JPMorgan Chase CEO on Texas vs New York

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During a recent visit to Texas, JPMorgan Chase & Co. Chief Executive Jamie Dimon expressed his admiration for the business-friendly environment in the Lone Star State. In contrast, Dimon criticized his home state of New York, describing it as unfriendly to companies.

Embracing Texas

Dimon highlighted Texas’s lack of income tax and more lenient regulatory framework as key factors in its ability to attract businesses. With a workforce of 30,000 employees in Texas, JPMorgan Chase has found success in the state and appreciates its market share there.

New York’s Challenges

In contrast, Dimon pointed out the difficulties of doing business in New York. He referenced the controversial decision by Inc. to abandon plans for a regional headquarters in Queens due to objections from local officials. Dimon expressed frustration with the anti-business sentiment among certain elected officials in New York City.

Despite facing challenges in New York, JPMorgan Chase remains committed to both states, with a substantial presence in each. The contrast between the business environments of Texas and New York serves as a notable example of the varying challenges that companies face in different regions.

Amazon scales back New York plans, shifts focus to Texas

Amazon recently adjusted its plans for New York City, choosing to have just 1,500 workers concentrate in Manhattan’s Hudson Yards. Simultaneously, the tech giant shifted its HQ2 regional-hub strategy to Arlington, Va.

Texas: A hub for business relocations

While some states like Texas are known for their stance on issues such as fossil fuels and gun rights, many companies continue to flock to the Lone Star State. A notable example is Tesla Inc.’s CEO, Elon Musk, who is looking to establish the company in Texas. This decision comes in light of a Delaware Chancery Court ruling that invalidated his $56 billion compensation package. In addition to Tesla, Musk is setting up SpaceX operations in Texas.

Embracing Texas’s business-friendly environment

In 2021, Governor Greg Abbott signed a new law mandating that companies entering into agreements with state agencies must confirm that they do not discriminate against firearm manufacturers.

Jamie Dimon, CEO of JPMorgan Chase & Co., shared his thoughts with the media during a visit to Transmit Receive Labs (TXRX Labs), a nonprofit organization that offers various courses on CNC devices such as 3D printers, lathes, water jets, and plasma cutters.

Related: Jamie Dimon dispels the notion of an AI bubble: ‘This is not just hype; this is the real deal’

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