JPMorgan CEO Jamie Dimon urges New York City to become more business-friendly like Texas

Dimon applauded Texas' light regulations and the fact it does not have an income tax.

Published: February 28, 2024 11:18am

Updated: February 28, 2024 11:19am

JPMorgan Chase CEO Jamie Dimon said New York City should start implementing more business-friendly policies like Texas to attract investments.

"Mayors and governors call you up here and they say, ‘Jamie, what can we do to get more employees?'" Dimon said after he toured a training facility in Houston, Bloomberg reported Tuesday. "And you can look at other states, which are almost completely opposite."

Dimon applauded Texas' light regulations and the fact it does not have an income tax, which has encouraged companies to relocate or expand there. 

JPMorgan has more than 30,000 employees in Texas, while New York employees have declined from 35,000 to less than 29,000 in recent years.

Dimon criticized New York City's elected officials and said they were the reason why retail giant Amazon decided to not build a second headquarters in the city.

"In New York City, the elected — not the mayor, not the governor, but a lot of the elected — they don’t want business," he said. "They didn’t let Amazon come in and build a whole new thing there."

Texas was the most popular state to move to in 2023. 

Texas welcomed more than 470,000 new residents last year, per U.S. Census Bureau estimates

Additionally, Texas is pulling in companies from more liberal states such as California. More recently, Tesla CEO Elon Musk proposed moving his vehicle company to Texas earlier this month.

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