Transcription
[CC may contain inaccuracies]
The bond market is front and center. We're seeing yields at the highest levels in decades, yet we see the stock market keeps rallying. In fact, it's again in the money today. Should we be nervous or not?
Now, I think it's always reasonable in the investment world to be nervous a little bit because you've mentioned the opening. There's a lot of geopolitical risk. You have a bunch of wars going on, which I hope are probably resolved. You have bond rates going up. Inflation is a little bit higher than people thought. So, yeah, I've been, you know, I'm not surprised. I think when people say you should be surprised, the bond rates can go up. The notion that somehow people said they'll never go up is the wrong notion. And so companies like us prepare for higher rates, lower rates, and, you know, figure those things can happen. The thing is, they're at the highest level in decades. I mean, that is where the surprise could be. I mean, they could be much higher than you are today. Oh, yeah. How much? I would say decades.
But we've had like one of the greatest bull markets, other than the brief Covid, you know, since the great financial crisis. You had a huge bull market, huge, lower rates, for the most part for a long period of time. But the world changes, you know, like we may have gone from a savings glut to to not enough savings, you know, and the AI investments you're talking about in America alone, $450 billion last year, $750 this year, a trillion next year. Global deficits are at all-time highs and they are huge. So that governments, including ours, has to borrow huge sums of money more next year, this year. And so, you know, people who own bonds, they tend to look at these things in both inflation and, you know, demands for capital can push up rates.
The thing is, it's not just an inflation story right now. It's also, I guess, a credibility story, right? I mean, we have an environment where everybody's trying to pay debt and governments around the world have so much debt at a higher level. I mean, at some point, it's going to hit. Yeah, it is going to hit. Like U.S. government debt is $30 trillion. The average rate is 3.5%. You know, so even today, they can't possibly refinance at lower than that rate. They have another $2 trillion to do this year. So, yeah, but the thing is, we don't know when. We don't know when the world will get too scared about that. When inflation makes it where people don't want long-term duration securities and wishes to demand for capital, there have been examples in history where there's so much demand for capital, rates are going up. But it's a very good reason people are making productive investments in the world. Government spending is often not that. Government spending is much more consumption-related, which doesn't help future productivity. So, you know, all that spending drives corporate profits. So people should be that surprised. Record profits are doing quite well too, which helps obviously the stock market.
The question, I guess, if I could get you to look at the crystal ball, right? And what yield would that be? Spill over to the economy, to policy, to markets? Yeah. So I'm very cautious about crystal balls because I don't think anyone has a crystal ball. We look at all potential possible outcomes and you'd be surprised. From recessions, with inflation, from recession and no inflation, from your home prices down 40%, stock price down 40% is a wide range of outcome. I think when people think this is our forecast, that's what's going to happen. I think that's an intellectual error. And you should be much more thinking about range of outcomes, possibilities, probabilities. And for us, we want to handle all of them so we can serve our clients. So I'm not that worried about, you know, or profits going down the stock. But that doesn't worry me at all. I want to serve our clients and do a good job. And I do worry about the geopolitics, the future of mankind as a far more important issue in my mind.
But just looking forward, I need a pretty my own view, and it's just different. Other people's that rates can easily go up more. And credit spreads can go more. If people can have, everything is going to be okay, even with rates going up. At one point, you can have a lot of people have to refi high rates. So there's this general assumption that, oh, I can refi all this debt at roughly the same rate. With credit spreads go up, people, companies, and governments will have to pay more. And so that can put stress in the system. And these are, of course, a recession type thing. Again, I'm not terrified of recession other than, you know, hurt people will get laid off. But I think there's a scenario that's a very possible scenario. There are risks. People have caught time on the credit market. If yields continue to rise, that'd be a lot more pressure on the credit market.
How might that play out? Oh, yeah. That a lot of companies are leveraged. There's that there's about $5-$6 trillion of leveraged loans out there. They're going to have a hard time refi at those rates. The equity values would be considerably less. Some will be prepared for it, some hedge for it. A lot of people didn't hedge for it. So which means that people don't think about normally. But that means you're taking industry risk, you know, and that they should be very cautious. We take interest rate risk. And, uh, so as you said, this could put pressure on the system. High yield. That's been so much demand for it. Never mind that inflation is sticky. Is this worrying or not? But you mentioned the top is a little bit of exuberance in the marketplace. Personally, I'm not a buyer of credit spreads. I am not that issue, but other people do. I would not buy credit spreads to these levels. And, you know, other people have other views. But a lot of people out there remember they have passive passive funds. Buy it. You know, people have the indexes are reasons people have to buy. And they're just trying to create a little bit of alpha for themselves, as opposed to when you go absolutely low and credit spreads are not. So I would have the luxury of saying we don't have to. And of course, we're in the business. So we continue to make loans that I think may be more stress than people think, but that's part of a long-term strategy. That's not put I like it at this price. But the thing is, there's so much demand. What's behind that demand? Is it that complacency? I suppose yes, but demand changes. You know, people forget sentiment. If you look at, you know, what happened before the crash of '73 or the crash of '82 or the bond market in '94, the crash of 2000. It was all true. And then things change. And even the things change about when people talk about liquidity or what happens when things get tough as sentiment changes and people want more cash. And so the liquidity requirements change. Money supply changes, central banks change, banks pull back. And that all can, you know, put liquidity on the market at precise the wrong time. When people need cash, they sell risky assets. So you might predict this? I would have no, but I wouldn't be surprised that happens.
It's not just about markets, it's about AI. It's about tech. I mean, you know, JP Morgan has come out to say it is actually a tech company that just happens to be a bank. You have a huge tech budget, I think $9 billion, $20 billion. And then I think $3 billion for cybersecurity. Talk to us about how you're mobilizing the capital. Where are your areas of priority? You. So we don't actually deploy capital by saying we put capital there. We in everywhere. We do it every bit as we grow in China. Like here. If you look at just China, we've gone from banking ten companies to banking, I think it's 2 or 300. We've gone from banking 30 multinationals coming here to banking, 600 multinationals coming here as we serve them. It deploys capital. So deployment, a capital deployment, the outcome of building the business that's true for every country is truly open branches. The United States, it starts to demand capital as people give us deposits which are to make loans. So that's it's a we are pretty comfortable. We can deploy capital intelligently serving clients. We don't deploy capital. If an investor saying, oh, this is the best place to put it. It's a kind of an outcome of how we kind of grow the business.
In terms of AI, though, I mean, how are you invested? Absolutely. Well, I, if you would any business, I mean, we have and we've been doing it for 13 years and every business meeting you have, we talk about how you can use technology to do a better job for your clients. What are the projects you have? So we're using AI for risk, fraud, marketing, design, document management. Uh, uh, who you should call in the morning, Salesforce type things. Branch location hygiene and is the tip of the iceberg. You know, it's moving very, very quick. Coding is moving very quickly. So we wanted to stay up there and use AI to serve our clients. And we're going to do that. How can I do a better job for our clients using a technology called AI, just like we did it with a technology called digital, technology called cloud. And we back a technology called mainframe. It's no different. We got to do a better job for our client because that's how we compete.
So how will JP Morgan look like in three to five years on the back of developments in AI? How well, what, how will JP Morgan look like? I mean, how old are you? This is I hope we're thriving. But what's not going to change? People don't have to hold money, move man, invest money, raise money. I think how it happens if I change, you know, we use blockchain. Maybe more blockchain being used to do that. There may be more people in AI jobs and less people and in certain jobs, you know. So it all morphed. But that's our job to serve the client. And of course, you know, I always point out that we in the old days, we had, you know, the big banks were big competitors in the investment banks and that was global. Different banks in every country. Now it's fintech in every country and there. And they're good. You know, a lot of these people in Revolut, Stripe and Citadel. They're quite good. So we have to compete with all. And a lot of that competition will be technology and AI. So we are investing that money to be competitive to do a better job for our clients. If we're not fast and nimble, we'll lose. And you're also nimble, right? Sometimes we're faced with something. I feel like we're. I feel like we're a dinosaur. An elephant riding a bronco. Uh, it is about manpower. In the end, we've had the likes of... Manpower, women power. It's about the workforce we had from Standard Chartered cutting about 8,000 jobs, about the spread of three years. We also had Meta saying it's shedding the same number of people. I mean, how are you looking at manpower, women, power? How are you looking at the workforce on the back of, you know, advances being made in AI? But I think the most important thing is we do a good job for our clients and use AI. Will it change the structure of jobs? Yes, I think there have been very few announcements there. AI related. I think a lot of companies have too much bureaucracy, and they may use AI to cover up the fact that they should never have hired that in the first place. But AI is going to change jobs. I don't know. I think it will reduce some of our jobs down the road. I don't think, you know, be all different types of jobs and you have to deploy it at a level like, uh, I think we'll be hiring more AI people and probably less bankers in certain categories, and it'll make them more productive. So when you get up in the morning and you want to interview someone, it'll lay out what I've said 14 different places or give you questions. Your job be the same. You'll just be much smarter how you execute that job. Well, I guess the question, but we but we will retrain and redeploy people. You know, we have 10% attrition a year, which means our headcount is going down 25, 30,000 a year. And we are we're going to be prepared to say, okay, we love these people. They're great. We're going to take care of them. We're going to give them reskilling, new skills, better jobs, move them somewhere else, maybe early retirement. And then I think society maybe needs to do a little bit that get prepared. And my view that's going to take place locally. So some jobs are across the nation, like AI and cyber and maintaining certain types of equipment and cards. Other jobs are very specialized. You know, this is a mining town and that's a car manufacturing town, and that's a chemical town. And so the local schools and that's I mean, high school is community college, and colleges should work with the local businesses. Say, I'm going to I'm going to give these kids certificates in the 12 weeks or one year of training. They need to have that job. They're going to be 8 million trade jobs, which pay $100,000 a year, available in the United States in the next five years. Okay, so it's not we're not we're not helpless. We just have to get prepared, kind of have a plan. The plan is if it happens too quick, it may not, but it might be whatever you think, there might be a risk to prepare for it. And if it doesn't happen, so be it. Used to most of the stuff you did in preparation, you should have done anyway. I just want to be clear. So yours is basically about natural attrition. You're not looking to perhaps downsize because of the efficiencies of the oil that's gone out. It will close that. But, you know, that's the that happens and that's been happy my whole life. I mean, if you look at all our jobs, they've always been changing how you do jobs. But, um, we will do it to do a better job for our clients. And yes, it will do some jobs because we know that. I can't tell you specifically what, because, you know, it's kind of the early stages. It is every app, every process, every job will be affected. Some will be more productive, some will be none of job. And then we'll help our people, you know, have a good career.
Jamie, there's been a lot of backlash on social from what StanChart CEO Bill Winters said. He talked about how, you know, AI will wipe out the lower value human capital. And a lot of people took issue with how clinical and how cold and how perhaps insensitive that was. Can you weigh in on that? I mean, Bill's a friend of mine, and all of us say something incorrectly. He's already come back into the, you know, taking that back. It was an inartful way to say something, but I also think it'll be all jobs. I don't think it would be higher level. Lower level. I think it'll be more than you think, but it'll also create some jobs. So, you know, in some ways, if you, if, you know, back office jobs disappear, we need more front office jobs to cover more clients. So you look, you get a lot of noise from this. I see all the backlash in data centers, and AI. I do think it's incumbent upon US society to think through. If it happens too fast, what do we do about it? You aren't going to stop at all, you know. And you can talk all you want. Do the work, get prepared, take care of your people. Take care of society. And I think we'll be okay.
We hear that you'll be speaking to New York Mayor Adams, along with David Solomon. Of course, we know he wants to increase taxes for the wealthy in the city. What's the message you're sending him? What will be your conversation with him? I did meet with him. Uh, and I told him, uh, you know, exactly all the great things that JPMorgan does, the employees, the taxes, the philanthropy. The biggest in New York, the biggest global lender. Uh, how do we take care of our people? How you all get medical, the minimum wage of $25, just so he understands, and there are a lot of we do in New York is exporting around the world. So it's a huge export for the United States, a competitive advantage for the city and a competitive edge to the United States of America. And that we're good citizens, and we always have been known. And we talk about affordable housing, child care, which are his two things. Well, of course, you know, everyone I know thinks we should do more affordable housing, but I told him it's smart policy. That gets that. You can say all you want, but if you watch government, they do some things that have the absolute opposite effect. What they say. And I can go through a million... With child care, it's got to be the right, it's got to be effective. He's got to be play his base. He's got to work. Uh, he's got to be thoughtful and stuff like that. Every city. But he had read my chairman's letter and we went through that. Every city has to compete and they have to compete at every level. Arts, science, schools. That is what it is. I'm not inventing that. He can be an ideologue. He has to compete, too. And we'll see. Well, he learned that he's got to make the city a place where people want to grow and build and live and have families and work. And he's got to compete with Shanghai and Hong Kong and Singapore, and people vote with their feet. So it isn't this morality thing that people talk about. It's like, are you building a great city with lower crime and stuff like that? I also want to point that out. I did mention to him, it is important to me that I am against racism of all types, including anti-Muslim racism, anti-Jewish racism, which I consider anti-Semitism, anti-Jewish. And I think Israel has a right to have a state. So I think there's a little confusion between, you know, anti-Semitism. So you may not like what a country is doing. I don't like what Iran is doing. It doesn't make me anti-Muslim. And so I think we have to be a little careful in this. But I want to be absolutely clear. And he acknowledged it. And he said, I think he kind of agrees.
I want to go back to the taxes that he wants to impose. At what point do you think those taxes will make New York less competitive? At what point do you think, you know, there will be an erosion of talent within the city? I think it's already doing that. You know, I might add my letter I pointed out to JPMorgan, but these are just numbers. JPMorgan, when I got there, had 35,000 employees in New York City, and now it's 26,000. We had 12,000 in Texas, and that was 33,000. That is because of individual taxes, corporate taxes, state taxes, but also the schools in Dallas. They've become very good. Life in Dallas. You know, the Dallas mayor calls up all the time saying, what can I do to help you? I have a land over here. I have, uh, you know, and that is pro-business. And people love living there. And that's what New York's New York's a wonderful place to. But that is a result. When I grew up in New York City and this is an amazing number, in the '70s, they had 120 of the Fortune 500 were in New York City in those ten years, or about those ten years, 60 left or failed or emerged out, mostly because of things like taxes and crime and stuff like that. And those are big names like GE, IBM, American Airlines, you know, and and is that what you want? You know, and that's what it seems people seem to want. They think that somehow being anti-business is going to help the city. It's not. So we all want to pay fair taxes. Not that's not the point. But at one point, people vote with their feet. And there are a lot of studies have shown that all these people moved out and they're obviously the tech. Obviously New York booming. So you're not going to see in this year's taxes. But a lot of people are paying based off taxes left. Why do you want that? How does that help the lower paid person in New York?
