JPMorgan Chase CEO Jamie Dimon privately cautioned UK Chancellor John Healey that tougher bank taxes could deter investment and job creation. Dimon argued during an introductory call that favorable policies drive economic growth more effectively than windfall or wealth taxes.
Dimon previously joined other banking leaders in opposing tax increases ahead of the prior year's budget. The Trades Union Congress (TUC) criticized his stance following reports of substantial bank profits.
The TUC urged the chancellor to increase the bank surcharge to help fund lower energy bills for consumers.