Dimon Warns of Jobs Risk in UK Tax Fight
JPMorgan Chase's Chief Executive Jamie Dimon met with Prime Minister Andy Burnham and Chancellor John Healey on September 9 to discuss a potential windfall levy on banks in the UK.
Dimon warned that higher taxes could put investment and employment at risk, specifically mentioning JPMorgan's 22,000 U.K. employees and its £474 billion of credit and capital provided to nearly 4,500 medium and large British companies.
The meeting was part of the government's consideration for a windfall levy ahead of its October 28 budget. The Treasury has estimated that British banks paid £43.3 billion in tax in the year through March 2025.
JPMorgan shares showed little reaction to the news, trading at $354.90 on Monday, about 0.4% below Friday's close. The company's June quarter revenue and net income were $57.3 billion and $21.2 billion, respectively.