JP Morgan boss Jamie Dimon to warn UK chancellor against bank tax hike
Wall Street billionaire’s meeting with John Healey comes amid deep speculation over higher windfall tax on banks in October budget Jamie Dimon, the chief executive of the largest US bank, JP Morgan, is to warn John Healey against raising taxes on banks in his inaugural budget in October. The Wall Street billionaire will meet the new chancellor on Wednesday and caution him that higher taxes could…
JP Morgan chief executive Jamie Dimon is set to meet with UK Chancellor John Healey to express concerns over potential bank tax hikes in the upcoming October budget. Speculation suggests that Healey might consider introducing a windfall tax on banks and oil companies during his budget, which is scheduled for October 28th.
Dimon, whose bank is the largest in the United States, has a history of opposing additional bank taxes in Britain. These taxes were imposed following the government's bailout of major UK lenders during the 2008 financial crisis. The corporation tax rate for UK banks is already higher than the standard 25%, and there is an additional surcharge on their UK balance sheets.
During a phone conversation in August, Dimon warned Healey that further tax increases could have "adverse consequences," citing the decline in finance jobs in New York due to the city's tax regime. Dimon was among a group of bank executives who successfully lobbied against higher taxes in Rachel Reeves's budget last year. They held a birthday celebration for King Charles at the bank's Manhattan headquarters, where Dimon met Varun Chandra, who is now the prime minister's business envoy.
In May 2024, Dimon announced plans to build a 3 million square foot tower in London's Canary Wharf district, which would serve as JP Morgan's UK headquarters and employ over half of the bank's 23,000-strong UK workforce. However, he had previously indicated that the project could be scrapped if a new Labour prime minister hostile to banks were to replace Keir Starmer.
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