Dimon Warns Higher Bank Taxes Could Spark UK Finance Exodus

UK Chancellor John Healey is facing warnings from JPMorgan Chase & Co. CEO Jamie Dimon that higher bank taxes could trigger a finance exodus out of the UK, mirroring the situation in New York.

Dimon reportedly made this warning during a call with Healey last Thursday, pointing to the decline in New York finance jobs due to the city's high tax burden.

Healey has not yet commented on bank taxes, but Dimon emphasized that the UK's economic challenges can only be addressed through growth and sound policy, rather than additional levies on banks.

JPMorgan was planning a £3 billion London base at Canary Wharf before Healey proposed higher bank taxes. Dimon warned that such taxes would not be welcomed by JPMorgan or other banking executives.