JPMorgan CEO Jamie Dimon praises “business-friendly” Texas, Florida
March 7, 2023 | 9:52 a.m
Jamie Dimon, CEO of JPMorgan Chase, has joined the growing list of business leaders touting the benefits of expanding their business presence in Sun Belt states like Texas and Florida, which he says are “pro-America, upbeat, pro-business.” are.
“We love Florida, we’re growing left and right in Florida,” Dimon told Bloomberg News on Monday.
Dimon named Florida and Texas as states that “like businesses want you to come.”
“We now have more employees in Texas than in upstate New York,” Dimon said. “It shouldn’t have been like this, but Texas loves you’re there.”
JPMorgan Chase, the US’s largest bank, has expanded its presence in Florida, which has seen a large influx of migrants from high-tax states like New York, Illinois and California.
“Small companies, big companies, we have, I forgot how many employees we have here in total,” Dimon told Bloomberg News.
“I’m on my way to Tampa, we have big stores there, big stores in Orlando, we’re opening branches, and so the mayor just came down to a small business event we did here.”
Dimon added, “We’re very pro, pro Florida.”
Dimon, whose net worth is estimated at around $1.7 billion by Forbes, praised Florida’s political leadership.
“I think they’re great,” Dimon said.
“If you were running the state, you should be thinking, ‘How can I make the state good for my people?'” Dimon said.
“So Florida likes the business. They want you to come.”
JPMorgan has opened additional offices in emerging areas like Miami and Jacksonville in recent years.
Dimon also hailed the Lone Star State, where JPMorgan Chase recently unveiled a new, state-of-the-art campus in the Dallas-Fort Worth area that the bank says will host about 6,500 jobs.
“Texas is like that [in its pro-business attitude]’ Dimon said.
“If I were in another state, I would think, ‘Why do people like to travel to these states?'”
He added: “It’s their taxes, it is [that] They are pro-business, they want a better life for their people.”
JPMorgan Chase has more than 200 locations in the Dallas-Fort Worth Metroplex. According to the bank, it currently employs more than 6,500 people in and around “Big D”.
Other financial titans have also increased their presence in the South in response to migration patterns.
Ken Griffin, the hedge fund billionaire, moved the headquarters of his hedge fund Citadel from criminal Chicago to sunny Miami.
Goldman Sachs, the investment banking giant, also moved some of its dealerships to West Palm Beach — cementing South Florida’s reputation as “Wall Street South.”
Stephen Ross, the billionaire owner of gyms Miami Dolphins and Equinox, recently told Bloomberg News that Florida’s “living comforts” make it more attractive to career-minded Northeasters.
“People are looking from the Northeast and they’re moving for jobs — not retirement — and companies are looking” for offices, said Ross, the real estate developer who built the Hudson Yards project on Manhattan’s West Side.
In the past year alone, more than 64,500 former New York state residents relocated to Florida — more than any other year in history, according to the Florida Department of Highway Safety and Motor Vehicles, which tracks driver’s license statistics.