Just one final question before we let you go. I don't know. So I hear these people talk about is it fair tax is fair share. What do they mean? Like I agree with the fact I, you know, I, it were up to me. I saw Jeff Bezos who I love swashbuckling. Uh, you know, if I, I don't think the lower...people make it him pay taxes at all. You know, I would agree with that. But when they say fair share, what do they mean? I mean, they should give a number and say that's a fair share. So, uh. We'll see.
So what do you make of the beef he has? Adams has with Ken Griffin? I mean, there's been a lot of pushback as well from my my view is I need to speak to him about that. I think he realizes he made a mistake in naming Ken, vilifying a name and a person. And, you know, and even though, you know, my grandparents are all Greek immigrants. Okay. You know, I've been working my ass off now for a long time. I think vilifying people, simplifying arguments, you know, even if you think it's political is a bad idea. And I think he probably realizes that was a that's probably why he's in a bunch of us now. And we'd like to maybe have a better liaison with the business community, but we'll all be doing the same thing. What does he do? I don't care what he says. What does he do? I will judge that. And so will what actually happens. Because you can you can talk about morality and ideology all you want. But if things don't get better, you didn't do a good job. And I and my view and I'm talking about him now. I have seen mayors who make statements and they make it worse and worse and worse, you know, and they don't know. They can't get the details. Why is affordable housing out there anymore? Why is this not work? You know, and so I, you know, hopefully he'll learn. I want him to do a good job. I'm not against him.
So, Jamie, there's been a lot of backlash on social from what StanChart CEO Bill Winters said. He talked about how, you know, AI will wipe out the lower value human capital. And a lot of people took issue with how clinical and how cold and how perhaps insensitive that was. Can you weigh in on that? I mean, Bill's a friend of mine, and all of us say something incorrectly. He's already come back into the, you know, taking that back. It was an inartful way to say something, but I also think it'll be all jobs. I don't think it would be higher level. Lower level. I think it'll be more than you think, but it'll also create some jobs. So, you know, in some ways, if you, if, you know, back office jobs disappear, we need more front office jobs to cover more clients. So you look, you get a lot of noise from this. I see all the backlash in data centers, and AI. I do think it's incumbent upon US society to think through. If it happens too fast, what do we do about it? You aren't going to stop at all, you know. And you can talk all you want. Do the work, get prepared, take care of your people. Take care of society. And I think we'll be okay.
We hear that you'll be speaking to New York Mayor Adams, along with David Solomon. Of course, we know he wants to increase taxes for the wealthy in the city. What's the message you're sending him? What will be your conversation with him? I did meet with him. Uh, and I told him, uh, you know, exactly all the great things that JPMorgan does, the employees, the taxes, the philanthropy. The biggest in New York, the biggest global lender. Uh, how do we take care of our people? How you all get medical, the minimum wage of $25, just so he understands, and there are a lot of we do in New York is exporting around the world. So it's a huge export for the United States, a competitive advantage for the city and a competitive edge to the United States of America. And that we're good citizens, and we always have been known. And we talk about affordable housing, child care, which are his two things. Well, of course, you know, everyone I know thinks we should do more affordable housing, but I told him it's smart policy. That gets that. You can say all you want, but if you watch government, they do some things that have the absolute opposite effect. What they say. And I can go through a million... With child care, it's got to be the right, it's got to be effective. He's got to be play his base. He's got to work. Uh, he's got to be thoughtful and stuff like that. Every city. But he had read my chairman's letter and we went through that. Every city has to compete and they have to compete at every level. Arts, science, schools. That is what it is. I'm not inventing that. He can be an ideologue. He has to compete, too. And we'll see. Well, he learned that he's got to make the city a place where people want to grow and build and live and have families and work. And he's got to compete with Shanghai and Hong Kong and Singapore, and people vote with their feet. So it isn't this morality thing that people talk about. It's like, are you building a great city with lower crime and stuff like that? I also want to point that out. I did mention to him, it is important to me that I am against racism of all types, including anti-Muslim racism, anti-Jewish racism, which I consider anti-Semitism, anti-Jewish. And I think Israel has a right to have a state. So I think there's a little confusion between, you know, anti-Semitism. So you may not like what a country is doing. I don't like what Iran is doing. It doesn't make me anti-Muslim. And so I think we have to be a little careful in this. But I want to be absolutely clear. And he acknowledged it. And he said, I think he kind of agrees.
I want to go back to the taxes that he wants to impose. At what point do you think those taxes will make New York less competitive? At what point do you think, you know, there will be an erosion of talent within the city? I think it's already doing that. You know, I might add my letter I pointed out to JPMorgan, but these are just numbers. JPMorgan, when I got there, had 35,000 employees in New York City, and now it's 26,000. We had 12,000 in Texas, and that was 33,000. That is because of individual taxes, corporate taxes, state taxes, but also the schools in Dallas. They've become very good. Life in Dallas. You know, the Dallas mayor calls up all the time saying, what can I do to help you? I have a land over here. I have, uh, you know, and that is pro-business. And people love living there. And that's what New York's New York's a wonderful place to. But that is a result. When I grew up in New York City and this is an amazing number, in the '70s, they had 120 of the Fortune 500 were in New York City in those ten years, or about those ten years, 60 left or failed or emerged out, mostly because of things like taxes and crime and stuff like that. And those are big names like GE, IBM, American Airlines, you know, and and is that what you want? You know, and that's what it seems people seem to want. They think that somehow being anti-business is going to help the city. It's not. So we all want to pay fair taxes. Not that's not the point. But at one point, people vote with their feet. And there are a lot of studies have shown that all these people moved out and they're obviously the tech. Obviously New York booming. So you're not going to see in this year's taxes. But a lot of people are paying based off taxes left. Why do you want that? How does that help the lower paid person in New York?
Just one final question before we let you go. I don't know. So I hear these people talk about is it fair tax is fair share. What do they mean? Like I agree with the fact I, you know, I, it were up to me. I saw Jeff Bezos who I love swashbuckling. Uh, you know, if I, I don't think the lower...people make it him pay taxes at all. You know, I would agree with that. But when they say fair share, what do they mean? I mean, they should give a number and say that's a fair share. So, uh. We'll see.
So what do you make of the beef he has? Adams has with Ken Griffin? I mean, there's been a lot of pushback as well from my my view is I need to speak to him about that. I think he realizes he made a mistake in naming Ken, vilifying a name and a person. And, you know, and even though, you know, my grandparents are all Greek immigrants. Okay. You know, I've been working my ass off now for a long time. I think vilifying people, simplifying arguments, you know, even if you think it's political is a bad idea. And I think he probably realizes that was a that's probably why he's in a bunch of us now. And we'd like to maybe have a better liaison with the business community, but we'll all be doing the same thing. What does he do? I don't care what he says. What does he do? I will judge that. And so will what actually happens. Because you can you can talk about morality and ideology all you want. But if things don't get better, you didn't do a good job. And I and my view and I'm talking about him now. I have seen mayors who make statements and they make it worse and worse and worse, you know, and they don't know. They can't get the details. Why is affordable housing out there anymore? Why is this not work? You know, and so I, you know, hopefully he'll learn. I want him to do a good job. I'm not against him.
So, Jamie, there's been a lot of backlash on social from what StanChart CEO Bill Winters said. He talked about how, you know, AI will wipe out the lower value human capital. And a lot of people took issue with how clinical and how cold and how perhaps insensitive that was. Can you weigh in on that? I mean, Bill's a friend of mine, and all of us say something incorrectly. He's already come back into the, you know, taking that back. It was an inartful way to say something, but I also think it'll be all jobs. I don't think it would be higher level. Lower level. I think it'll be more than you think, but it'll also create some jobs. So, you know, in some ways, if you, if, you know, back office jobs disappear, we need more front office jobs to cover more clients. So you look, you get a lot of noise from this. I see all the backlash in data centers, and AI. I do think it's incumbent upon US society to think through. If it happens too fast, what do we do about it? You aren't going to stop at all, you know. And you can talk all you want. Do the work, get prepared, take care of your people. Take care of society. And I think we'll be okay.
We hear that you'll be speaking to New York Mayor Adams, along with David Solomon. Of course, we know he wants to increase taxes for the wealthy in the city. What's the message you're sending him? What will be your conversation with him? I did meet with him. Uh, and I told him, uh, you know, exactly all the great things that JPMorgan does, the employees, the taxes, the philanthropy. The biggest in New York, the biggest global lender. Uh, how do we take care of our people? How you all get medical, the minimum wage of $25, just so he understands, and there are a lot of we do in New York is exporting around the world. So it's a huge export for the United States, a competitive advantage for the city and a competitive edge to the United States of America. And that we're good citizens, and we always have been known. And we talk about affordable housing, child care, which are his two things. Well, of course, you know, everyone I know thinks we should do more affordable housing, but I told him it's smart policy. That gets that. You can say all you want, but if you watch government, they do some things that have the absolute opposite effect. What they say. And I can go through a million... With child care, it's got to be the right, it's got to be effective. He's got to be play his base. He's got to work. Uh, he's got to be thoughtful and stuff like that. Every city. But he had read my chairman's letter and we went through that. Every city has to compete and they have to compete at every level. Arts, science, schools. That is what it is. I'm not inventing that. He can be an ideologue. He has to compete, too. And we'll see. Well, he learned that he's got to make the city a place where people want to grow and build and live and have families and work. And he's got to compete with Shanghai and Hong Kong and Singapore, and people vote with their feet. So it isn't this morality thing that people talk about. It's like, are you building a great city with lower crime and stuff like that? I also want to point that out. I did mention to him, it is important to me that I am against racism of all types, including anti-Muslim racism, anti-Jewish racism, which I consider anti-Semitism, anti-Jewish. And I think Israel has a right to have a state. So I think there's a little confusion between, you know, anti-Semitism. So you may not like what a country is doing. I don't like what Iran is doing. It doesn't make me anti-Muslim. And so I think we have to be a little careful in this. But I want to be absolutely clear. And he acknowledged it. And he said, I think he kind of agrees.
I want to go back to the taxes that he wants to impose. At what point do you think those taxes will make New York less competitive? At what point do you think, you know, there will be an erosion of talent within the city? I think it's already doing that. You know, I might add my letter I pointed out to JPMorgan, but these are just numbers. JPMorgan, when I got there, had 35,000 employees in New York City, and now it's 26,000. We had 12,000 in Texas, and that was 33,000. That is because of individual taxes, corporate taxes, state taxes, but also the schools in Dallas. They've become very good. Life in Dallas. You know, the Dallas mayor calls up all the time saying, what can I do to help you? I have a land over here. I have, uh, you know, and that is pro-business. And people love living there. And that's what New York's New York's a wonderful place to. But that is a result. When I grew up in New York City and this is an amazing number, in the '70s, they had 120 of the Fortune 500 were in New York City in those ten years, or about those ten years, 60 left or failed or emerged out, mostly because of things like taxes and crime and stuff like that. And those are big names like GE, IBM, American Airlines, you know, and and is that what you want? You know, and that's what it seems people seem to want. They think that somehow being anti-business is going to help the city. It's not. So we all want to pay fair taxes. Not that's not the point. But at one point, people vote with their feet. And there are a lot of studies have shown that all these people moved out and they're obviously the tech. Obviously New York booming. So you're not going to see in this year's taxes. But a lot of people are paying based off taxes left. Why do you want that? How does that help the lower paid person in New York?
Just one final question before we let you go. I don't know. So I hear these people talk about is it fair tax is fair share. What do they mean? Like I agree with the fact I, you know, I, it were up to me. I saw Jeff Bezos who I love swashbuckling. Uh, you know, if I, I don't think the lower...people make it him pay taxes at all. You know, I would agree with that. But when they say fair share, what do they mean? I mean, they should give a number and say that's a fair share. So, uh. We'll see.
So what do you make of the beef he has? Adams has with Ken Griffin? I mean, there's been a lot of pushback as well from my my view is I need to speak to him about that. I think he realizes he made a mistake in naming Ken, vilifying a name and a person. And, you know, and even though, you know, my grandparents are all Greek immigrants. Okay. You know, I've been working my ass off now for a long time. I think vilifying people, simplifying arguments, you know, even if you think it's political is a bad idea. And I think he probably realizes that was a that's probably why he's in a bunch of us now. And we'd like to maybe have a better liaison with the business community, but we'll all be doing the same thing. What does he do? I don't care what he says. What does he do? I will judge that. And so will what actually happens. Because you can you can talk about morality and ideology all you want. But if things don't get better, you didn't do a good job. And I and my view and I'm talking about him now. I have seen mayors who make statements and they make it worse and worse and worse, you know, and they don't know. They can't get the details. Why is affordable housing out there anymore? Why is this not work? You know, and so I, you know, hopefully he'll learn. I want him to do a good job. I'm not against him.
So, Jamie, there's been a lot of backlash on social from what StanChart CEO Bill Winters said. He talked about how, you know, AI will wipe out the lower value human capital. And a lot of people took issue with how clinical and how cold and how perhaps insensitive that was. Can you weigh in on that? I mean, Bill's a friend of mine, and all of us say something incorrectly. He's already come back into the, you know, taking that back. It was an inartful way to say something, but I also think it'll be all jobs. I don't think it would be higher level. Lower level. I think it'll be more than you think, but it'll also create some jobs. So, you know, in some ways, if you, if, you know, back office jobs disappear, we need more front office jobs to cover more clients. So you look, you get a lot of noise from this. I see all the backlash in data centers, and AI. I do think it's incumbent upon US society to think through. If it happens too fast, what do we do about it? You aren't going to stop at all, you know. And you can talk all you want. Do the work, get prepared, take care of your people. Take care of society. And I think we'll be okay.
