Jamie Dimon, CEO of JPMorgan Chase & Co., is warning of an “exodus of people and jobs” from New York City due to high city and state corporate taxes, and individual income and state taxes.
In his annual letter to shareholders released on Monday, Dimon, 70, wrote that JPMorgan Chase, which was formed in December 2000 with roots traced back to the Manhattan Company founded in 1799, has “shrunk our headcount in the city, from 30,000 a decade ago to 24,000 today, and increased our headcount in Texas, from 26,000 in 2015 to 32,000 today.”
“Individuals vote with their feet,” he wrote. “You can already see a fairly large exodus of people and jobs out of some states with high taxes and high expenses.” He added that higher taxes “mean lower returns on capital and less competitiveness by their nature.”
While New York remains the bank’s global headquarters, Dimon said companies must balance costs against long-term returns, warning that the trend of job shifting could continue. “No city—or company or country—has a divine right to success,” he wrote.
Dimon’s comments come as New York City Mayor Zohran Mamdani has committed to “raising taxes on the wealthiest and corporations” as part of efforts to address budget gaps and fund city programs.
