Jamie Dimon warns states which can be driving companies out will face ‘backfire’

JPMorgan Chase CEO Jamie Dimon warned that high-tax, regulation-heavy states are driving companies and residents away — accelerating an exodus to pro-growth Solar Belt states like Florida and Texas.

Talking on the America Enterprise Discussion board in Miami on Thursday, Dimon cautioned that the pattern might “backfire” on states alongside the West Coast and within the Northeast because the rise of “Wall Road South” will increase competitors.

“My backside line is, I feel that every thing, everybody has to compete,” Dimon began on the Discussion board stage. “And you recognize why New Yorkers are so depressed? As a result of the sunshine on the finish of the tunnel is New Jersey.”

“It is aggressive between international locations, it is aggressive amongst cities, it is aggressive between states, and also you’re mentioning a bunch of those states which can be driving enterprise out, and it’ll backfire,” he continued.

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Dimon’s remarks adopted feedback from fellow monetary leaders together with Adam Neumann and Ken Griffin, who praised Florida’s pro-business insurance policies for attracting new wealth and funding.

Jamie Dimon, chief government officer of JPMorgan Chase & Co., speaks in the course of the America Enterprise Discussion board in Miami, Florida, on Thursday, Nov. 6, 2025. (Getty Pictures)

Dimon acknowledged the migration pattern and mentioned he helps these in search of a greater high quality of life and work.

“Folks vote with their ft. And a few folks act like they vote with their ft as a result of they’re egocentric – they vote with their ft as a result of they see a greater life for them and their household,” Dimon mentioned. “I am not mad at somebody in the event that they go away JPMorgan as a result of they are saying they acquired a greater alternative. I am like, I perceive. It is your life. I would like you to be comfortable.”

“Lots of people can work in several cities and be fairly productive,” he added. “And so, Miami and Florida compete. They compete with taxes, they compete with universities … Now we have extra workers in Texas immediately than we’ve in New York.”

Even after opening JPMorgan Chase’s new $3 billion world headquarters in New York Metropolis, Dimon famous stark regulatory variations between northern and southern states — citing how lengthy it might probably take to implement one thing so simple as a bus route change.

“You go to different cities, you will be negotiating for 20 years, and I feel they’re making a mistake. Quite a lot of these cities do issues within the title of excellent, which create unhealthy. All of those unhealthy insurance policies, for my part, normally harm the lower-paid folks extra,” Dimon famous.

“I am not going in charge any specific group right here, however in the event you do not stand ahead and say, ‘Now we have an issue, this is not working,’ you will not repair it,” he mentioned. “So there’s so much to do. And going again to Miami, Florida’s finished an incredible job.”

Not too long ago, each Florida and Texas have launched their very own in-person buying and selling flooring — solidifying the “Wall Road South” label.

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“I do not know if it is gonna work, nevertheless it’s in all probability gonna be unhealthy for [Institutional Shareholder Services] and Glass Lewis, and I feel that is nice. I feel these establishments are horrible and must be crushed,” Dimon reacted.

“We higher begin fixing this stuff as a result of if we do not, people, in 30 years we’re going the best way of Europe,” he concluded. “And if we do it proper, it will assist all of our residents – all of them – not simply the individuals who you assume are effectively off.”

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