Jamie Dimon, chairman and CEO of JPMorgan Chase, speaks from the America Business Forum in Miami, where he was asked about his views on the migration of wealth and population to Florida.
Jamie Dimon, CEO of JPMorgan Chase, warned that high-tax, heavily regulated states are driving away businesses and residents, accelerating the exodus to growth-friendly Sun Belt states like Florida and Texas.
Speaking Thursday at the America Business Forum in Miami, Dimon warned that this trend could backfire in West Coast and Northeast states as the rise of the “Wall Street South” increases competition.
“At the end of the day, I think everything, everyone has to compete,” Dimon began on the Forum stage. “And you know why New Yorkers are so depressed? Because the light at the end of the tunnel is New Jersey.
“It’s competitive between countries. It’s competitive between cities. It’s competitive between states. And you mention a number of these states that are chasing businesses, and it’s going to backfire on them.”
Trump calls Miami a “safe haven” for those fleeing New York’s “communism” under Mamdani’s new leadership.
Dimon’s remarks followed comments from other financial leaders, including Adam Neumann and Ken Griffin, who praised Florida’s business-friendly policies for attracting new wealth and investment.
Jamie Dimon, CEO of JPMorgan Chase & Co., speaks at the America Business Forum in Miami, Fla., Thursday, Nov. 6, 2025. (Eva Marie Uzcategui/Bloomberg via Getty Images / Getty Images)
Dimon acknowledged the migratory trend and said he supports those seeking a better quality of life and work.
“People vote with their feet. And some people act like they vote with their feet because they’re selfish. They vote with their feet because they see a better life for themselves and their family,” Dimon said. “I’m not mad at someone if they leave JPMorgan because they say they have a better opportunity. I tell them, ‘I understand. It’s your life. I want you to be happy.’
“A lot of people can work in different cities and be very productive,” he added. “And so Miami and Florida are competing. They’re competing with taxes. They’re competing with universities. … We have more employees in Texas today than we do in New York.”
President Donald Trump spoke to the American Business Forum in Miami on Wednesday, saying Republican candidates need to talk about “the facts” if they want to win elections.
Even after opening JPMorgan Chase’s new $3 billion global headquarters in New York, Dimon noted stark regulatory differences between northern and southern states, citing the time it can take to implement something as simple as a bus route change.
“You go to other cities, you’ll negotiate for 20 years, and I think they’re making a mistake. A lot of these cities are doing things in the name of good, which creates harm. All these bad policies, in my opinion, generally hurt lower-paid people more,” Dimon noted.
“I’m not going to blame any particular group here, but if you don’t say, ‘We have a problem. This isn’t working,’ you’re not going to fix it,” he said. “So there’s a lot to do. And going back to Miami, Florida has done a great job.”
Recently, Florida and Texas launched their own in-person trading floors, solidifying the “Wall Street South” label.
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JPMorgan Chase Chairman and CEO Jamie Dimon talks federal spending, the state of the markets, billion-dollar technology investments, trade tensions, national security and more in an exclusive “Mornings with Maria” interview.
“I don’t know if it’s going to work, but it’s probably going to be bad for [Institutional Shareholder Services] and Glass Lewis, and I think it’s great. I think these institutions are terrible and should be destroyed,” Dimon responded.
“We better start fixing these problems, because if we don’t, in 30 years we will go the way of Europe,” he concluded. “And if we do it right, it will help all of our citizens – all of them – not just the ones you think are well off.”
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