Jamie Dimon says ‘anti-business sentiment’ is driving Fortune 500 companies out of NYC
“…People vote with their feet and you can’t get mad at them.”
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“…People vote with their feet and you can’t get mad at them.”
Speaking at the 2026 Hill and Valley Forum in Washington DC in late March, Jamie Dimon, the longtime CEO of JPMorgan Chase, spoke on how New York City’s "anti-business sentiment" is driving businesses away to more business-friendly states such as Texas.
He said that JPMorgan’s headcount in Manhattan when he first started with the business was around 35,000 people. That number is now 26,000, he said. In contrast, the company’s headcount in Texas has boomed from 11,000 to 33,000.
https://twitter.com/HillValleyForum/status/2039702468871725257?s=20
"That’s what happens. And, you know, part of that is the highest individual taxes, highest estate taxes, highest corporate taxes, anti-business sentiment, you know, and that’s what happens. And, you know, you could be any ideologue you want, but that’s the real world, and people vote with their feet and you can’t get mad at them. You know, it's a free if you believe in a free country, if someone wants to move to Florida, that's their right," Dimon said.
"And so yeah, if they make too many mistakes. You know, the mayors, including Mayor Mamdani, should worry about police, hospitals, subways, sanitation, storms, health care, schools. It's got nothing to do with Democrats and Republicans, and ideology distorts reality when it comes to something like that."
He also noted that when he was a kid in New York City was home to 120 of the Fortune 500 companies. In the 1970s, however, 60 of those 120 left, including Exxon, GE, and IBM. " I mean, that's not what you want. And they're all going to Texas, you know, basically, or Nevada."
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