Dimon Warns UK Against Raising Banking Taxes

JPMorgan Chase CEO Jamie Dimon privately warned UK Chancellor John Healey against raising banking taxes, citing potential job losses in the country. This warning comes as the UK government considers increasing surcharges on banks to fill funding gaps.

The conversation between Dimon and Healey was described by sources as 'cordial,' but the topic of banking taxes was a key point of discussion. Dimon has previously cautioned that raising bank taxes could have consequences for JPMorgan's operations in the UK.

The Trades Union Congress has called for an increase in the 3% surcharge on profits above £100 million to a minimum of 8%, which they claim would raise £60 billion by 2030. Positive Money, a not-for-profit organization, suggests that imposing a 38% levy on bank profits above £800 million could generate £18.9 billion in 2026.