JPMorgan Chase CEO Jamie Dimon has warned that the company will continue shrinking its workforce in its New York City headquarters while growing in other locations. Dimon argues that the city's corporate taxes have made the firm less profitable and competitive than it could be in other states like Texas. Financial institutions in the Big Apple pay a nine-percent corporate tax, compared to Texas where they are levied a variable franchise tax. New York Mayor Zohran Mamdani has defended taxes on corporations, arguing they should help bridge City Hall's budget gap.