JPMorgan CEO Praises Texas’ Business Climate

JPMorgan Chase & Co. | Image by Katherine Welles

The CEO of the world’s largest bank has endorsed the Lone Star State for its favorable business climate.

During a North Texas business summit that kicked off on November 1, JPMorgan CEO Jamie Dimon touted Texas’ strong business climate, reiterating his intentions to continue supporting small businesses across the state, per The Dallas Morning News.

Texas is a hospitable state with good infrastructure, education, and lower taxes, which is “conducive to helping everybody,” Dimon told business leaders during the Chase for Business Make Your Move Summit.

“That’s how you build a healthy, vibrant society,” Dimon said, according to DMN.

“And so, we’re urging [business leaders and city officials] here not to become like Washington, D.C., which does almost everything it can to slow down the growth of companies,” Dimon added.

The three-day summit offered insights and resources from acclaimed industry experts, leading business strategists, and celebrity guests.

Guest speakers during the multi-day event included Matthew McConaughey, Southwest Airlines CEO Bob Jordan, and professional athlete Emmitt Smith, among others.

To increase support for small business owners, JPMorgan announced Thursday that it planned to hire 1,000 new business bankers by 2025, according to a press release.

JPMorgan has already committed to hiring 500 small business bankers through 2024 as part of the firm’s ongoing efforts to expand small business relationships and increase resource availability.

“Small business owners continue to demonstrate tremendous confidence in the future, and we want to match that confidence by investing in new ways to serve them,” said Ben Walter, CEO of Chase for Business, per the release.

“Over the past five years, we have added nearly 700 small business bankers and nearly doubled the number of small businesses we support. Our new expanded hiring commitment is accelerating the great progress already made,” he added.

On the first day of the summit, Gov. Greg Abbott — a big advocate for small business growth in Texas — gave a presentation highlighting what makes the state’s business climate attractive.

“There is no better place to start and grow a business than in Texas, thanks to our exceptional business climate fostered by innovative entrepreneurs and strong economic partnerships,” said Abbott, according to the release.

“When partners like JPMorgan Chase invest in and support our local businesses, we can continue to help Texans realize their dreams of economic prosperity and a brighter future for themselves, their families, and their communities,” the governor said.

JPMorgan maintains a significant presence in Texas, with roughly 234,000 small business customers in North Texas and nearly 675,000 statewide.

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