We hear that you'll be speaking to New York Mayor Adams, along with David Solomon. Of course, we know he wants to increase taxes for the wealthy in the city. What's the message you're sending him? What will be your conversation with him? I did meet with him. Uh, and I told him, uh, you know, exactly all the great things that JPMorgan does, the employees, the taxes, the philanthropy. The biggest in New York, the biggest global lender. Uh, how do we take care of our people? How you all get medical, the minimum wage of $25, just so he understands, and there are a lot of we do in New York is exporting around the world. So it's a huge export for the United States, a competitive advantage for the city and a competitive edge to the United States of America. And that we're good citizens, and we always have been known. And we talk about affordable housing, child care, which are his two things. Well, of course, you know, everyone I know thinks we should do more affordable housing, but I told him it's smart policy. That gets that. You can say all you want, but if you watch government, they do some things that have the absolute opposite effect. What they say. And I can go through a million... With child care, it's got to be the right, it's got to be effective. He's got to be play his base. He's got to work. Uh, he's got to be thoughtful and stuff like that. Every city. But he had read my chairman's letter and we went through that. Every city has to compete and they have to compete at every level. Arts, science, schools. That is what it is. I'm not inventing that. He can be an ideologue. He has to compete, too. And we'll see. Well, he learned that he's got to make the city a place where people want to grow and build and live and have families and work. And he's got to compete with Shanghai and Hong Kong and Singapore, and people vote with their feet. So it isn't this morality thing that people talk about. It's like, are you building a great city with lower crime and stuff like that? I also want to point that out. I did mention to him, it is important to me that I am against racism of all types, including anti-Muslim racism, anti-Jewish racism, which I consider anti-Semitism, anti-Jewish. And I think Israel has a right to have a state. So I think there's a little confusion between, you know, anti-Semitism. So you may not like what a country is doing. I don't like what Iran is doing. It doesn't make me anti-Muslim. And so I think we have to be a little careful in this. But I want to be absolutely clear. And he acknowledged it. And he said, I think he kind of agrees.
I want to go back to the taxes that he wants to impose. At what point do you think those taxes will make New York less competitive? At what point do you think, you know, there will be an erosion of talent within the city? I think it's already doing that. You know, I might add my letter I pointed out to JPMorgan, but these are just numbers. JPMorgan, when I got there, had 35,000 employees in New York City, and now it's 26,000. We had 12,000 in Texas, and that was 33,000. That is because of individual taxes, corporate taxes, state taxes, but also the schools in Dallas. They've become very good. Life in Dallas. You know, the Dallas mayor calls up all the time saying, what can I do to help you? I have a land over here. I have, uh, you know, and that is pro-business. And people love living there. And that's what New York's New York's a wonderful place to. But that is a result. When I grew up in New York City and this is an amazing number, in the '70s, they had 120 of the Fortune 500 were in New York City in those ten years, or about those ten years, 60 left or failed or emerged out, mostly because of things like taxes and crime and stuff like that. And those are big names like GE, IBM, American Airlines, you know, and and is that what you want? You know, and that's what it seems people seem to want. They think that somehow being anti-business is going to help the city. It's not. So we all want to pay fair taxes. Not that's not the point. But at one point, people vote with their feet. And there are a lot of studies have shown that all these people moved out and they're obviously the tech. Obviously New York booming. So you're not going to see in this year's taxes. But a lot of people are paying based off taxes left. Why do you want that? How does that help the lower paid person in New York?
Just one final question before we let you go. I don't know. So I hear these people talk about is it fair tax is fair share. What do they mean? Like I agree with the fact I, you know, I, it were up to me. I saw Jeff Bezos who I love swashbuckling. Uh, you know, if I, I don't think the lower...people make it him pay taxes at all. You know, I would agree with that. But when they say fair share, what do they mean? I mean, they should give a number and say that's a fair share. So, uh. We'll see.
So what do you make of the beef he has? Adams has with Ken Griffin? I mean, there's been a lot of pushback as well from my my view is I need to speak to him about that. I think he realizes he made a mistake in naming Ken, vilifying a name and a person. And, you know, and even though, you know, my grandparents are all Greek immigrants. Okay. You know, I've been working my ass off now for a long time. I think vilifying people, simplifying arguments, you know, even if you think it's political is a bad idea. And I think he probably realizes that was a that's probably why he's in a bunch of us now. And we'd like to maybe have a better liaison with the business community, but we'll all be doing the same thing. What does he do? I don't care what he says. What does he do? I will judge that. And so will what actually happens. Because you can you can talk about morality and ideology all you want. But if things don't get better, you didn't do a good job. And I and my view and I'm talking about him now. I have seen mayors who make statements and they make it worse and worse and worse, you know, and they don't know. They can't get the details. Why is affordable housing out there anymore? Why is this not work? You know, and so I, you know, hopefully he'll learn. I want him to do a good job. I'm not against him.
So, Jamie, there's been a lot of backlash on social from what StanChart CEO Bill Winters said. He talked about how, you know, AI will wipe out the lower value human capital. And a lot of people took issue with how clinical and how cold and how perhaps insensitive that was. Can you weigh in on that? I mean, Bill's a friend of mine, and all of us say something incorrectly. He's already come back into the, you know, taking that back. It was an inartful way to say something, but I also think it'll be all jobs. I don't think it would be higher level. Lower level. I think it'll be more than you think, but it'll also create some jobs. So, you know, in some ways, if you, if, you know, back office jobs disappear, we need more front office jobs to cover more clients. So you look, you get a lot of noise from this. I see all the backlash in data centers, and AI. I do think it's incumbent upon US society to think through. If it happens too fast, what do we do about it? You aren't going to stop at all, you know. And you can talk all you want. Do the work, get prepared, take care of your people. Take care of society. And I think we'll be okay.
We hear that you'll be speaking to New York Mayor Adams, along with David Solomon. Of course, we know he wants to increase taxes for the wealthy in the city. What's the message you're sending him? What will be your conversation with him? I did meet with him. Uh, and I told him, uh, you know, exactly all the great things that JPMorgan does, the employees, the taxes, the philanthropy. The biggest in New York, the biggest global lender. Uh, how do we take care of our people? How you all get medical, the minimum wage of $25, just so he understands, and there are a lot of we do in New York is exporting around the world. So it's a huge export for the United States, a competitive advantage for the city and a competitive edge to the United States of America. And that we're good citizens, and we always have been known. And we talk about affordable housing, child care, which are his two things. Well, of course, you know, everyone I know thinks we should do more affordable housing, but I told him it's smart policy. That gets that. You can say all you want, but if you watch government, they do some things that have the absolute opposite effect. What they say. And I can go through a million... With child care, it's got to be the right, it's got to be effective. He's got to be play his base. He's got to work. Uh, he's got to be thoughtful and stuff like that. Every city. But he had read my chairman's letter and we went through that. Every city has to compete and they have to compete at every level. Arts, science, schools. That is what it is. I'm not inventing that. He can be an ideologue. He has to compete, too. And we'll see. Well, he learned that he's got to make the city a place where people want to grow and build and live and have families and work. And he's got to compete with Shanghai and Hong Kong and Singapore, and people vote with their feet. So it isn't this morality thing that people talk about. It's like, are you building a great city with lower crime and stuff like that? I also want to point that out. I did mention to him, it is important to me that I am against racism of all types, including anti-Muslim racism, anti-Jewish racism, which I consider anti-Semitism, anti-Jewish. And I think Israel has a right to have a state. So I think there's a little confusion between, you know, anti-Semitism. So you may not like what a country is doing. I don't like what Iran is doing. It doesn't make me anti-Muslim. And so I think we have to be a little careful in this. But I want to be absolutely clear. And he acknowledged it. And he said, I think he kind of agrees.
I want to go back to the taxes that he wants to impose. At what point do you think those taxes will make New York less competitive? At what point do you think, you know, there will be an erosion of talent within the city? I think it's already doing that. You know, I might add my letter I pointed out to JPMorgan, but these are just numbers. JPMorgan, when I got there, had 35,000 employees in New York City, and now it's 26,000. We had 12,000 in Texas, and that was 33,000. That is because of individual taxes, corporate taxes, state taxes, but also the schools in Dallas. They've become very good. Life in Dallas. You know, the Dallas mayor calls up all the time saying, what can I do to help you? I have a land over here. I have, uh, you know, and that is pro-business. And people love living there. And that's what New York's New York's a wonderful place to. But that is a result. When I grew up in New York City and this is an amazing number, in the '70s, they had 120 of the Fortune 500 were in New York City in those ten years, or about those ten years, 60 left or failed or emerged out, mostly because of things like taxes and crime and stuff like that. And those are big names like GE, IBM, American Airlines, you know, and and is that what you want? You know, and that's what it seems people seem to want. They think that somehow being anti-business is going to help the city. It's not. So we all want to pay fair taxes. Not that's not the point. But at one point, people vote with their feet. And there are a lot of studies have shown that all these people moved out and they're obviously the tech. Obviously New York booming. So you're not going to see in this year's taxes. But a lot of people are paying based off taxes left. Why do you want that? How does that help the lower paid person in New York?
Just one final question before we let you go. I don't know. So I hear these people talk about is it fair tax is fair share. What do they mean? Like I agree with the fact I, you know, I, it were up to me. I saw Jeff Bezos who I love swashbuckling. Uh, you know, if I, I don't think the lower...people make it him pay taxes at all. You know, I would agree with that. But when they say fair share, what do they mean? I mean, they should give a number and say that's a fair share. So, uh. We'll see.
So what do you make of the beef he has? Adams has with Ken Griffin? I mean, there's been a lot of pushback as well from my my view is I need to speak to him about that. I think he realizes he made a mistake in naming Ken, vilifying a name and a person. And, you know, and even though, you know, my grandparents are all Greek immigrants. Okay. You know, I've been working my ass off now for a long time. I think vilifying people, simplifying arguments, you know, even if you think it's political is a bad idea. And I think he probably realizes that was a that's probably why he's in a bunch of us now. And we'd like to maybe have a better liaison with the business community, but we'll all be doing the same thing. What does he do? I don't care what he says. What does he do? I will judge that. And so will what actually happens. Because you can you can talk about morality and ideology all you want. But if things don't get better, you didn't do a good job. And I and my view and I'm talking about him now. I have seen mayors who make statements and they make it worse and worse and worse, you know, and they don't know. They can't get the details. Why is affordable housing out there anymore? Why is this not work? You know, and so I, you know, hopefully he'll learn. I want him to do a good job. I'm not against him.
So, Jamie, there's been a lot of backlash on social from what StanChart CEO Bill Winters said. He talked about how, you know, AI will wipe out the lower value human capital. And a lot of people took issue with how clinical and how cold and how perhaps insensitive that was. Can you weigh in on that? I mean, Bill's a friend of mine, and all of us say something incorrectly. He's already come back into the, you know, taking that back. It was an inartful way to say something, but I also think it'll be all jobs. I don't think it would be higher level. Lower level. I think it'll be more than you think, but it'll also create some jobs. So, you know, in some ways, if you, if, you know, back office jobs disappear, we need more front office jobs to cover more clients. So you look, you get a lot of noise from this. I see all the backlash in data centers, and AI. I do think it's incumbent upon US society to think through. If it happens too fast, what do we do about it? You aren't going to stop at all, you know. And you can talk all you want. Do the work, get prepared, take care of your people. Take care of society. And I think we'll be okay.
We hear that you'll be speaking to New York Mayor Adams, along with David Solomon. Of course, we know he wants to increase taxes for the wealthy in the city. What's the message you're sending him? What will be your conversation with him? I did meet with him. Uh, and I told him, uh, you know, exactly all the great things that JPMorgan does, the employees, the taxes, the philanthropy. The biggest in New York, the biggest global lender. Uh, how do we take care of our people? How you all get medical, the minimum wage of $25, just so he understands, and there are a lot of we do in New York is exporting around the world. So it's a huge export for the United States, a competitive advantage for the city and a competitive edge to the United States of America. And that we're good citizens, and we always have been known. And we talk about affordable housing, child care, which are his two things. Well, of course, you know, everyone I know thinks we should do more affordable housing, but I told him it's smart policy. That gets that. You can say all you want, but if you watch government, they do some things that have the absolute opposite effect. What they say. And I can go through a million... With child care, it's got to be the right, it's got to be effective. He's got to be play his base. He's got to work. Uh, he's got to be thoughtful and stuff like that. Every city. But he had read my chairman's letter and we went through that. Every city has to compete and they have to compete at every level. Arts, science, schools. That is what it is. I'm not inventing that. He can be an ideologue. He has to compete, too. And we'll see. Well, he learned that he's got to make the city a place where people want to grow and build and live and have families and work. And he's got to compete with Shanghai and Hong Kong and Singapore, and people vote with their feet. So it isn't this morality thing that people talk about. It's like, are you building a great city with lower crime and stuff like that? I also want to point that out. I did mention to him, it is important to me that I am against racism of all types, including anti-Muslim racism, anti-Jewish racism, which I consider anti-Semitism, anti-Jewish. And I think Israel has a right to have a state. So I think there's a little confusion between, you know, anti-Semitism. So you may not like what a country is doing. I don't like what Iran is doing. It doesn't make me anti-Muslim. And so I think we have to be a little careful in this. But I want to be absolutely clear. And he acknowledged it. And he said, I think he kind of agrees.
I want to go back to the taxes that he wants to impose. At what point do you think those taxes will make New York less competitive? At what point do you think, you know, there will be an erosion of talent within the city? I think it's already doing that. You know, I might add my letter I pointed out to JPMorgan, but these are just numbers. JPMorgan, when I got there, had 35,000 employees in New York City, and now it's 26,000. We had 12,000 in Texas, and that was 33,000. That is because of individual taxes, corporate taxes, state taxes, but also the schools in Dallas. They've become very good. Life in Dallas. You know, the Dallas mayor calls up all the time saying, what can I do to help you? I have a land over here. I have, uh, you know, and that is pro-business. And people love living there. And that's what New York's New York's a wonderful place to. But that is a result. When I grew up in New York City and this is an amazing number, in the '70s, they had 120 of the Fortune 500 were in New York City in those ten years, or about those ten years, 60 left or failed or emerged out, mostly because of things like taxes and crime and stuff like that. And those are big names like GE, IBM, American Airlines, you know, and and is that what you want? You know, and that's what it seems people seem to want. They think that somehow being anti-business is going to help the city. It's not. So we all want to pay fair taxes. Not that's not the point. But at one point, people vote with their feet. And there are a lot of studies have shown that all these people moved out and they're obviously the tech. Obviously New York booming. So you're not going to see in this year's taxes. But a lot of people are paying based off taxes left. Why do you want that? How does that help the lower paid person in New York?
Just one final question before we let you go. I don't know. So I hear these people talk about is it fair tax is fair share. What do they mean? Like I agree with the fact I, you know, I, it were up to me. I saw Jeff Bezos who I love swashbuckling. Uh, you know, if I, I don't think the lower...people make it him pay taxes at all. You know, I would agree with that. But when they say fair share, what do they mean? I mean, they should give a number and say that's a fair share. So, uh. We'll see.
