Jamie Dimon warned that companies could leave high-tax cities like New York — but so far, they aren’t.
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In his annual letter to shareholders, the JPMorgan CEO said New York City has “much going for it,” but it also has high corporate and individual income taxes that are inhospitable to some businesses.
Dimon, the man behind JPMorgan’s new $3 billion building in Manhattan, said some individuals might move, noting that the wealthy are already fleeing a few states with high taxes and costs of living. A proposed wealth tax in California, the state with the most billionaires, has drawn sharp criticism from some lawmakers and business leaders. Some big names are already leaving, like Google cofounders Sergey Brin and Larry Page, who moved entities linked to them out of the state ahead of a deadline tied to the proposal.
In his letter, Dimon didn’t name New York City Mayor Zohran Mamdani, who supports increasing taxes on the wealthy and corporations, and has proposed raising residents’ property taxes to address the city’s $5.4 billion budget deficit.
“Companies need to remain competitive in this very tough, fast-moving world,” he wrote. “And higher taxes mean lower returns on capital and less competitiveness by their nature.”
For now, though, the shift Dimon is warning about isn’t showing up in the office market.
Commercial real estate firm JLL found that in the first quarter of 2026, companies are continuing to sign leases for high-quality office spaces in Manhattan, and vacancies are down 2.2% compared to a year ago. AI companies are driving some of the demand for office space, JLL reported, as they anticipate near-term hiring. Rents were up 3.5% year-over-year.
In its report, JLL mentioned two financial firms’ recent commitments to New York City: Bank of America’s plans to expand its Midtown office space, and American Express’ commitment to open a new headquarters building in the Financial District.
Dimon, however, highlighted in his letter that some financial firms and their employees are migrating south.
“Sometimes you see companies leaving states, but migration also shows up in shifts of employees out of certain states,” he wrote.
JPMorgan’s head count in New York City dropped from 30,000 to 24,000 over the past decade, Dimon said, while its head count in Texas has gone from 26,000 in 2015 to 32,000 today.
“This trend will likely continue,” he said.
JPMorgan, which employs more than 12,000 people at its campus in the Dallas suburb of Plano, Texas, isn’t alone in building up its presence in the Lone Star State, dubbed “Y’all Street” by some. Both Goldman Sachs and Bank of America have announced plans to build new campuses in Dallas, and Apollo recently said it is searching for a second headquarters in Texas or Florida.
