Jamie Dimon urges UK government against £19bn bank windfall tax
JP Morgan boss Jamie Dimon has urged the UK government not to slap banks with a windfall tax, which is being speculated to help fund Andy Burnham's cost of living agenda.
Dimon warned Chancellor John Healey that higher taxes could hurt London's financial sector, pointing to a fall in finance roles in New York that he blamed on the city's tax regime.
The proposed tax could raise £19 billion, but Dimon says it might do more harm than good.
UK banks post £29.2bn profits
UK banking giants like HSBC, NatWest, Barclays, and Lloyds just reported £29.2 billion in profits in the first half of 2026, pledged £13.7 billion to investors through dividends and share buy-backs.
Campaigners argue this level of profit justifies extra taxes, but Dimon had already cautioned that more taxes could have "adverse consequences," even putting JP Morgan's Canary Wharf HQ project, which would house more than half of its 23,000 UK workforce.