Jamie Dimon warned high taxes would push business out of New York, but the city is honing its edge over Miami in attracting top talent, report finds

JPMorgan Chase CEO Jamie Dimon warned of an exodus of companies from New York as a result of climbing taxes and regulatory encumbrances, but emerging data suggests mass migration away from the metropolitan has been greatly exaggerated.

In JPMorgan’s annual shareholder letter, Dimon wrote that “while New York City has much going for it,” it also has the highest corporate and income taxes, with the potential to scare off businesses and high caliber talent as a result.

“Individuals vote with their feet,” Dimon wrote. “You can already see a fairly large exodus of people and jobs out of some states with high taxes and high expenses,” referencing the exodus of billionaires from California and Washington, states that have announced income taxes in recent months.

Billionaires like Google cofounders Larry Page and Sergey Brin both divested from California as the state weighs a wealth tax on billionaires, snapping up property in Florida and Nevada, respectively. Former Starbucks CEO Howard Schultz, whose net worth is $6.6 billion, and Meta CEO Mark Zuckerberg, with $203 billion in wealth, have both bought Florida property.

And Dimon notes his company is following suit: despite opening its new global headquarters in Manhattan last October, JPMorgan shrunk its New York headcount by 20%, from 30,000 a decade ago to 24,000 today, Dimon wrote in his letter. Meanwhile, the bank is expanding its footprint in Texas, growing from 26,000 employees in 2015 to 32,000 today, a trend Dimon said “will likely........

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