So what do you make of the beef he has? Adams has with Ken Griffin? I mean, there's been a lot of pushback as well from my my view is I need to speak to him about that. I think he realizes he made a mistake in naming Ken, vilifying a name and a person. And, you know, and even though, you know, my grandparents are all Greek immigrants. Okay. You know, I've been working my ass off now for a long time. I think vilifying people, simplifying arguments, you know, even if you think it's political is a bad idea. And I think he probably realizes that was a that's probably why he's in a bunch of us now. And we'd like to maybe have a better liaison with the business community, but we'll all be doing the same thing. What does he do? I don't care what he says. What does he do? I will judge that. And so will what actually happens. Because you can you can talk about morality and ideology all you want. But if things don't get better, you didn't do a good job. And I and my view and I'm talking about him now. I have seen mayors who make statements and they make it worse and worse and worse, you know, and they don't know. They can't get the details. Why is affordable housing out there anymore? Why is this not work? You know, and so I, you know, hopefully he'll learn. I want him to do a good job. I'm not against him.
So, Jamie, there's been a lot of backlash on social from what StanChart CEO Bill Winters said. He talked about how, you know, AI will wipe out the lower value human capital. And a lot of people took issue with how clinical and how cold and how perhaps insensitive that was. Can you weigh in on that? I mean, Bill's a friend of mine, and all of us say something incorrectly. He's already come back into the, you know, taking that back. It was an inartful way to say something, but I also think it'll be all jobs. I don't think it would be higher level. Lower level. I think it'll be more than you think, but it'll also create some jobs. So, you know, in some ways, if you, if, you know, back office jobs disappear, we need more front office jobs to cover more clients. So you look, you get a lot of noise from this. I see all the backlash in data centers, and AI. I do think it's incumbent upon US society to think through. If it happens too fast, what do we do about it? You aren't going to stop at all, you know. And you can talk all you want. Do the work, get prepared, take care of your people. Take care of society. And I think we'll be okay.
We hear that you'll be speaking to New York Mayor Adams, along with David Solomon. Of course, we know he wants to increase taxes for the wealthy in the city. What's the message you're sending him? What will be your conversation with him? I did meet with him. Uh, and I told him, uh, you know, exactly all the great things that JPMorgan does, the employees, the taxes, the philanthropy. The biggest in New York, the biggest global lender. Uh, how do we take care of our people? How you all get medical, the minimum wage of $25, just so he understands, and there are a lot of we do in New York is exporting around the world. So it's a huge export for the United States, a competitive advantage for the city and a competitive edge to the United States of America. And that we're good citizens, and we always have been known. And we talk about affordable housing, child care, which are his two things. Well, of course, you know, everyone I know thinks we should do more affordable housing, but I told him it's smart policy. That gets that. You can say all you want, but if you watch government, they do some things that have the absolute opposite effect. What they say. And I can go through a million... With child care, it's got to be the right, it's got to be effective. He's got to be play his base. He's got to work. Uh, he's got to be thoughtful and stuff like that. Every city. But he had read my chairman's letter and we went through that. Every city has to compete and they have to compete at every level. Arts, science, schools. That is what it is. I'm not inventing that. He can be an ideologue. He has to compete, too. And we'll see. Well, he learned that he's got to make the city a place where people want to grow and build and live and have families and work. And he's got to compete with Shanghai and Hong Kong and Singapore, and people vote with their feet. So it isn't this morality thing that people talk about. It's like, are you building a great city with lower crime and stuff like that? I also want to point that out. I did mention to him, it is important to me that I am against racism of all types, including anti-Muslim racism, anti-Jewish racism, which I consider anti-Semitism, anti-Jewish. And I think Israel has a right to have a state. So I think there's a little confusion between, you know, anti-Semitism. So you may not like what a country is doing. I don't like what Iran is doing. It doesn't make me anti-Muslim. And so I think we have to be a little careful in this. But I want to be absolutely clear. And he acknowledged it. And he said, I think he kind of agrees.
I want to go back to the taxes that he wants to impose. At what point do you think those taxes will make New York less competitive? At what point do you think, you know, there will be an erosion of talent within the city? I think it's already doing that. You know, I might add my letter I pointed out to JPMorgan, but these are just numbers. JPMorgan, when I got there, had 35,000 employees in New York City, and now it's 26,000. We had 12,000 in Texas, and that was 33,000. That is because of individual taxes, corporate taxes, state taxes, but also the schools in Dallas. They've become very good. Life in Dallas. You know, the Dallas mayor calls up all the time saying, what can I do to help you? I have a land over here. I have, uh, you know, and that is pro-business. And people love living there. And that's what New York's New York's a wonderful place to. But that is a result. When I grew up in New York City and this is an amazing number, in the '70s, they had 120 of the Fortune 500 were in New York City in those ten years, or about those ten years, 60 left or failed or emerged out, mostly because of things like taxes and crime and stuff like that. And those are big names like GE, IBM, American Airlines, you know, and and is that what you want? You know, and that's what it seems people seem to want. They think that somehow being anti-business is going to help the city. It's not. So we all want to pay fair taxes. Not that's not the point. But at one point, people vote with their feet. And there are a lot of studies have shown that all these people moved out and they're obviously the tech. Obviously New York booming. So you're not going to see in this year's taxes. But a lot of people are paying based off taxes left. Why do you want that? How does that help the lower paid person in New York?
Just one final question before we let you go. I don't know. So I hear these people talk about is it fair tax is fair share. What do they mean? Like I agree with the fact I, you know, I, it were up to me. I saw Jeff Bezos who I love swashbuckling. Uh, you know, if I, I don't think the lower...people make it him pay taxes at all. You know, I would agree with that. But when they say fair share, what do they mean? I mean, they should give a number and say that's a fair share. So, uh. We'll see.
So what do you make of the beef he has? Adams has with Ken Griffin? I mean, there's been a lot of pushback as well from my my view is I need to speak to him about that. I think he realizes he made a mistake in naming Ken, vilifying a name and a person. And, you know, and even though, you know, my grandparents are all Greek immigrants. Okay. You know, I've been working my ass off now for a long time. I think vilifying people, simplifying arguments, you know, even if you think it's political is a bad idea. And I think he probably realizes that was a that's probably why he's in a bunch of us now. And we'd like to maybe have a better liaison with the business community, but we'll all be doing the same thing. What does he do? I don't care what he says. What does he do? I will judge that. And so will what actually happens. Because you can you can talk about morality and ideology all you want. But if things don't get better, you didn't do a good job. And I and my view and I'm talking about him now. I have seen mayors who make statements and they make it worse and worse and worse, you know, and they don't know. They can't get the details. Why is affordable housing out there anymore? Why is this not work? You know, and so I, you know, hopefully he'll learn. I want him to do a good job. I'm not against him.
So, Jamie, there's been a lot of backlash on social from what StanChart CEO Bill Winters said. He talked about how, you know, AI will wipe out the lower value human capital. And a lot of people took issue with how clinical and how cold and how perhaps insensitive that was. Can you weigh in on that? I mean, Bill's a friend of mine, and all of us say something incorrectly. He's already come back into the, you know, taking that back. It was an inartful way to say something, but I also think it'll be all jobs. I don't think it would be higher level. Lower level. I think it'll be more than you think, but it'll also create some jobs. So, you know, in some ways, if you, if, you know, back office jobs disappear, we need more front office jobs to cover more clients. So you look, you get a lot of noise from this. I see all the backlash in data centers, and AI. I do think it's incumbent upon US society to think through. If it happens too fast, what do we do about it? You aren't going to stop at all, you know. And you can talk all you want. Do the work, get prepared, take care of your people. Take care of society. And I think we'll be okay.
We hear that you'll be speaking to New York Mayor Adams, along with David Solomon. Of course, we know he wants to increase taxes for the wealthy in the city. What's the message you're sending him? What will be your conversation with him? I did meet with him. Uh, and I told him, uh, you know, exactly all the great things that JPMorgan does, the employees, the taxes, the philanthropy. The biggest in New York, the biggest global lender. Uh, how do we take care of our people? How you all get medical, the minimum wage of $25, just so he understands, and there are a lot of we do in New York is exporting around the world. So it's a huge export for the United States, a competitive advantage for the city and a competitive edge to the United States of America. And that we're good citizens, and we always have been known. And we talk about affordable housing, child care, which are his two things. Well, of course, you know, everyone I know thinks we should do more affordable housing, but I told him it's smart policy. That gets that. You can say all you want, but if you watch government, they do some things that have the absolute opposite effect. What they say. And I can go through a million... With child care, it's got to be the right, it's got to be effective. He's got to be play his base. He's got to work. Uh, he's got to be thoughtful and stuff like that. Every city. But he had read my chairman's letter and we went through that. Every city has to compete and they have to compete at every level. Arts, science, schools. That is what it is. I'm not inventing that. He can be an ideologue. He has to compete, too. And we'll see. Well, he learned that he's got to make the city a place where people want to grow and build and live and have families and work. And he's got to compete with Shanghai and Hong Kong and Singapore, and people vote with their feet. So it isn't this morality thing that people talk about. It's like, are you building a great city with lower crime and stuff like that? I also want to point that out. I did mention to him, it is important to me that I am against racism of all types, including anti-Muslim racism, anti-Jewish racism, which I consider anti-Semitism, anti-Jewish. And I think Israel has a right to have a state. So I think there's a little confusion between, you know, anti-Semitism. So you may not like what a country is doing. I don't like what Iran is doing. It doesn't make me anti-Muslim. And so I think we have to be a little careful in this. But I want to be absolutely clear. And he acknowledged it. And he said, I think he kind of agrees.
I want to go back to the taxes that he wants to impose. At what point do you think those taxes will make New York less competitive? At what point do you think, you know, there will be an erosion of talent within the city? I think it's already doing that. You know, I might add my letter I pointed out to JPMorgan, but these are just numbers. JPMorgan, when I got there, had 35,000 employees in New York City, and now it's 26,000. We had 12,000 in Texas, and that was 33,000. That is because of individual taxes, corporate taxes, state taxes, but also the schools in Dallas. They've become very good. Life in Dallas. You know, the Dallas mayor calls up all the time saying, what can I do to help you? I have a land over here. I have, uh, you know, and that is pro-business. And people love living there. And that's what New York's New York's a wonderful place to. But that is a result. When I grew up in New York City and this is an amazing number, in the '70s, they had 120 of the Fortune 500 were in New York City in those ten years, or about those ten years, 60 left or failed or emerged out, mostly because of things like taxes and crime and stuff like that. And those are big names like GE, IBM, American Airlines, you know, and and is that what you want? You know, and that's what it seems people seem to want. They think that somehow being anti-business is going to help the city. It's not. So we all want to pay fair taxes. Not that's not the point. But at one point, people vote with their feet. And there are a lot of studies have shown that all these people moved out and they're obviously the tech. Obviously New York booming. So you're not going to see in this year's taxes. But a lot of people are paying based off taxes left. Why do you want that? How does that help the lower paid person in New York?
Just one final question before we let you go. I don't know. So I hear these people talk about is it fair tax is fair share. What do they mean? Like I agree with the fact I, you know, I, it were up to me. I saw Jeff Bezos who I love swashbuckling. Uh, you know, if I, I don't think the lower...people make it him pay taxes at all. You know, I would agree with that. But when they say fair share, what do they mean? I mean, they should give a number and say that's a fair share. So, uh. We'll see.
So what do you make of the beef he has? Adams has with Ken Griffin? I mean, there's been a lot of pushback as well from my my view is I need to speak to him about that. I think he realizes he made a mistake in naming Ken, vilifying a name and a person. And, you know, and even though, you know, my grandparents are all Greek immigrants. Okay. You know, I've been working my ass off now for a long time. I think vilifying people, simplifying arguments, you know, even if you think it's political is a bad idea. And I think he probably realizes that was a that's probably why he's in a bunch of us now. And we'd like to maybe have a better liaison with the business community, but we'll all be doing the same thing. What does he do? I don't care what he says. What does he do? I will judge that. And so will what actually happens. Because you can you can talk about morality and ideology all you want. But if things don't get better, you didn't do a good job. And I and my view and I'm talking about him now. I have seen mayors who make statements and they make it worse and worse and worse, you know, and they don't know. They can't get the details. Why is affordable housing out there anymore? Why is this not work? You know, and so I, you know, hopefully he'll learn. I want him to do a good job. I'm not against him.
So, Jamie, there's been a lot of backlash on social from what StanChart CEO Bill Winters said. He talked about how, you know, AI will wipe out the lower value human capital. And a lot of people took issue with how clinical and how cold and how perhaps insensitive that was. Can you weigh in on that? I mean, Bill's a friend of mine, and all of us say something incorrectly. He's already come back into the, you know, taking that back. It was an inartful way to say something, but I also think it'll be all jobs. I don't think it would be higher level. Lower level. I think it'll be more than you think, but it'll also create some jobs. So, you know, in some ways, if you, if, you know, back office jobs disappear, we need more front office jobs to cover more clients. So you look, you get a lot of noise from this. I see all the backlash in data centers, and AI. I do think it's incumbent upon US society to think through. If it happens too fast, what do we do about it? You aren't going to stop at all, you know. And you can talk all you want. Do the work, get prepared, take care of your people. Take care of society. And I think we'll be okay.
We hear that you'll be speaking to New York Mayor Adams, along with David Solomon. Of course, we know he wants to increase taxes for the wealthy in the city. What's the message you're sending him? What will be your conversation with him? I did meet with him. Uh, and I told him, uh, you know, exactly all the great things that JPMorgan does, the employees, the taxes, the philanthropy. The biggest in New York, the biggest global lender. Uh, how do we take care of our people? How you all get medical, the minimum wage of $25, just so he understands, and there are a lot of we do in New York is exporting around the world. So it's a huge export for the United States, a competitive advantage for the city and a competitive edge to the United States of America. And that we're good citizens, and we always have been known. And we talk about affordable housing, child care, which are his two things. Well, of course, you know, everyone I know thinks we should do more affordable housing, but I told him it's smart policy. That gets that. You can say all you want, but if you watch government, they do some things that have the absolute opposite effect. What they say. And I can go through a million... With child care, it's got to be the right, it's got to be effective. He's got to be play his base. He's got to work. Uh, he's got to be thoughtful and stuff like that. Every city. But he had read my chairman's letter and we went through that. Every city has to compete and they have to compete at every level. Arts, science, schools. That is what it is. I'm not inventing that. He can be an ideologue. He has to compete, too. And we'll see. Well, he learned that he's got to make the city a place where people want to grow and build and live and have families and work. And he's got to compete with Shanghai and Hong Kong and Singapore, and people vote with their feet. So it isn't this morality thing that people talk about. It's like, are you building a great city with lower crime and stuff like that? I also want to point that out. I did mention to him, it is important to me that I am against racism of all types, including anti-Muslim racism, anti-Jewish racism, which I consider anti-Semitism, anti-Jewish. And I think Israel has a right to have a state. So I think there's a little confusion between, you know, anti-Semitism. So you may not like what a country is doing. I don't like what Iran is doing. It doesn't make me anti-Muslim. And so I think we have to be a little careful in this. But I want to be absolutely clear. And he acknowledged it. And he said, I think he kind of agrees.
