Dimon Warns London Job Losses Loom if Wealthy and Banks Are Hit with Higher Taxes

JPMorgan Chase CEO Jamie Dimon has warned UK Chancellor John Healey that raising taxes on the wealthy and financial sector could lead to job losses in London. In a phone call, Dimon cited New York as an example where higher taxes led to a decline in finance roles.

The bank employs 23,000 people in London, Bournemouth, Glasgow, and Edinburgh, and Dimon has previously criticized the UK's corporation tax surcharge for banks, calling it 'uncompetitive' and warning that it could cause companies to leave the country.

Economists have warned Healey that he will need to either raise taxes or cut spending as pressure on the public finances leaves no room for extra borrowing. Dimon has also expressed concerns about a potential hike in the windfall levy on bank profits.