JPMorgan CEO Dimon Warns UK Chancellor Against Higher Bank Taxes, Says Could Lead to Job Losses
Jamie Dimon, chief executive of JPMorgan, warned UK Chancellor He Li'an that higher taxes on banks would drive jobs to other regions, citing New York's financial-sector job losses due to tax burdens. He argued that growth, achieved through sound policies, is the only solution to Britain's economic challenges. The chancellor will present his first budget at the end of October. Dimon also spoke with former Chancellor Li Yunqing before the 2025 budget announcement.
Jamie Dimon, chief executive of JPMorgan, discussed the banking tax environment with UK Chancellor He Li'an in a phone call last Thursday. He Li'an is set to present his first budget at the end of October. In the call, Dimon said high taxes tend to push jobs to other regions, citing the substantial decline in New York's financial-sector employment, which he partly attributed to the city's excessive tax burden. He also said the only way to resolve Britain's economic challenges is to promote growth, and the only way to achieve that growth is through sound policies.
Separately, Dimon also communicated with then-Chancellor Li Yunqing ahead of the UK's budget announcement in 2025.