Jamie Dimon's grim warning for US economy: JPMorgan Chase CEO says 'If we don't fix these things...'

JPMorgan Chase CEO Jamie Dimon has issued a stark warning that United States is going towards European-style economic deadline unless it immediately rolls back anti-business policies driving companies out of major cities. "In 30 years, if we don't fix these things, we are going the way of Europe," Dimon said. He was speaking at the American Business Forum in Miami. He also shed light on continent's shrinking GDP as evidence of what happens when governments chase away businesses with excessive regulation and taxation.

The billionaire investor has warned that US cities and states must act now to stay competitive, or risk losing businesses to regions with more growth-friendly policies. The 69-year-old banking chief said countries, states, and cities are all competing for investment — and places that create a hostile climate for businesses will eventually suffer.

Jamie Dimon warns on American economy

His comments came as newly elected New York Mayor Zohran Mamdani prepares to implement a progressive agenda including higher taxes on the wealthy and expanded social programs. Without naming Mamdani directly, he dismissed the mayor-elect's campaign promises of free buses and childcare funded by taxing corporations and wealthy residents.


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Jamie Dimon's remarks was seen as a veiled dig at “anti-business” Zohran Mamdani — warning that the left-wing pol’s tax-and-spend agenda could “backfire” and drive big taxpayers and major companies out of the city.

“This notion of somehow being anti-business is going to help average American citizens, even the lower paid,” he told an audience at the American Business Forum, a Saudi Arabia-backed summit in Miami. “I don’t agree with the concept.” The Wall Street titan warned that “beating up business as a way to fix things” — whether it’s crime, education or the cost of living — could shrink the city’s tax base as financiers and corporations relocate to lower-tax states.

Cities driving out businesses will see policies backfire

Jamie Dimon warned that jurisdictions adopting hostile business climates will face severe consequences as companies relocate to more favorable environments. "Everyone has to compete—between countries, between states, and between cities," he said at the Saudi Arabia-backed summit. "A bunch of these states that are driving business out—it will backfire." He pointed to Florida and Texas as examples of states attracting firms leaving high-tax cities like New York.

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"A lot of those cities do things in the name of good, which create bad," Dimon said. "All of these bad policies, in my view, usually hurt the lower-paid people more."

Dimon also urged Democrat-led cities to cut excessive regulations — which he called “blue tape” — to avoid economic decline. He dismissed ideas such as free buses and childcare funded through higher taxes on corporations and wealthy residents, saying anti-business policies do not help average Americans.

In an interview with CNN, Dimon said he left the mayor-elect a voicemail and suggested he consult Detroit Mayor Mike Duggan, who revived his bankrupt city through business partnerships. A JPMorgan spokesman said Dimon "simply reiterated his long-held belief that government, business, community leaders and others need to collaborate on executing sensible policy."

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