JP Morgan boss issues bank tax warning to John Healey
The boss of JP Morgan has issued a bank tax warning to John Healey as the Chancellor gears up to deliver his first Budget in October. Jamie Dimon, who has led Wall Street’s biggest bank since 2006, held a call with Healey on Thursday where the bank chief emphasised “getting public policy right” as crucial [...]
Jamie Dimon, the CEO of JP Morgan, met with Chancellor John Healey to discuss the importance of "getting public policy right" as a way to tackle economic issues. The meeting took place at the behest of Chancellor's team and has been reported by City AM. This conversation is part of a series of discussions between industry leaders and Healey ahead of the Budget, which is scheduled for October 28.
The financial services sector has entered a defensive mode in anticipation of the Budget, as activists and left-wing politicians are pushing for higher taxes on the industry. Dimon warned that higher taxes could lead to the loss of jobs, referencing a decline in finance roles in New York due to the tax burden. He also mentioned that JP Morgan would withdraw a £3bn investment if the government proved to be "hostile" to banks.
The Chancellor's office declined to comment on the meeting, and JP Morgan did not provide a response as well.
Written by urgent.news from City AM's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