I want to go back to the taxes that he wants to impose. At what point do you think those taxes will make New York less competitive? At what point do you think, you know, there will be an erosion of talent within the city? I think it's already doing that. You know, I might add my letter I pointed out to JPMorgan, but these are just numbers. JPMorgan, when I got there, had 35,000 employees in New York City, and now it's 26,000. We had 12,000 in Texas, and that was 33,000. That is because of individual taxes, corporate taxes, state taxes, but also the schools in Dallas. They've become very good. Life in Dallas. You know, the Dallas mayor calls up all the time saying, what can I do to help you? I have a land over here. I have, uh, you know, and that is pro-business. And people love living there. And that's what New York's New York's a wonderful place to. But that is a result. When I grew up in New York City and this is an amazing number, in the '70s, they had 120 of the Fortune 500 were in New York City in those ten years, or about those ten years, 60 left or failed or emerged out, mostly because of things like taxes and crime and stuff like that. And those are big names like GE, IBM, American Airlines, you know, and and is that what you want? You know, and that's what it seems people seem to want. They think that somehow being anti-business is going to help the city. It's not. So we all want to pay fair taxes. Not that's not the point. But at one point, people vote with their feet. And there are a lot of studies have shown that all these people moved out and they're obviously the tech. Obviously New York booming. So you're not going to see in this year's taxes. But a lot of people are paying based off taxes left. Why do you want that? How does that help the lower paid person in New York?
Just one final question before we let you go. I don't know. So I hear these people talk about is it fair tax is fair share. What do they mean? Like I agree with the fact I, you know, I, it were up to me. I saw Jeff Bezos who I love swashbuckling. Uh, you know, if I, I don't think the lower...people make it him pay taxes at all. You know, I would agree with that. But when they say fair share, what do they mean? I mean, they should give a number and say that's a fair share. So, uh. We'll see.
So what do you make of the beef he has? Adams has with Ken Griffin? I mean, there's been a lot of pushback as well from my my view is I need to speak to him about that. I think he realizes he made a mistake in naming Ken, vilifying a name and a person. And, you know, and even though, you know, my grandparents are all Greek immigrants. Okay. You know, I've been working my ass off now for a long time. I think vilifying people, simplifying arguments, you know, even if you think it's political is a bad idea. And I think he probably realizes that was a that's probably why he's in a bunch of us now. And we'd like to maybe have a better liaison with the business community, but we'll all be doing the same thing. What does he do? I don't care what he says. What does he do? I will judge that. And so will what actually happens. Because you can you can talk about morality and ideology all you want. But if things don't get better, you didn't do a good job. And I and my view and I'm talking about him now. I have seen mayors who make statements and they make it worse and worse and worse, you know, and they don't know. They can't get the details. Why is affordable housing out there anymore? Why is this not work? You know, and so I, you know, hopefully he'll learn. I want him to do a good job. I'm not against him.
So, Jamie, there's been a lot of backlash on social from what StanChart CEO Bill Winters said. He talked about how, you know, AI will wipe out the lower value human capital. And a lot of people took issue with how clinical and how cold and how perhaps insensitive that was. Can you weigh in on that? I mean, Bill's a friend of mine, and all of us say something incorrectly. He's already come back into the, you know, taking that back. It was an inartful way to say something, but I also think it'll be all jobs. I don't think it would be higher level. Lower level. I think it'll be more than you think, but it'll also create some jobs. So, you know, in some ways, if you, if, you know, back office jobs disappear, we need more front office jobs to cover more clients. So you look, you get a lot of noise from this. I see all the backlash in data centers, and AI. I do think it's incumbent upon US society to think through. If it happens too fast, what do we do about it? You aren't going to stop at all, you know. And you can talk all you want. Do the work, get prepared, take care of your people. Take care of society. And I think we'll be okay.
We hear that you'll be speaking to New York Mayor Adams, along with David Solomon. Of course, we know he wants to increase taxes for the wealthy in the city. What's the message you're sending him? What will be your conversation with him? I did meet with him. Uh, and I told him, uh, you know, exactly all the great things that JPMorgan does, the employees, the taxes, the philanthropy. The biggest in New York, the biggest global lender. Uh, how do we take care of our people? How you all get medical, the minimum wage of $25, just so he understands, and there are a lot of we do in New York is exporting around the world. So it's a huge export for the United States, a competitive advantage for the city and a competitive edge to the United States of America. And that we're good citizens, and we always have been known. And we talk about affordable housing, child care, which are his two things. Well, of course, you know, everyone I know thinks we should do more affordable housing, but I told him it's smart policy. That gets that. You can say all you want, but if you watch government, they do some things that have the absolute opposite effect. What they say. And I can go through a million... With child care, it's got to be the right, it's got to be effective. He's got to be play his base. He's got to work. Uh, he's got to be thoughtful and stuff like that. Every city. But he had read my chairman's letter and we went through that. Every city has to compete and they have to compete at every level. Arts, science, schools. That is what it is. I'm not inventing that. He can be an ideologue. He has to compete, too. And we'll see. Well, he learned that he's got to make the city a place where people want to grow and build and live and have families and work. And he's got to compete with Shanghai and Hong Kong and Singapore, and people vote with their feet. So it isn't this morality thing that people talk about. It's like, are you building a great city with lower crime and stuff like that? I also want to point that out. I did mention to him, it is important to me that I am against racism of all types, including anti-Muslim racism, anti-Jewish racism, which I consider anti-Semitism, anti-Jewish. And I think Israel has a right to have a state. So I think there's a little confusion between, you know, anti-Semitism. So you may not like what a country is doing. I don't like what Iran is doing. It doesn't make me anti-Muslim. And so I think we have to be a little careful in this. But I want to be absolutely clear. And he acknowledged it. And he said, I think he kind of agrees.
I want to go back to the taxes that he wants to impose. At what point do you think those taxes will make New York less competitive? At what point do you think, you know, there will be an erosion of talent within the city? I think it's already doing that. You know, I might add my letter I pointed out to JPMorgan, but these are just numbers. JPMorgan, when I got there, had 35,000 employees in New York City, and now it's 26,000. We had 12,000 in Texas, and that was 33,000. That is because of individual taxes, corporate taxes, state taxes, but also the schools in Dallas. They've become very good. Life in Dallas. You know, the Dallas mayor calls up all the time saying, what can I do to help you? I have a land over here. I have, uh, you know, and that is pro-business. And people love living there. And that's what New York's New York's a wonderful place to. But that is a result. When I grew up in New York City and this is an amazing number, in the '70s, they had 120 of the Fortune 500 were in New York City in those ten years, or about those ten years, 60 left or failed or emerged out, mostly because of things like taxes and crime and stuff like that. And those are big names like GE, IBM, American Airlines, you know, and and is that what you want? You know, and that's what it seems people seem to want. They think that somehow being anti-business is going to help the city. It's not. So we all want to pay fair taxes. Not that's not the point. But at one point, people vote with their feet. And there are a lot of studies have shown that all these people moved out and they're obviously the tech. Obviously New York booming. So you're not going to see in this year's taxes. But a lot of people are paying based off taxes left. Why do you want that? How does that help the lower paid person in New York?
Just one final question before we let you go. I don't know. So I hear these people talk about is it fair tax is fair share. What do they mean? Like I agree with the fact I, you know, I, it were up to me. I saw Jeff Bezos who I love swashbuckling. Uh, you know, if I, I don't think the lower...people make it him pay taxes at all. You know, I would agree with that. But when they say fair share, what do they mean? I mean, they should give a number and say that's a fair share. So, uh. We'll see.
So what do you make of the beef he has? Adams has with Ken Griffin? I mean, there's been a lot of pushback as well from my my view is I need to speak to him about that. I think he realizes he made a mistake in naming Ken, vilifying a name and a person. And, you know, and even though, you know, my grandparents are all Greek immigrants. Okay. You know, I've been working my ass off now for a long time. I think vilifying people, simplifying arguments, you know, even if you think it's political is a bad idea. And I think he probably realizes that was a that's probably why he's in a bunch of us now. And we'd like to maybe have a better liaison with the business community, but we'll all be doing the same thing. What does he do? I don't care what he says. What does he do? I will judge that. And so will what actually happens. Because you can you can talk about morality and ideology all you want. But if things don't get better, you didn't do a good job. And I and my view and I'm talking about him now. I have seen mayors who make statements and they make it worse and worse and worse, you know, and they don't know. They can't get the details. Why is affordable housing out there anymore? Why is this not work? You know, and so I, you know, hopefully he'll learn. I want him to do a good job. I'm not against him.
So, Jamie, there's been a lot of backlash on social from what StanChart CEO Bill Winters said. He talked about how, you know, AI will wipe out the lower value human capital. And a lot of people took issue with how clinical and how cold and how perhaps insensitive that was. Can you weigh in on that? I mean, Bill's a friend of mine, and all of us say something incorrectly. He's already come back into the, you know, taking that back. It was an inartful way to say something, but I also think it'll be all jobs. I don't think it would be higher level. Lower level. I think it'll be more than you think, but it'll also create some jobs. So, you know, in some ways, if you, if, you know, back office jobs disappear, we need more front office jobs to cover more clients. So you look, you get a lot of noise from this. I see all the backlash in data centers, and AI. I do think it's incumbent upon US society to think through. If it happens too fast, what do we do about it? You aren't going to stop at all, you know. And you can talk all you want. Do the work, get prepared, take care of your people. Take care of society. And I think we'll be okay.
We hear that you'll be speaking to New York Mayor Adams, along with David Solomon. Of course, we know he wants to increase taxes for the wealthy in the city. What's the message you're sending him? What will be your conversation with him? I did meet with him. Uh, and I told him, uh, you know, exactly all the great things that JPMorgan does, the employees, the taxes, the philanthropy. The biggest in New York, the biggest global lender. Uh, how do we take care of our people? How you all get medical, the minimum wage of $25, just so he understands, and there are a lot of we do in New York is exporting around the world. So it's a huge export for the United States, a competitive advantage for the city and a competitive edge to the United States of America. And that we're good citizens, and we always have been known. And we talk about affordable housing, child care, which are his two things. Well, of course, you know, everyone I know thinks we should do more affordable housing, but I told him it's smart policy. That gets that. You can say all you want, but if you watch government, they do some things that have the absolute opposite effect. What they say. And I can go through a million... With child care, it's got to be the right, it's got to be effective. He's got to be play his base. He's got to work. Uh, he's got to be thoughtful and stuff like that. Every city. But he had read my chairman's letter and we went through that. Every city has to compete and they have to compete at every level. Arts, science, schools. That is what it is. I'm not inventing that. He can be an ideologue. He has to compete, too. And we'll see. Well, he learned that he's got to make the city a place where people want to grow and build and live and have families and work. And he's got to compete with Shanghai and Hong Kong and Singapore, and people vote with their feet. So it isn't this morality thing that people talk about. It's like, are you building a great city with lower crime and stuff like that? I also want to point that out. I did mention to him, it is important to me that I am against racism of all types, including anti-Muslim racism, anti-Jewish racism, which I consider anti-Semitism, anti-Jewish. And I think Israel has a right to have a state. So I think there's a little confusion between, you know, anti-Semitism. So you may not like what a country is doing. I don't like what Iran is doing. It doesn't make me anti-Muslim. And so I think we have to be a little careful in this. But I want to be absolutely clear. And he acknowledged it. And he said, I think he kind of agrees.
I want to go back to the taxes that he wants to impose. At what point do you think those taxes will make New York less competitive? At what point do you think, you know, there will be an erosion of talent within the city? I think it's already doing that. You know, I might add my letter I pointed out to JPMorgan, but these are just numbers. JPMorgan, when I got there, had 35,000 employees in New York City, and now it's 26,000. We had 12,000 in Texas, and that was 33,000. That is because of individual taxes, corporate taxes, state taxes, but also the schools in Dallas. They've become very good. Life in Dallas. You know, the Dallas mayor calls up all the time saying, what can I do to help you? I have a land over here. I have, uh, you know, and that is pro-business. And people love living there. And that's what New York's New York's a wonderful place to. But that is a result. When I grew up in New York City and this is an amazing number, in the '70s, they had 120 of the Fortune 500 were in New York City in those ten years, or about those ten years, 60 left or failed or emerged out, mostly because of things like taxes and crime and stuff like that. And those are big names like GE, IBM, American Airlines, you know, and and is that what you want? You know, and that's what it seems people seem to want. They think that somehow being anti-business is going to help the city. It's not. So we all want to pay fair taxes. Not that's not the point. But at one point, people vote with their feet. And there are a lot of studies have shown that all these people moved out and they're obviously the tech. Obviously New York booming. So you're not going to see in this year's taxes. But a lot of people are paying based off taxes left. Why do you want that? How does that help the lower paid person in New York?
Just one final question before we let you go. I don't know. So I hear these people talk about is it fair tax is fair share. What do they mean? Like I agree with the fact I, you know, I, it were up to me. I saw Jeff Bezos who I love swashbuckling. Uh, you know, if I, I don't think the lower...people make it him pay taxes at all. You know, I would agree with that. But when they say fair share, what do they mean? I mean, they should give a number and say that's a fair share. So, uh. We'll see.
So what do you make of the beef he has? Adams has with Ken Griffin? I mean, there's been a lot of pushback as well from my my view is I need to speak to him about that. I think he realizes he made a mistake in naming Ken, vilifying a name and a person. And, you know, and even though, you know, my grandparents are all Greek immigrants. Okay. You know, I've been working my ass off now for a long time. I think vilifying people, simplifying arguments, you know, even if you think it's political is a bad idea. And I think he probably realizes that was a that's probably why he's in a bunch of us now. And we'd like to maybe have a better liaison with the business community, but we'll all be doing the same thing. What does he do? I don't care what he says. What does he do? I will judge that. And so will what actually happens. Because you can you can talk about morality and ideology all you want. But if things don't get better, you didn't do a good job. And I and my view and I'm talking about him now. I have seen mayors who make statements and they make it worse and worse and worse, you know, and they don't know. They can't get the details. Why is affordable housing out there anymore? Why is this not work? You know, and so I, you know, hopefully he'll learn. I want him to do a good job. I'm not against him.
