JPMorgan CEO Warns of Business 'Exodus' from NYC Amid Tax Hike Push

Dimon says crushing taxes and red tape are already sparking a 'large exodus' of companies out of the Big Apple.

Apr. 6, 2026 at 3:37pm

Got story updates? Submit your updates here. ›

A minimalist, photorealistic studio still life featuring a stack of financial documents, a pen, and a calculator arranged on a clean, monochromatic background, symbolizing the abstract concepts of corporate strategy, finance, and risk.As tensions rise between New York City's business community and its left-leaning political leadership, the future competitiveness of the financial capital hangs in the balance.NYC Today

JPMorgan Chase CEO Jamie Dimon issued a warning to New York City Mayor Zohran Mamdani, saying that crushing taxes and red tape are already sparking a 'large exodus' of businesses out of the Big Apple. Dimon stressed that the city faces stiff competition from other financial centers and suggested that Mamdani's tax-and-spend policies would do nothing to help fill City Hall's coffers.

Why it matters

Dimon's comments highlight the growing tensions between the business community and the city's left-leaning political leadership. As Mamdani pushes for higher corporate and personal income taxes, there are concerns that this could drive companies and wealthy residents out of New York, further straining the city's finances.

The details

In his annual letter to shareholders, Dimon pointed to a clear pattern of wealthy New Yorkers and major companies already 'voting with their feet' and leaving the city due to the high taxes and expenses. He warned that JPMorgan itself has shrunk its headcount in the city from 30,000 a decade ago to 24,000 today, while increasing its presence in Texas. Dimon said this trend will likely continue unless there is a shift in policy.

  • Dimon issued the warning in his annual letter to JPMorgan shareholders on April 6, 2026.
  • Mayor Mamdani has been pushing a menu of tax hikes since taking office last year, including increasing the city's corporate tax rate from 7.25% to 11.5% and adding a 2% personal income tax on those making over $1 million per year.

The players

Jamie Dimon

The CEO of JPMorgan Chase, one of the largest financial institutions in the United States.

Zohran Mamdani

The mayor of New York City, who has been pushing for tax hikes on corporations and high-income individuals since taking office.

Kathy Hochul

The governor of New York, who would have to approve any fiscal blueprint proposed by Mayor Mamdani.

Mark Levine

The New York City comptroller, who has predicted the city could face a $12 billion budget deficit within the next two years.

Steve Fulop

The CEO of the Partnership for the City of New York, who pointed to companies like Apollo Global Management scouting locations in Texas and Florida as a sign of a broader trend.

Got photos? Submit your photos here. ›

What they’re saying

“Cities — like individuals, companies, and countries — need to compete. No matter who you are, you need to deal with reality and the truth.”

— Jamie Dimon, CEO, JPMorgan Chase

“New York City remains the best place in the world to do business. But the very people who make this city run are being priced out of it. When working people and young families cannot afford housing, when child care costs more than a mortgage in other parts of this country, we are undermining the foundation of our own economy.”

— Spokesperson for Mayor Zohran Mamdani

“Apollo's move is not an isolated case. It reflects a broader trend tied directly to competitiveness and business leaders feel that some elected officials are tone deaf to the broader economic environment and have no realistic long-term plan to fix the affordability crisis beyond raising costs, which will only further the challenges.”

— Steve Fulop, CEO, Partnership for the City of New York

What’s next

Governor Hochul will need to decide whether to approve any tax hike proposals from Mayor Mamdani, as the city faces a looming budget deficit.

The takeaway

Dimon's warning highlights the growing divide between the business community and the city's left-leaning political leadership. As Mamdani pushes for higher taxes, there are concerns that this could drive companies and wealthy residents out of New York, further straining the city's finances and undermining its status as a global financial hub.