Famed chairman and chief executive officer of JPMorgan Chase, Jamie Dimon, thinks other U.S. states should be more like Texas.
The outspoken billionaire praised the Lone Star state for its business-friendly policies, like a lack of an income tax and looser regulatory requirements.
This is not the first time the Wall Street veteran praised Texas. Last year, The Dallas Express reported that Dimon touted the strong business climate, pointing to the state as a model for “how you build a healthy, vibrant society,” said, according to The Dallas Morning News.
However, at the time, Dimon also warned that the state risked sabotaging this reputation by implementing laws that would punish Wall Street firms if they limited their exposure to gun and fossil-fuel industries.
JPMorgan’s footprint in Texas has been growing in recent years. The bank, the largest in the United States, saw its headcount in the state grow to over 30,000 people in recent years. In comparison, New York has seen its numbers slip to 29,000, down from 35,000.
The metroplex, in particular, continues to grow as one of the top financial hubs in the country, earning it the nickname “Wall Street of the South.” Last year, Dallas-Fort Worth added 17,4000 financial sector jobs, a roughly 4.7% year-over-year increase.
More broadly, companies across various industries are setting up shop in Texas. In fact, the state ranked No. 1 in the nation for net job gains driven by out-of-state business relocations between 2010 and 2019. Within the state, Dallas and Houston welcomed three-fifths of all those jobs.
“Mayors and governors call you up here, and they say, ‘Jamie, what can we do to get more employees?’” he told reporters Tuesday while on a business trip in Texas, according to Bloomberg. “And you can look at other states, which are almost completely opposite.”