So, Jamie, there's been a lot of backlash on social from what StanChart CEO Bill Winters said. He talked about how, you know, AI will wipe out the lower value human capital. And a lot of people took issue with how clinical and how cold and how perhaps insensitive that was. Can you weigh in on that? I mean, Bill's a friend of mine, and all of us say something incorrectly. He's already come back into the, you know, taking that back. It was an inartful way to say something, but I also think it'll be all jobs. I don't think it would be higher level. Lower level. I think it'll be more than you think, but it'll also create some jobs. So, you know, in some ways, if you, if, you know, back office jobs disappear, we need more front office jobs to cover more clients. So you look, you get a lot of noise from this. I see all the backlash in data centers, and AI. I do think it's incumbent upon US society to think through. If it happens too fast, what do we do about it? You aren't going to stop at all, you know. And you can talk all you want. Do the work, get prepared, take care of your people. Take care of society. And I think we'll be okay.
We hear that you'll be speaking to New York Mayor Adams, along with David Solomon. Of course, we know he wants to increase taxes for the wealthy in the city. What's the message you're sending him? What will be your conversation with him? I did meet with him. Uh, and I told him, uh, you know, exactly all the great things that JPMorgan does, the employees, the taxes, the philanthropy. The biggest in New York, the biggest global lender. Uh, how do we take care of our people? How you all get medical, the minimum wage of $25, just so he understands, and there are a lot of we do in New York is exporting around the world. So it's a huge export for the United States, a competitive advantage for the city and a competitive edge to the United States of America. And that we're good citizens, and we always have been known. And we talk about affordable housing, child care, which are his two things. Well, of course, you know, everyone I know thinks we should do more affordable housing, but I told him it's smart policy. That gets that. You can say all you want, but if you watch government, they do some things that have the absolute opposite effect. What they say. And I can go through a million... With child care, it's got to be the right, it's got to be effective. He's got to be play his base. He's got to work. Uh, he's got to be thoughtful and stuff like that. Every city. But he had read my chairman's letter and we went through that. Every city has to compete and they have to compete at every level. Arts, science, schools. That is what it is. I'm not inventing that. He can be an ideologue. He has to compete, too. And we'll see. Well, he learned that he's got to make the city a place where people want to grow and build and live and have families and work. And he's got to compete with Shanghai and Hong Kong and Singapore, and people vote with their feet. So it isn't this morality thing that people talk about. It's like, are you building a great city with lower crime and stuff like that? I also want to point that out. I did mention to him, it is important to me that I am against racism of all types, including anti-Muslim racism, anti-Jewish racism, which I consider anti-Semitism, anti-Jewish. And I think Israel has a right to have a state. So I think there's a little confusion between, you know, anti-Semitism. So you may not like what a country is doing. I don't like what Iran is doing. It doesn't make me anti-Muslim. And so I think we have to be a little careful in this. But I want to be absolutely clear. And he acknowledged it. And he said, I think he kind of agrees.
I want to go back to the taxes that he wants to impose. At what point do you think those taxes will make New York less competitive? At what point do you think, you know, there will be an erosion of talent within the city? I think it's already doing that. You know, I might add my letter I pointed out to JPMorgan, but these are just numbers. JPMorgan, when I got there, had 35,000 employees in New York City, and now it's 26,000. We had 12,000 in Texas, and that was 33,000. That is because of individual taxes, corporate taxes, state taxes, but also the schools in Dallas. They've become very good. Life in Dallas. You know, the Dallas mayor calls up all the time saying, what can I do to help you? I have a land over here. I have, uh, you know, and that is pro-business. And people love living there. And that's what New York's New York's a wonderful place to. But that is a result. When I grew up in New York City and this is an amazing number, in the '70s, they had 120 of the Fortune 500 were in New York City in those ten years, or about those ten years, 60 left or failed or emerged out, mostly because of things like taxes and crime and stuff like that. And those are big names like GE, IBM, American Airlines, you know, and and is that what you want? You know, and that's what it seems people seem to want. They think that somehow being anti-business is going to help the city. It's not. So we all want to pay fair taxes. Not that's not the point. But at one point, people vote with their feet. And there are a lot of studies have shown that all these people moved out and they're obviously the tech. Obviously New York booming. So you're not going to see in this year's taxes. But a lot of people are paying based off taxes left. Why do you want that? How does that help the lower paid person in New York?
Just one final question before we let you go. I don't know. So I hear these people talk about is it fair tax is fair share. What do they mean? Like I agree with the fact I, you know, I, it were up to me. I saw Jeff Bezos who I love swashbuckling. Uh, you know, if I, I don't think the lower...people make it him pay taxes at all. You know, I would agree with that. But when they say fair share, what do they mean? I mean, they should give a number and say that's a fair share. So, uh. We'll see.
So what do you make of the beef he has? Adams has with Ken Griffin? I mean, there's been a lot of pushback as well from my my view is I need to speak to him about that. I think he realizes he made a mistake in naming Ken, vilifying a name and a person. And, you know, and even though, you know, my grandparents are all Greek immigrants. Okay. You know, I've been working my ass off now for a long time. I think vilifying people, simplifying arguments, you know, even if you think it's political is a bad idea. And I think he probably realizes that was a that's probably why he's in a bunch of us now. And we'd like to maybe have a better liaison with the business community, but we'll all be doing the same thing. What does he do? I don't care what he says. What does he do? I will judge that. And so will what actually happens. Because you can you can talk about morality and ideology all you want. But if things don't get better, you didn't do a good job. And I and my view and I'm talking about him now. I have seen mayors who make statements and they make it worse and worse and worse, you know, and they don't know. They can't get the details. Why is affordable housing out there anymore? Why is this not work? You know, and so I, you know, hopefully he'll learn. I want him to do a good job. I'm not against him.
So, Jamie, there's been a lot of backlash on social from what StanChart CEO Bill Winters said. He talked about how, you know, AI will wipe out the lower value human capital. And a lot of people took issue with how clinical and how cold and how perhaps insensitive that was. Can you weigh in on that? I mean, Bill's a friend of mine, and all of us say something incorrectly. He's already come back into the, you know, taking that back. It was an inartful way to say something, but I also think it'll be all jobs. I don't think it would be higher level. Lower level. I think it'll be more than you think, but it'll also create some jobs. So, you know, in some ways, if you, if, you know, back office jobs disappear, we need more front office jobs to cover more clients. So you look, you get a lot of noise from this. I see all the backlash in data centers, and AI. I do think it's incumbent upon US society to think through. If it happens too fast, what do we do about it? You aren't going to stop at all, you know. And you can talk all you want. Do the work, get prepared, take care of your people. Take care of society. And I think we'll be okay.
We hear that you'll be speaking to New York Mayor Adams, along with David Solomon. Of course, we know he wants to increase taxes for the wealthy in the city. What's the message you're sending him? What will be your conversation with him? I did meet with him. Uh, and I told him, uh, you know, exactly all the great things that JPMorgan does, the employees, the taxes, the philanthropy. The biggest in New York, the biggest global lender. Uh, how do we take care of our people? How you all get medical, the minimum wage of $25, just so he understands, and there are a lot of we do in New York is exporting around the world. So it's a huge export for the United States, a competitive advantage for the city and a competitive edge to the United States of America. And that we're good citizens, and we always have been known. And we talk about affordable housing, child care, which are his two things. Well, of course, you know, everyone I know thinks we should do more affordable housing, but I told him it's smart policy. That gets that. You can say all you want, but if you watch government, they do some things that have the absolute opposite effect. What they say. And I can go through a million... With child care, it's got to be the right, it's got to be effective. He's got to be play his base. He's got to work. Uh, he's got to be thoughtful and stuff like that. Every city. But he had read my chairman's letter and we went through that. Every city has to compete and they have to compete at every level. Arts, science, schools. That is what it is. I'm not inventing that. He can be an ideologue. He has to compete, too. And we'll see. Well, he learned that he's got to make the city a place where people want to grow and build and live and have families and work. And he's got to compete with Shanghai and Hong Kong and Singapore, and people vote with their feet. So it isn't this morality thing that people talk about. It's like, are you building a great city with lower crime and stuff like that? I also want to point that out. I did mention to him, it is important to me that I am against racism of all types, including anti-Muslim racism, anti-Jewish racism, which I consider anti-Semitism, anti-Jewish. And I think Israel has a right to have a state. So I think there's a little confusion between, you know, anti-Semitism. So you may not like what a country is doing. I don't like what Iran is doing. It doesn't make me anti-Muslim. And so I think we have to be a little careful in this. But I want to be absolutely clear. And he acknowledged it. And he said, I think he kind of agrees.
I want to go back to the taxes that he wants to impose. At what point do you think those taxes will make New York less competitive? At what point do you think, you know, there will be an erosion of talent within the city? I think it's already doing that. You know, I might add my letter I pointed out to JPMorgan, but these are just numbers. JPMorgan, when I got there, had 35,000 employees in New York City, and now it's 26,000. We had 12,000 in Texas, and that was 33,000. That is because of individual taxes, corporate taxes, state taxes, but also the schools in Dallas. They've become very good. Life in Dallas. You know, the Dallas mayor calls up all the time saying, what can I do to help you? I have a land over here. I have, uh, you know, and that is pro-business. And people love living there. And that's what New York's New York's a wonderful place to. But that is a result. When I grew up in New York City and this is an amazing number, in the '70s, they had 120 of the Fortune 500 were in New York City in those ten years, or about those ten years, 60 left or failed or emerged out, mostly because of things like taxes and crime and stuff like that. And those are big names like GE, IBM, American Airlines, you know, and and is that what you want? You know, and that's what it seems people seem to want. They think that somehow being anti-business is going to help the city. It's not. So we all want to pay fair taxes. Not that's not the point. But at one point, people vote with their feet. And there are a lot of studies have shown that all these people moved out and they're obviously the tech. Obviously New York booming. So you're not going to see in this year's taxes. But a lot of people are paying based off taxes left. Why do you want that? How does that help the lower paid person in New York?
Just one final question before we let you go. I don't know. So I hear these people talk about is it fair tax is fair share. What do they mean? Like I agree with the fact I, you know, I, it were up to me. I saw Jeff Bezos who I love swashbuckling. Uh, you know, if I, I don't think the lower...people make it him pay taxes at all. You know, I would agree with that. But when they say fair share, what do they mean? I mean, they should give a number and say that's a fair share. So, uh. We'll see.
So what do you make of the beef he has? Adams has with Ken Griffin? I mean, there's been a lot of pushback as well from my my view is I need to speak to him about that. I think he realizes he made a mistake in naming Ken, vilifying a name and a person. And, you know, and even though, you know, my grandparents are all Greek immigrants. Okay. You know, I've been working my ass off now for a long time. I think vilifying people, simplifying arguments, you know, even if you think it's political is a bad idea. And I think he probably realizes that was a that's probably why he's in a bunch of us now. And we'd like to maybe have a better liaison with the business community, but we'll all be doing the same thing. What does he do? I don't care what he says. What does he do? I will judge that. And so will what actually happens. Because you can you can talk about morality and ideology all you want. But if things don't get better, you didn't do a good job. And I and my view and I'm talking about him now. I have seen mayors who make statements and they make it worse and worse and worse, you know, and they don't know. They can't get the details. Why is affordable housing out there anymore? Why is this not work? You know, and so I, you know, hopefully he'll learn. I want him to do a good job. I'm not against him.
So, Jamie, there's been a lot of backlash on social from what StanChart CEO Bill Winters said. He talked about how, you know, AI will wipe out the lower value human capital. And a lot of people took issue with how clinical and how cold and how perhaps insensitive that was. Can you weigh in on that? I mean, Bill's a friend of mine, and all of us say something incorrectly. He's already come back into the, you know, taking that back. It was an inartful way to say something, but I also think it'll be all jobs. I don't think it would be higher level. Lower level. I think it'll be more than you think, but it'll also create some jobs. So, you know, in some ways, if you, if, you know, back office jobs disappear, we need more front office jobs to cover more clients. So you look, you get a lot of noise from this. I see all the backlash in data centers, and AI. I do think it's incumbent upon US society to think through. If it happens too fast, what do we do about it? You aren't going to stop at all, you know. And you can talk all you want. Do the work, get prepared, take care of your people. Take care of society. And I think we'll be okay.
We hear that you'll be speaking to New York Mayor Adams, along with David Solomon. Of course, we know he wants to increase taxes for the wealthy in the city. What's the message you're sending him? What will be your conversation with him? I did meet with him. Uh, and I told him, uh, you know, exactly all the great things that JPMorgan does, the employees, the taxes, the philanthropy. The biggest in New York, the biggest global lender. Uh, how do we take care of our people? How you all get medical, the minimum wage of $25, just so he understands, and there are a lot of we do in New York is exporting around the world. So it's a huge export for the United States, a competitive advantage for the city and a competitive edge to the United States of America. And that we're good citizens, and we always have been known. And we talk about affordable housing, child care, which are his two things. Well, of course, you know, everyone I know thinks we should do more affordable housing, but I told him it's smart policy. That gets that. You can say all you want, but if you watch government, they do some things that have the absolute opposite effect. What they say. And I can go through a million... With child care, it's got to be the right, it's got to be effective. He's got to be play his base. He's got to work. Uh, he's got to be thoughtful and stuff like that. Every city. But he had read my chairman's letter and we went through that. Every city has to compete and they have to compete at every level. Arts, science, schools. That is what it is. I'm not inventing that. He can be an ideologue. He has to compete, too. And we'll see. Well, he learned that he's got to make the city a place where people want to grow and build and live and have families and work. And he's got to compete with Shanghai and Hong Kong and Singapore, and people vote with their feet. So it isn't this morality thing that people talk about. It's like, are you building a great city with lower crime and stuff like that? I also want to point that out. I did mention to him, it is important to me that I am against racism of all types, including anti-Muslim racism, anti-Jewish racism, which I consider anti-Semitism, anti-Jewish. And I think Israel has a right to have a state. So I think there's a little confusion between, you know, anti-Semitism. So you may not like what a country is doing. I don't like what Iran is doing. It doesn't make me anti-Muslim. And so I think we have to be a little careful in this. But I want to be absolutely clear. And he acknowledged it. And he said, I think he kind of agrees.
