JPMorgan CEO to Meet NYC Mayor Over Pied-à-Terre Levy Affecting 24,000 Staff
JPM•JPMorgan CEO Jamie Dimon will meet with NYC Mayor Zohran Mamdani as the mayor advances a pied-à-terre levy on second homes and higher taxes on the wealthy. JPMorgan’s 24,000 New York City employees and Wall Street’s 19% share of state tax revenue mean the bank could see increased tax burdens.
1. Executive Meeting with Mayor Mamdani
JPMorgan CEO Jamie Dimon is scheduled to meet with NYC Mayor Zohran Mamdani as part of a series of one-on-one sessions with city business leaders. These discussions follow meetings with executives from Goldman Sachs, Bank of America and Chobani.
2. Mayor’s Wealth Tax Proposals
Mamdani has endorsed a pied-à-terre levy on second homes in Manhattan and backed higher tax rates for the city’s wealthiest residents. The proposals aim to raise additional revenue but have drawn criticism from real estate developers and high-net-worth individuals.
3. Implications for JPMorgan’s Operations
JPMorgan’s 24,000 local employees make the bank a major stakeholder in New York’s finance sector, which accounted for 19% of state tax revenue in 2024-25. Recent Wall Street bonuses are set to generate $91 million more for city coffers, potentially increasing tax obligations for large financial firms.
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