Dimon Warns Healey: Higher Bank Taxes Risk Finance Jobs Exodus

JPMorgan Chase CEO Jamie Dimon has warned UK Chancellor John Healey against implementing higher bank taxes, citing potential consequences for finance jobs in the country. In a call with Healey on Thursday, Dimon reportedly emphasized that increasing taxes could lead to a decline in finance roles in the UK, as happened in New York due to its tax burden.

Dimon's warning comes ahead of the October Budget, where lenders face growing concern about being targeted for fresh levies. The Trades Union Congress has urged Healey to raise the bank surcharge, currently 3% above the 25% corporation tax rate, to help fund support for household energy bills.

However, several industry leaders have pushed back against higher taxes, including Santander executive chair Ana Botin, who has said that the UK bank tax regime makes no economic sense. Dimon's private warning follows his public comments last month in which he stated that higher bank taxes could carry adverse consequences, including for shareholders already paying billions in extra tax.

JPMorgan's £3 billion London headquarters investment was linked to a stable tax regime, demonstrating how UK tax policy directly affects long-term capital decisions. Dimon's intervention highlights the importance of a favorable business environment in attracting and retaining finance jobs in the country.