I want to go back to the taxes that he wants to impose. At what point do you think those taxes will make New York less competitive? At what point do you think, you know, there will be an erosion of talent within the city? I think it's already doing that. You know, I might add my letter I pointed out to JPMorgan, but these are just numbers. JPMorgan, when I got there, had 35,000 employees in New York City, and now it's 26,000. We had 12,000 in Texas, and that was 33,000. That is because of individual taxes, corporate taxes, state taxes, but also the schools in Dallas. They've become very good. Life in Dallas. You know, the Dallas mayor calls up all the time saying, what can I do to help you? I have a land over here. I have, uh, you know, and that is pro-business. And people love living there. And that's what New York's New York's a wonderful place to. But that is a result. When I grew up in New York City and this is an amazing number, in the '70s, they had 120 of the Fortune 500 were in New York City in those ten years, or about those ten years, 60 left or failed or emerged out, mostly because of things like taxes and crime and stuff like that. And those are big names like GE, IBM, American Airlines, you know, and and is that what you want? You know, and that's what it seems people seem to want. They think that somehow being anti-business is going to help the city. It's not. So we all want to pay fair taxes. Not that's not the point. But at one point, people vote with their feet. And there are a lot of studies have shown that all these people moved out and they're obviously the tech. Obviously New York booming. So you're not going to see in this year's taxes. But a lot of people are paying based off taxes left. Why do you want that? How does that help the lower paid person in New York?
Just one final question before we let you go. I don't know. So I hear these people talk about is it fair tax is fair share. What do they mean? Like I agree with the fact I, you know, I, it were up to me. I saw Jeff Bezos who I love swashbuckling. Uh, you know, if I, I don't think the lower...people make it him pay taxes at all. You know, I would agree with that. But when they say fair share, what do they mean? I mean, they should give a number and say that's a fair share. So, uh. We'll see.
So what do you make of the beef he has? Adams has with Ken Griffin? I mean, there's been a lot of pushback as well from my my view is I need to speak to him about that. I think he realizes he made a mistake in naming Ken, vilifying a name and a person. And, you know, and even though, you know, my grandparents are all Greek immigrants. Okay. You know, I've been working my ass off now for a long time. I think vilifying people, simplifying arguments, you know, even if you think it's political is a bad idea. And I think he probably realizes that was a that's probably why he's in a bunch of us now. And we'd like to maybe have a better liaison with the business community, but we'll all be doing the same thing. What does he do? I don't care what he says. What does he do? I will judge that. And so will what actually happens. Because you can you can talk about morality and ideology all you want. But if things don't get better, you didn't do a good job. And I and my view and I'm talking about him now. I have seen mayors who make statements and they make it worse and worse and worse, you know, and they don't know. They can't get the details. Why is affordable housing out there anymore? Why is this not work? You know, and so I, you know, hopefully he'll learn. I want him to do a good job. I'm not against him.
So, Jamie, there's been a lot of backlash on social from what StanChart CEO Bill Winters said. He talked about how, you know, AI will wipe out the lower value human capital. And a lot of people took issue with how clinical and how cold and how perhaps insensitive that was. Can you weigh in on that? I mean, Bill's a friend of mine, and all of us say something incorrectly. He's already come back into the, you know, taking that back. It was an inartful way to say something, but I also think it'll be all jobs. I don't think it would be higher level. Lower level. I think it'll be more than you think, but it'll also create some jobs. So, you know, in some ways, if you, if, you know, back office jobs disappear, we need more front office jobs to cover more clients. So you look, you get a lot of noise from this. I see all the backlash in data centers, and AI. I do think it's incumbent upon US society to think through. If it happens too fast, what do we do about it? You aren't going to stop at all, you know. And you can talk all you want. Do the work, get prepared, take care of your people. Take care of society. And I think we'll be okay.
We hear that you'll be speaking to New York Mayor Adams, along with David Solomon. Of course, we know he wants to increase taxes for the wealthy in the city. What's the message you're sending him? What will be your conversation with him? I did meet with him. Uh, and I told him, uh, you know, exactly all the great things that JPMorgan does, the employees, the taxes, the philanthropy. The biggest in New York, the biggest global lender. Uh, how do we take care of our people? How you all get medical, the minimum wage of $25, just so he understands, and there are a lot of we do in New York is exporting around the world. So it's a huge export for the United States, a competitive advantage for the city and a competitive edge to the United States of America. And that we're good citizens, and we always have been known. And we talk about affordable housing, child care, which are his two things. Well, of course, you know, everyone I know thinks we should do more affordable housing, but I told him it's smart policy. That gets that. You can say all you want, but if you watch government, they do some things that have the absolute opposite effect. What they say. And I can go through a million... With child care, it's got to be the right, it's got to be effective. He's got to be play his base. He's got to work. Uh, he's got to be thoughtful and stuff like that. Every city. But he had read my chairman's letter and we went through that. Every city has to compete and they have to compete at every level. Arts, science, schools. That is what it is. I'm not inventing that. He can be an ideologue. He has to compete, too. And we'll see. Well, he learned that he's got to make the city a place where people want to grow and build and live and have families and work. And he's got to compete with Shanghai and Hong Kong and Singapore, and people vote with their feet. So it isn't this morality thing that people talk about. It's like, are you building a great city with lower crime and stuff like that? I also want to point that out. I did mention to him, it is important to me that I am against racism of all types, including anti-Muslim racism, anti-Jewish racism, which I consider anti-Semitism, anti-Jewish. And I think Israel has a right to have a state. So I think there's a little confusion between, you know, anti-Semitism. So you may not like what a country is doing. I don't like what Iran is doing. It doesn't make me anti-Muslim. And so I think we have to be a little careful in this. But I want to be absolutely clear. And he acknowledged it. And he said, I think he kind of agrees.
I want to go back to the taxes that he wants to impose. At what point do you think those taxes will make New York less competitive? At what point do you think, you know, there will be an erosion of talent within the city? I think it's already doing that. You know, I might add my letter I pointed out to JPMorgan, but these are just numbers. JPMorgan, when I got there, had 35,000 employees in New York City, and now it's 26,000. We had 12,000 in Texas, and that was 33,000. That is because of individual taxes, corporate taxes, state taxes, but also the schools in Dallas. They've become very good. Life in Dallas. You know, the Dallas mayor calls up all the time saying, what can I do to help you? I have a land over here. I have, uh, you know, and that is pro-business. And people love living there. And that's what New York's New York's a wonderful place to. But that is a result. When I grew up in New York City and this is an amazing number, in the '70s, they had 120 of the Fortune 500 were in New York City in those ten years, or about those ten years, 60 left or failed or emerged out, mostly because of things like taxes and crime and stuff like that. And those are big names like GE, IBM, American Airlines, you know, and and is that what you want? You know, and that's what it seems people seem to want. They think that somehow being anti-business is going to help the city. It's not. So we all want to pay fair taxes. Not that's not the point. But at one point, people vote with their feet. And there are a lot of studies have shown that all these people moved out and they're obviously the tech. Obviously New York booming. So you're not going to see in this year's taxes. But a lot of people are paying based off taxes left. Why do you want that? How does that help the lower paid person in New York?
Just one final question before we let you go. I don't know. So I hear these people talk about is it fair tax is fair share. What do they mean? Like I agree with the fact I, you know, I, it were up to me. I saw Jeff Bezos who I love swashbuckling. Uh, you know, if I, I don't think the lower...people make it him pay taxes at all. You know, I would agree with that. But when they say fair share, what do they mean? I mean, they should give a number and say that's a fair share. So, uh. We'll see.
So what do you make of the beef he has? Adams has with Ken Griffin? I mean, there's been a lot of pushback as well from my my view is I need to speak to him about that. I think he realizes he made a mistake in naming Ken, vilifying a name and a person. And, you know, and even though, you know, my grandparents are all Greek immigrants. Okay. You know, I've been working my ass off now for a long time. I think vilifying people, simplifying arguments, you know, even if you think it's political is a bad idea. And I think he probably realizes that was a that's probably why he's in a bunch of us now. And we'd like to maybe have a better liaison with the business community, but we'll all be doing the same thing. What does he do? I don't care what he says. What does he do? I will judge that. And so will what actually happens. Because you can you can talk about morality and ideology all you want. But if things don't get better, you didn't do a good job. And I and my view and I'm talking about him now. I have seen mayors who make statements and they make it worse and worse and worse, you know, and they don't know. They can't get the details. Why is affordable housing out there anymore? Why is this not work? You know, and so I, you know, hopefully he'll learn. I want him to do a good job. I'm not against him.
So, Jamie, there's been a lot of backlash on social from what StanChart CEO Bill Winters said. He talked about how, you know, AI will wipe out the lower value human capital. And a lot of people took issue with how clinical and how cold and how perhaps insensitive that was. Can you weigh in on that? I mean, Bill's a friend of mine, and all of us say something incorrectly. He's already come back into the, you know, taking that back. It was an inartful way to say something, but I also think it'll be all jobs. I don't think it would be higher level. Lower level. I think it'll be more than you think, but it'll also create some jobs. So, you know, in some ways, if you, if, you know, back office jobs disappear, we need more front office jobs to cover more clients. So you look, you get a lot of noise from this. I see all the backlash in data centers, and AI. I do think it's incumbent upon US society to think through. If it happens too fast, what do we do about it? You aren't going to stop at all, you know. And you can talk all you want. Do the work, get prepared, take care of your people. Take care of society. And I think we'll be okay.
We hear that you'll be speaking to New York Mayor Adams, along with David Solomon. Of course, we know he wants to increase taxes for the wealthy in the city. What's the message you're sending him? What will be your conversation with him? I did meet with him. Uh, and I told him, uh, you know, exactly all the great things that JPMorgan does, the employees, the taxes, the philanthropy. The biggest in New York, the biggest global lender. Uh, how do we take care of our people? How you all get medical, the minimum wage of $25, just so he understands, and there are a lot of we do in New York is exporting around the world. So it's a huge export for the United States, a competitive advantage for the city and a competitive edge to the United States of America. And that we're good citizens, and we always have been known. And we talk about affordable housing, child care, which are his two things. Well, of course, you know, everyone I know thinks we should do more affordable housing, but I told him it's smart policy. That gets that. You can say all you want, but if you watch government, they do some things that have the absolute opposite effect. What they say. And I can go through a million... With child care, it's got to be the right, it's got to be effective. He's got to be play his base. He's got to work. Uh, he's got to be thoughtful and stuff like that. Every city. But he had read my chairman's letter and we went through that. Every city has to compete and they have to compete at every level. Arts, science, schools. That is what it is. I'm not inventing that. He can be an ideologue. He has to compete, too. And we'll see. Well, he learned that he's got to make the city a place where people want to grow and build and live and have families and work. And he's got to compete with Shanghai and Hong Kong and Singapore, and people vote with their feet. So it isn't this morality thing that people talk about. It's like, are you building a great city with lower crime and stuff like that? I also want to point that out. I did mention to him, it is important to me that I am against racism of all types, including anti-Muslim racism, anti-Jewish racism, which I consider anti-Semitism, anti-Jewish. And I think Israel has a right to have a state. So I think there's a little confusion between, you know, anti-Semitism. So you may not like what a country is doing. I don't like what Iran is doing. It doesn't make me anti-Muslim. And so I think we have to be a little careful in this. But I want to be absolutely clear. And he acknowledged it. And he said, I think he kind of agrees.
I want to go back to the taxes that he wants to impose. At what point do you think those taxes will make New York less competitive? At what point do you think, you know, there will be an erosion of talent within the city? I think it's already doing that. You know, I might add my letter I pointed out to JPMorgan, but these are just numbers. JPMorgan, when I got there, had 35,000 employees in New York City, and now it's 26,000. We had 12,000 in Texas, and that was 33,000. That is because of individual taxes, corporate taxes, state taxes, but also the schools in Dallas. They've become very good. Life in Dallas. You know, the Dallas mayor calls up all the time saying, what can I do to help you? I have a land over here. I have, uh, you know, and that is pro-business. And people love living there. And that's what New York's New York's a wonderful place to. But that is a result. When I grew up in New York City and this is an amazing number, in the '70s, they had 120 of the Fortune 500 were in New York City in those ten years, or about those ten years, 60 left or failed or emerged out, mostly because of things like taxes and crime and stuff like that. And those are big names like GE, IBM, American Airlines, you know, and and is that what you want? You know, and that's what it seems people seem to want. They think that somehow being anti-business is going to help the city. It's not. So we all want to pay fair taxes. Not that's not the point. But at one point, people vote with their feet. And there are a lot of studies have shown that all these people moved out and they're obviously the tech. Obviously New York booming. So you're not going to see in this year's taxes. But a lot of people are paying based off taxes left. Why do you want that? How does that help the lower paid person in New York?
Just one final question before we let you go. I don't know. So I hear these people talk about is it fair tax is fair share. What do they mean? Like I agree with the fact I, you know, I, it were up to me. I saw Jeff Bezos who I love swashbuckling. Uh, you know, if I, I don't think the lower...people make it him pay taxes at all. You know, I would agree with that. But when they say fair share, what do they mean? I mean, they should give a number and say that's a fair share. So, uh. We'll see.
So what do you make of the beef he has? Adams has with Ken Griffin? I mean, there's been a lot of pushback as well from my my view is I need to speak to him about that. I think he realizes he made a mistake in naming Ken, vilifying a name and a person. And, you know, and even though, you know, my grandparents are all Greek immigrants. Okay. You know, I've been working my ass off now for a long time. I think vilifying people, simplifying arguments, you know, even if you think it's political is a bad idea. And I think he probably realizes that was a that's probably why he's in a bunch of us now. And we'd like to maybe have a better liaison with the business community, but we'll all be doing the same thing. What does he do? I don't care what he says. What does he do? I will judge that. And so will what actually happens. Because you can you can talk about morality and ideology all you want. But if things don't get better, you didn't do a good job. And I and my view and I'm talking about him now. I have seen mayors who make statements and they make it worse and worse and worse, you know, and they don't know. They can't get the details. Why is affordable housing out there anymore? Why is this not work? You know, and so I, you know, hopefully he'll learn. I want him to do a good job. I'm not against him.
So, Jamie, there's been a lot of backlash on social from what StanChart CEO Bill Winters said. He talked about how, you know, AI will wipe out the lower value human capital. And a lot of people took issue with how clinical and how cold and how perhaps insensitive that was. Can you weigh in on that? I mean, Bill's a friend of mine, and all of us say something incorrectly. He's already come back into the, you know, taking that back. It was an inartful way to say something, but I also think it'll be all jobs. I don't think it would be higher level. Lower level. I think it'll be more than you think, but it'll also create some jobs. So, you know, in some ways, if you, if, you know, back office jobs disappear, we need more front office jobs to cover more clients. So you look, you get a lot of noise from this. I see all the backlash in data centers, and AI. I do think it's incumbent upon US society to think through. If it happens too fast, what do we do about it? You aren't going to stop at all, you know. And you can talk all you want. Do the work, get prepared, take care of your people. Take care of society. And I think we'll be okay.
