JPMorgan Chase CEO Jamie Dimon has warned that the United States could face a Europe-style economic decline if it continues pursuing anti-business policies that are driving companies out of cities. Speaking at the American Business Forum in Miami, Dimon said, “In 30 years, if we don’t fix these things, we are going the way of Europe.”
Dimon pointed to shrinking GDP in European economies as a cautionary tale, blaming overregulation and high taxation for weakening business climates. He warned that U.S. cities and states must act now to remain competitive or risk losing companies to regions with more business-friendly policies.
His remarks came amid rising concern over progressive economic agendas in major cities. Without naming names, Dimon appeared to criticize incoming New York City Mayor Zohran Mamdani’s platform, which includes higher taxes on the wealthy, free public transit, and expanded social programs.
“This notion of somehow being anti-business is going to help average American citizens, even the lower paid — I don’t agree with the concept,” he said, cautioning that such policies shrink the tax base and harm the very people they aim to help.
Dimon warned that states and cities adopting hostile business climates will face a flight of capital and talent. “Everyone has to compete — between countries, between states, and between cities,” he said. “A bunch of these states that are driving business out — it will backfire.”
He cited Florida and Texas as examples of jurisdictions benefiting from corporate relocations out of high-tax cities like New York.
Criticizing “blue tape” — a reference to regulatory burdens in Democrat-led cities — Dimon said excessive rules often hurt small businesses and lower-income residents more than large corporations.
In a CNN interview, Dimon revealed he left a voicemail for the mayor-elect, suggesting he learn from Detroit’s recovery. He recommended a conversation with Detroit Mayor Mike Duggan, who revived the city through business partnerships. A JPMorgan spokesperson later said Dimon had reiterated his long-standing view that effective policy comes from collaboration between government, business, and community leaders.
