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 development may “backfire” on states alongside the West Coast and within the Northeast because the rise of “Wall Street South” will increase competitors.
“My bottom line is, I think that everything, everyone has to compete,” Dimon began on the Discussion board stage. “And you know why New Yorkers are so depressed? Because the light at the end of the tunnel is New Jersey.
“It is aggressive between international locations. 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 followed comments from fellow financial leaders including Adam Neumann and Ken Griffin, who praised Florida’s pro-business policies for attracting new wealth and investment.
Jamie Dimon, CEO of JPMorgan Chase & Co., speaks during the America Business Forum in Miami, Fla., Thursday, Nov. 6, 2025. (Eva Marie Uzcategui/Bloomberg via Getty Images / Getty Images)
Dimon acknowledged the migration trend and said he supports those seeking a better quality of life and work.
“Folks vote with their toes. And a few folks act like they vote with their toes as a result of they’re egocentric. They vote with their toes as a result of they see a greater life for them and their household,” Dimon said. “I am not mad at somebody in the event that they go away JPMorgan as a result of they are saying they received a greater alternative. I am like, ‘I perceive. It is your life. I would like you to be completely satisfied.’
“A lot of people can work in different cities and be quite productive,” he added. “And, so, Miami and Florida compete. They compete with taxes. They compete with universities. … We have more employees in Texas today than we have in New York.”
President Donald Trump addressed the American Enterprise Discussion board in Miami Wednesday, saying Republican candidates wanted to speak about “the facts” in the event that they need to win elections.
Even after opening JPMorgan Chase’s new $3 billion world headquarters in New York Metropolis, Dimon famous stark regulatory variations between northern and southern states, citing how lengthy it will probably take to implement one thing so simple as a bus route change.
“You go to other cities, you’ll be negotiating for 20 years, and I think they’re making a mistake. A lot of those cities do things in the name of good, which create bad. All of these bad policies, in my view, usually hurt the lower-paid people more,” Dimon famous.
“I’m not going to blame any particular group here, but if you don’t stand forward and say, ‘We have a problem. This isn’t working,’ you won’t fix it,” he stated. “So, there’s a lot to do. And going back to Miami, Florida’s done a great job.”
Just lately, each Florida and Texas launched their very own in-person buying and selling flooring, solidifying the “Wall Street 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 don’t know if it’s gonna work, but it’s probably gonna be bad for [Institutional Shareholder Services] and Glass Lewis, and I think that’s great. I think those institutions are terrible and should be crushed,” Dimon reacted.
“We better start fixing these things because if we don’t, folks, in 30 years we’re going the way of Europe,” he concluded. “And if we do it right, it’ll help all of our citizens — all of them — not just the people who you think are well off.”
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