputation and the mayoralty. Hailes did not disclose the nature of the alleged criminal activity or the individual facing prosecution. He declined to comment on the matter. In a statement, Hailes explained that he became aware of the situation late last week and that he is not personally under investigation. He emphasized that this was not an easy decision but deemed it the right course of action in the circumstances. Hailes expressed hope to be considered for the mayoralty again at a later date. Following Hailes' withdrawal, City aldermen decided to bring forward Bronek Masojada, a former CEO of insurance firm Hiscox, as a candidate for the 2027 mayoralty. If elected, Masojada could become the Lord Mayor elect as early as tomorrow, the scheduled date for the election. The election will proceed as planned. Hailes spent 20 years at JP Morgan before moving to become a director at fintech firm Five Islands Capital and crypto firm Blockthree Holdings, resigning from both in 2024. The unexpected exit of Hailes injects unusual drama into the historically significant 800-year-old election, with the chosen Lord Mayor acting as a global ambassador for London's financial and professional services industry.",
  "summary": "The frontrunner to become the next Lord Mayor of the City of London has abruptly withdrawn his candidacy after a close business associate was hit with criminal proceedings, City AM understands. Tim Hailes, a former JP Morgan banker who became a City alderman in 2013, took the decision to step aside late last night in [...]",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}