"While New York City is still our company's global headquarters, we have shrunk our headcount in the city, from 30,000 a decade ago to 24,000 today, and increased our headcount in Texas, from 26,000 in 2015 to 32,000 today. This trend will likely continue."
"The first path is the most sustainable and fairest: raising taxes on the wealthiest and corporations, and ending the drain by fixing the imbalance between what the City provides the State and what we receive in return."
"Texas is the land of freedom and opportunity where businesses and workers can chart their own path to succeed and thrive."
JPMorgan Chase is reducing its workforce in New York City, decreasing from 30,000 to 24,000 employees, while increasing its Texas workforce from 26,000 to 32,000. CEO Jamie Dimon attributes this trend to New York City's high corporate taxes, which hinder profitability and competitiveness compared to Texas. New York City Mayor Zohran Mamdani defends corporate taxes as necessary for budget stability, while Texas Governor Greg Abbott promotes the absence of corporate tax as beneficial for business growth.
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