Overview
- JPMorgan CEO Jamie Dimon, in a shareholder letter Monday, said high city and state taxes are pushing jobs out of New York and noted the bank’s NYC headcount fell to 24,000 as Texas grew to 32,000.
- Banks are building out in Texas, including Wells Fargo’s 850,000-square-foot campus opened in 2025 and Goldman Sachs’ planned Dallas site, which underscores the appeal of lower-tax markets.
- JLL reported stronger Manhattan leasing in the first quarter, with vacancies down 2.2% year over year and average rents up 3.5%, signaling steady demand for top-tier offices.
- A new JLL white paper shared with Fortune found New York continues to pull in skilled early and mid‑career workers and estimated 70 skilled arrivals for every one professional moving to Florida.
- City officials pointed to JPMorgan’s $3 billion Midtown tower and recent job growth as signs of strength, as Mayor Zohran Mamdani seeks state-approved tax hikes that could influence where firms add jobs.