JPMorgan boss Jamie Dimon warns of ‘consequences’ if Andy Burnham taxes banks

JPMorgan Chase CEO Jamie Dimon has advised Britain’s new prime minister against raising taxes on banks, stating it would negatively impact UK investment and could jeopardize the bank’s planned £3bn London office. Dimon argued that penalizing companies through measures like increasing the bank levy or corporation tax surcharge would have adverse consequences, citing a $5bn tax burden his shareholders already faced. He emphasized that an uncompetitive tax system drives capital away from the country, potentially leading to companies delisting from London.

• JPMorgan CEO Jamie Dimon warns new UK prime minister against taxing banks.
• Tax increases could threaten a planned £3bn London office and deter investment.
• Dimon argues taxing banks could have adverse consequences for the UK economy.
• He believes the UK bank levy and corporation tax surcharge are punitive measures.
• Trade unions are urging the new prime minister to consider wealth taxes, including on banks.
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