JPMorgan Chase CEO Jamie Dimon has warned of a "large exodus" of businesses from New York City due to high taxes and red tape, citing the high competition from other financial centers both in the US and abroad. Dimon stated that the hard-left Mayor Zohran Mamdani's tax-and-spend policies would not significantly increase City Hall's coffers. He also warned that higher taxes would result in lower returns on capital and less competitiveness. The warning came in response to Mamdanian's proposal to increase New York's corporate rate from 7.25% to 11.5% and impose a 2% personal income tax increase on anyone earning more than $1 million a year.