JPMorgan Chase Chairman and CEO Jamie Dimon speaks from the America Enterprise Discussion board in Miami, the place he was requested about his opinion on the wealth and inhabitants migration to Florida.
JPMorgan Chase CEO Jamie Dimon warned that high-tax, regulation-heavy states are driving companies and residents away, accelerating an exodus to pro-growth Solar Belt states like Florida and Texas.
Talking on the America Enterprise Discussion board in Miami Thursday, Dimon cautioned that the pattern might “backfire” on states alongside the West Coast and within the Northeast because the rise of “Wall Road South” will increase competitors.
“My backside line is, I believe that all the things, everybody has to compete,” Dimon began on the Discussion board stage. “And you understand why New Yorkers are so depressed? As a result of the sunshine on the finish of the tunnel is New Jersey.
“It is aggressive between nations. It is aggressive amongst cities. It is aggressive between states. And also you’re mentioning a bunch of those states which are driving enterprise out, and it’ll backfire.”
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Dimon’s remarks adopted feedback from fellow monetary leaders together with Adam Neumann and Ken Griffin, who praised Florida’s pro-business insurance policies for attracting new wealth and funding.
Jamie Dimon, CEO of JPMorgan Chase & Co., speaks through the America Enterprise Discussion board in Miami, Fla., Thursday, Nov. 6, 2025. (Eva Marie Uzcategui/Bloomberg by way of Getty Pictures / Getty Pictures)
Dimon acknowledged the migration pattern and mentioned he helps these looking for a greater high quality of life and work.
“Individuals vote with their ft. And a few individuals act like they vote with their ft as a result of they’re egocentric. They vote with their ft as a result of they see a greater life for them and their household,” Dimon mentioned. “I am not mad at somebody in the event that they depart JPMorgan as a result of they are saying they obtained a greater alternative. I am like, ‘I perceive. It is your life. I need you to be glad.’
“Lots of people can work in numerous cities and be fairly productive,” he added. “And, so, Miami and Florida compete. They compete with taxes. They compete with universities. … We have now extra workers in Texas at the moment than we have now in New York.”
President Donald Trump addressed the American Enterprise Discussion board in Miami Wednesday, saying Republican candidates wanted to speak about “the info” in the event that they need to win elections.
Even after opening JPMorgan Chase’s new $3 billion international headquarters in New York Metropolis, Dimon famous stark regulatory variations between northern and southern states, citing how lengthy it will possibly take to implement one thing so simple as a bus route change.
“You go to different cities, you will be negotiating for 20 years, and I believe they’re making a mistake. Quite a lot of these cities do issues within the identify of fine, which create dangerous. All of those dangerous insurance policies, for my part, normally harm the lower-paid individuals extra,” Dimon famous.
“I am not going guilty any specific group right here, however in the event you do not stand ahead and say, ‘We have now an issue. This is not working,’ you will not repair it,” he mentioned. “So, there’s loads to do. And going again to Miami, Florida’s carried out an amazing job.”
Just lately, each Florida and Texas launched their very own in-person buying and selling flooring, solidifying the “Wall Road South” label.
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JPMorgan Chase Chairman and CEO Jamie Dimon talks federal spending, the state of markets, billion-dollar tech investments, commerce tensions, nationwide safety and extra in an unique ‘Mornings with Maria’ interview.
“I do not know if it is gonna work, nevertheless it’s most likely gonna be dangerous for [Institutional Shareholder Services] and Glass Lewis, and I believe that is nice. I believe these establishments are horrible and must be crushed,” Dimon reacted.
“We higher begin fixing these items as a result of if we do not, people, in 30 years we’re going the way in which of Europe,” he concluded. “And if we do it proper, it will assist all of our residents — all of them — not simply the individuals who you suppose are properly off.”
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