JPMorgan Chase CEO Jamie Dimon is warning that high taxes and strict rules in New York City could drive businesses and workers to leave, as companies look for more affordable places to operate.
In his annual letter to shareholders released Monday, Dimon said cities must compete to keep companies.
He explained that while New York remains a top location for financial firms because of its skilled workforce, it also has some of the highest taxes in the country.
"The truth is that while New York City has much going for it, particularly for financial companies ... it also has the highest city and state corporate taxes and the highest individual income and state taxes," Dimon wrote.
According to FoxBusiness, he added that businesses cannot ignore these costs. "Companies need to remain competitive in this very tough, fast-moving world. And higher taxes lower returns on capital and less competitiveness by their nature," he said.
Dimon stressed that the impact is not just about companies moving their headquarters. Workers are also choosing to relocate.
"You can already see a fairly large exodus of people and jobs out of some states with high taxes and high expenses," he noted, adding that people often "vote with their feet" when deciding where to live and work.
WALL STREET WARNING: JPMorgan CEO Jamie Dimon cautioned that high-tax cities like New York risk losing businesses and workers, noting his own firm has cut NYC headcount while expanding in Texas. He warned that rising costs and regulation are pushing both companies and employees… pic.twitter.com/FmChC0KDGa
— FOX Business (@FoxBusiness) April 7, 2026
JPMorgan Shifts Jobs From New York to Texas
The banking giant itself has already shifted part of its workforce. While New York City is still its global headquarters, Dimon said the company has reduced its employee count there from 30,000 a decade ago to 24,000 today, NY Post reported.
At the same time, its workforce in Texas has grown from 26,000 in 2015 to 32,000. "This trend will likely continue," he said.
Dimon pointed out that this kind of movement can have serious effects on cities.
He compared the situation to the 1970s, when nearly half of the Fortune 500 companies based in New York City left.
He said high costs like taxes, rent, and labor played a major role in those departures.
"Sometimes this can be a disaster for a city," Dimon wrote, warning that no place is guaranteed success. "No city – or company or country – has a divine right to success."
Despite his concerns, Dimon acknowledged that New York still offers strong advantages, especially in talent and business connections.
Join the Conversation