JPMorgan’s footprint in Texas has grown, and it will grow still
As part of JPMorgan’s 2025 annual report, which was published yesterday, the firm published a letter to shareholders courtesy of longtime CEO Jamie Dimon. The letter is very, very long, some 50 pages in total. Dimon, who has led the firm since 2006, had a lot to say – including about where JPMorgan’s 320,000-strong workforce will be migrating to in the next few years.
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“Sometimes you see companies leaving states, but migration also shows up in shifts of employees out of certain states,” Dimon explained. Although New York City (NYC) is still JPMorgan’s “global headquarters, we have shrunk our headcount in the city… And increased our headcount in Texas.”
Worrinyngly for fans of NYC, this is a trend that will “likely continue”. JPMorgan’s footprint in NYC decreased from 30,000 a decade ago to 24,000 today, according to Dimon. Its footprint in Texas, meanwhile, increased from 26,000 to 32,000 in the same time period.
Dimon blamed a variety of factors on the switch. “New York City has much going for it, particularly for financial companies,” Dimon said, but “it also has the highest city and state corporate taxes and the highest individual income and state taxes” in the United States. “higher taxes mean lower returns on capital and less competitiveness by their nature.” As such, the firm was voting with its feet.
There are plenty of well-paying jobs in Texas, despite the implications of what Dimon said. The firm employed a statistically robust 2,762 people on H1b visas in the United States, with a median salary of $156k. The 490 based in New York had a median salary of $175k, and the 641 based in Plano, Texas had a median salary of $150k. Not as great, but still pretty great.
Still, it’s unlikely that the bank will abandon New York City completely any time soon. It just opened a brand new headquarters in the city, which Dimon called “a beautiful physical manifestation” of JPMorgan. It’s built on the same space as its old headquarters, and can house up to 10,000 employees. It shows “how you can deconstruct something and rebuild it in a powerful way,” Dimon said. Whatever that means.
JPMorgan has a huge office in Plano, built on a former horse farm, but its biggest Texan presence is in Dallas Fort Worth. The firm spent some $14bn on technology last year, and invested over $40m in Texas specifically from 2019 to 2024 on education, workforce, scholarships, and mentorships, per a What Works report from the firm it published in May 2025.
Texas is popular with other banks, too. Goldman Sachs also has a huge footprint in Dallas – it’s building a $500m campus in the city, with a plan to increase its headcount there from 4,600 to 5,000 by 2028. It also has another well-known presence in Salt Lake City, where it has another 3,000 employees. What both cities have in common is that they are much, much cheaper than NYC.
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