JPMorgan chief urges UK finance minister to keep bank taxes low

Jamie Dimon, chief executive of JPMorgan Chase & Co., raised concerns with Chancellor John Healey about the prospect of increasing bank taxes in the United Kingdom. He argued that higher fiscal charges tend to erode employment, pointing to a recent decline in finance positions in New York that he attributed partly to the city’s tax environment. The warning was delivered during a call last week, as Prime Minister Andy Burnham’s government prepares an October budget that could feature a new bank tax surcharge.

Dimon has previously warned on a podcast that an uncompetitive tax system prompts capital to leave a country. Organized labor and strong industry profits have fueled calls for higher levies, but Dimon maintains that such measures could deter investment. The conversation w.