Business · Fortune Technology
Jamie Dimon signalled high taxes would push business out of New York, but the city is honing its edge over Miami in attracting top talent, report catches
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JPMorgan Chase CEO Jamie Dimon warned of an exodus of companies from New York because of climbing taxes and regulatory encumbrances, but emerging data suggests mass migration away from the metropolis has been greatly exaggerated.
Key facts
- In November, following Mamdani’s election, signed contracts for Manhattan homes over $4 million rose 25% from October, according to brokerage Douglas Elliman and appraiser Miller Samuel
- And Dimon notes his company is following suit: Despite opening its new global headquarters in Manhattan last October, JPMorgan shrank its New York headcount by 20%, from 30,000 a decade ago to 24,000
- The firm’s recent analysis of office space in the first quarter of 2026 moreover found office vacancies in New York decreased by 2.2% to 13.5%, while leasing volume for high-quality office space
- Hedge fund giant Citadel, under Ken Griffin, is awaiting the completion of its $2.5 billion headquarters in Miami
Summary
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. Billionaires such as 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. And Dimon notes his company is following suit: Despite opening its new global headquarters in Manhattan last October, JPMorgan shrank its New York headcount by 20%, from 30,000 a decade ago to 24,000 today, Dimon wrote in his letter.