JPMorgan Chase CEO Jamie Dimon issued a thinly veiled warning to New York City Mayor Zohran Mamdani on Monday, saying crushing taxes and red tape are already sparking a “large exodus” of businesses out of the Big Apple.
In his annual letter to shareholders, the 70-year-old Queens native stressed the Big Apple faces stiff competition from other financial centers both in the US and abroad, suggesting that the hard-left Hizzoner’s tax-and-spend policies would do nothing to help swell City Hall’s coffers.
“Cities — like individuals, companies, and countries — need to compete,” Dimon wrote, “No matter who you are, you need to deal with reality and the truth.
“The truth is that while New York City has much going for it, particularly for financial companies (because of extraordinary local talent), it also has the highest city and state corporate taxes and the highest individual income and state taxes,” the Wall Street veteran continued…