We hear that you'll be speaking to New York Mayor Adams, along with David Solomon. Of course, we know he wants to increase taxes for the wealthy in the city. What's the message you're sending him? What will be your conversation with him? I did meet with him. Uh, and I told him, uh, you know, exactly all the great things that JPMorgan does, the employees, the taxes, the philanthropy. The biggest in New York, the biggest global lender. Uh, how do we take care of our people? How you all get medical, the minimum wage of $25, just so he understands, and there are a lot of we do in New York is exporting around the world. So it's a huge export for the United States, a competitive advantage for the city and a competitive edge to the United States of America. And that we're good citizens, and we always have been known. And we talk about affordable housing, child care, which are his two things. Well, of course, you know, everyone I know thinks we should do more affordable housing, but I told him it's smart policy. That gets that. You can say all you want, but if you watch government, they do some things that have the absolute opposite effect. What they say. And I can go through a million... With child care, it's got to be the right, it's got to be effective. He's got to be play his base. He's got to work. Uh, he's got to be thoughtful and stuff like that. Every city. But he had read my chairman's letter and we went through that. Every city has to compete and they have to compete at every level. Arts, science, schools. That is what it is. I'm not inventing that. He can be an ideologue. He has to compete, too. And we'll see. Well, he learned that he's got to make the city a place where people want to grow and build and live and have families and work. And he's got to compete with Shanghai and Hong Kong and Singapore, and people vote with their feet. So it isn't this morality thing that people talk about. It's like, are you building a great city with lower crime and stuff like that? I also want to point that out. I did mention to him, it is important to me that I am against racism of all types, including anti-Muslim racism, anti-Jewish racism, which I consider anti-Semitism, anti-Jewish. And I think Israel has a right to have a state. So I think there's a little confusion between, you know, anti-Semitism. So you may not like what a country is doing. I don't like what Iran is doing. It doesn't make me anti-Muslim. And so I think we have to be a little careful in this. But I want to be absolutely clear. And he acknowledged it. And he said, I think he kind of agrees.
I want to go back to the taxes that he wants to impose. At what point do you think those taxes will make New York less competitive? At what point do you think, you know, there will be an erosion of talent within the city? I think it's already doing that. You know, I might add my letter I pointed out to JPMorgan, but these are just numbers. JPMorgan, when I got there, had 35,000 employees in New York City, and now it's 26,000. We had 12,000 in Texas, and that was 33,000. That is because of individual taxes, corporate taxes, state taxes, but also the schools in Dallas. They've become very good. Life in Dallas. You know, the Dallas mayor calls up all the time saying, what can I do to help you? I have a land over here. I have, uh, you know, and that is pro-business. And people love living there. And that's what New York's New York's a wonderful place to. But that is a result. When I grew up in New York City and this is an amazing number, in the '70s, they had 120 of the Fortune 500 were in New York City in those ten years, or about those ten years, 60 left or failed or emerged out, mostly because of things like taxes and crime and stuff like that. And those are big names like GE, IBM, American Airlines, you know, and and is that what you want? You know, and that's what it seems people seem to want. They think that somehow being anti-business is going to help the city. It's not. So we all want to pay fair taxes. Not that's not the point. But at one point, people vote with their feet. And there are a lot of studies have shown that all these people moved out and they're obviously the tech. Obviously New York booming. So you're not going to see in this year's taxes. But a lot of people are paying based off taxes left. Why do you want that? How does that help the lower paid person in New York?
Just one final question before we let you go. I don't know. So I hear these people talk about is it fair tax is fair share. What do they mean? Like I agree with the fact I, you know, I, it were up to me. I saw Jeff Bezos who I love swashbuckling. Uh, you know, if I, I don't think the lower...people make it him pay taxes at all. You know, I would agree with that. But when they say fair share, what do they mean? I mean, they should give a number and say that's a fair share. So, uh. We'll see.
So what do you make of the beef he has? Adams has with Ken Griffin? I mean, there's been a lot of pushback as well from my my view is I need to speak to him about that. I think he realizes he made a mistake in naming Ken, vilifying a name and a person. And, you know, and even though, you know, my grandparents are all Greek immigrants. Okay. You know, I've been working my ass off now for a long time. I think vilifying people, simplifying arguments, you know, even if you think it's political is a bad idea. And I think he probably realizes that was a that's probably why he's in a bunch of us now. And we'd like to maybe have a better liaison with the business community, but we'll all be doing the same thing. What does he do? I don't care what he says. What does he do? I will judge that. And so will what actually happens. Because you can you can talk about morality and ideology all you want. But if things don't get better, you didn't do a good job. And I and my view and I'm talking about him now. I have seen mayors who make statements and they make it worse and worse and worse, you know, and they don't know. They can't get the details. Why is affordable housing out there anymore? Why is this not work? You know, and so I, you know, hopefully he'll learn. I want him to do a good job. I'm not against him.
So, Jamie, there's been a lot of backlash on social from what StanChart CEO Bill Winters said. He talked about how, you know, AI will wipe out the lower value human capital. And a lot of people took issue with how clinical and how cold and how perhaps insensitive that was. Can you weigh in on that? I mean, Bill's a friend of mine, and all of us say something incorrectly. He's already come back into the, you know, taking that back. It was an inartful way to say something, but I also think it'll be all jobs. I don't think it would be higher level. Lower level. I think it'll be more than you think, but it'll also create some jobs. So, you know, in some ways, if you, if, you know, back office jobs disappear, we need more front office jobs to cover more clients. So you look, you get a lot of noise from this. I see all the backlash in data centers, and AI. I do think it's incumbent upon US society to think through. If it happens too fast, what do we do about it? You aren't going to stop at all, you know. And you can talk all you want. Do the work, get prepared, take care of your people. Take care of society. And I think we'll be okay.
We hear that you'll be speaking to New York Mayor Adams, along with David Solomon. Of course, we know he wants to increase taxes for the wealthy in the city. What's the message you're sending him? What will be your conversation with him? I did meet with him. Uh, and I told him, uh, you know, exactly all the great things that JPMorgan does, the employees, the taxes, the philanthropy. The biggest in New York, the biggest global lender. Uh, how do we take care of our people? How you all get medical, the minimum wage of $25, just so he understands, and there are a lot of we do in New York is exporting around the world. So it's a huge export for the United States, a competitive advantage for the city and a competitive edge to the United States of America. And that we're good citizens, and we always have been known. And we talk about affordable housing, child care, which are his two things. Well, of course, you know, everyone I know thinks we should do more affordable housing, but I told him it's smart policy. That gets that. You can say all you want, but if you watch government, they do some things that have the absolute opposite effect. What they say. And I can go through a million... With child care, it's got to be the right, it's got to be effective. He's got to be play his base. He's got to work. Uh, he's got to be thoughtful and stuff like that. Every city. But he had read my chairman's letter and we went through that. Every city has to compete and they have to compete at every level. Arts, science, schools. That is what it is. I'm not inventing that. He can be an ideologue. He has to compete, too. And we'll see. Well, he learned that he's got to make the city a place where people want to grow and build and live and have families and work. And he's got to compete with Shanghai and Hong Kong and Singapore, and people vote with their feet. So it isn't this morality thing that people talk about. It's like, are you building a great city with lower crime and stuff like that? I also want to point that out. I did mention to him, it is important to me that I am against racism of all types, including anti-Muslim racism, anti-Jewish racism, which I consider anti-Semitism, anti-Jewish. And I think Israel has a right to have a state. So I think there's a little confusion between, you know, anti-Semitism. So you may not like what a country is doing. I don't like what Iran is doing. It doesn't make me anti-Muslim. And so I think we have to be a little careful in this. But I want to be absolutely clear. And he acknowledged it. And he said, I think he kind of agrees.
I want to go back to the taxes that he wants to impose. At what point do you think those taxes will make New York less competitive? At what point do you think, you know, there will be an erosion of talent within the city? I think it's already doing that. You know, I might add my letter I pointed out to JPMorgan, but these are just numbers. JPMorgan, when I got there, had 35,000 employees in New York City, and now it's 26,000. We had 12,000 in Texas, and that was 33,000. That is because of individual taxes, corporate taxes, state taxes, but also the schools in Dallas. They've become very good. Life in Dallas. You know, the Dallas mayor calls up all the time saying, what can I do to help you? I have a land over here. I have, uh, you know, and that is pro-business. And people love living there. And that's what New York's New York's a wonderful place to. But that is a result. When I grew up in New York City and this is an amazing number, in the '70s, they had 120 of the Fortune 500 were in New York City in those ten years, or about those ten years, 60 left or failed or emerged out, mostly because of things like taxes and crime and stuff like that. And those are big names like GE, IBM, American Airlines, you know, and and is that what you want? You know, and that's what it seems people seem to want. They think that somehow being anti-business is going to help the city. It's not. So we all want to pay fair taxes. Not that's not the point. But at one point, people vote with their feet. And there are a lot of studies have shown that all these people moved out and they're obviously the tech. Obviously New York booming. So you're not going to see in this year's taxes. But a lot of people are paying based off taxes left. Why do you want that? How does that help the lower paid person in New York?
Just one final question before we let you go. I don't know. So I hear these people talk about is it fair tax is fair share. What do they mean? Like I agree with the fact I, you know, I, it were up to me. I saw Jeff Bezos who I love swashbuckling. Uh, you know, if I, I don't think the lower...people make it him pay taxes at all. You know, I would agree with that. But when they say fair share, what do they mean? I mean, they should give a number and say that's a fair share. So, uh. We'll see.
So what do you make of the beef he has? Adams has with Ken Griffin? I mean, there's been a lot of pushback as well from my my view is I need to speak to him about that. I think he realizes he made a mistake in naming Ken, vilifying a name and a person. And, you know, and even though, you know, my grandparents are all Greek immigrants. Okay. You know, I've been working my ass off now for a long time. I think vilifying people, simplifying arguments, you know, even if you think it's political is a bad idea. And I think he probably realizes that was a that's probably why he's in a bunch of us now. And we'd like to maybe have a better liaison with the business community, but we'll all be doing the same thing. What does he do? I don't care what he says. What does he do? I will judge that. And so will what actually happens. Because you can you can talk about morality and ideology all you want. But if things don't get better, you didn't do a good job. And I and my view and I'm talking about him now. I have seen mayors who make statements and they make it worse and worse and worse, you know, and they don't know. They can't get the details. Why is affordable housing out there anymore? Why is this not work? You know, and so I, you know, hopefully he'll learn. I want him to do a good job. I'm not against him.
So, Jamie, there's been a lot of backlash on social from what StanChart CEO Bill Winters said. He talked about how, you know, AI will wipe out the lower value human capital. And a lot of people took issue with how clinical and how cold and how perhaps insensitive that was. Can you weigh in on that? I mean, Bill's a friend of mine, and all of us say something incorrectly. He's already come back into the, you know, taking that back. It was an inartful way to say something, but I also think it'll be all jobs. I don't think it would be higher level. Lower level. I think it'll be more than you think, but it'll also create some jobs. So, you know, in some ways, if you, if, you know, back office jobs disappear, we need more front office jobs to cover more clients. So you look, you get a lot of noise from this. I see all the backlash in data centers, and AI. I do think it's incumbent upon US society to think through. If it happens too fast, what do we do about it? You aren't going to stop at all, you know. And you can talk all you want. Do the work, get prepared, take care of your people. Take care of society. And I think we'll be okay.
We hear that you'll be speaking to New York Mayor Adams, along with David Solomon. Of course, we know he wants to increase taxes for the wealthy in the city. What's the message you're sending him? What will be your conversation with him? I did meet with him. Uh, and I told him, uh, you know, exactly all the great things that JPMorgan does, the employees, the taxes, the philanthropy. The biggest in New York, the biggest global lender. Uh, how do we take care of our people? How you all get medical, the minimum wage of $25, just so he understands, and there are a lot of we do in New York is exporting around the world. So it's a huge export for the United States, a competitive advantage for the city and a competitive edge to the United States of America. And that we're good citizens, and we always have been known. And we talk about affordable housing, child care, which are his two things. Well, of course, you know, everyone I know thinks we should do more affordable housing, but I told him it's smart policy. That gets that. You can say all you want, but if you watch government, they do some things that have the absolute opposite effect. What they say. And I can go through a million... With child care, it's got to be the right, it's got to be effective. He's got to be play his base. He's got to work. Uh, he's got to be thoughtful and stuff like that. Every city. But he had read my chairman's letter and we went through that. Every city has to compete and they have to compete at every level. Arts, science, schools. That is what it is. I'm not inventing that. He can be an ideologue. He has to compete, too. And we'll see. Well, he learned that he's got to make the city a place where people want to grow and build and live and have families and work. And he's got to compete with Shanghai and Hong Kong and Singapore, and people vote with their feet. So it isn't this morality thing that people talk about. It's like, are you building a great city with lower crime and stuff like that? I also want to point that out. I did mention to him, it is important to me that I am against racism of all types, including anti-Muslim racism, anti-Jewish racism, which I consider anti-Semitism, anti-Jewish. And I think Israel has a right to have a state. So I think there's a little confusion between, you know, anti-Semitism. So you may not like what a country is doing. I don't like what Iran is doing. It doesn't make me anti-Muslim. And so I think we have to be a little careful in this. But I want to be absolutely clear. And he acknowledged it. And he said, I think he kind of agrees.
I want to go back to the taxes that he wants to impose. At what point do you think those taxes will make New York less competitive? At what point do you think, you know, there will be an erosion of talent within the city? I think it's already doing that. You know, I might add my letter I pointed out to JPMorgan, but these are just numbers. JPMorgan, when I got there, had 35,000 employees in New York City, and now it's 26,000. We had 12,000 in Texas, and that was 33,000. That is because of individual taxes, corporate taxes, state taxes, but also the schools in Dallas. They've become very good. Life in Dallas. You know, the Dallas mayor calls up all the time saying, what can I do to help you? I have a land over here. I have, uh, you know, and that is pro-business. And people love living there. And that's what New York's New York's a wonderful place to. But that is a result. When I grew up in New York City and this is an amazing number, in the '70s, they had 120 of the Fortune 500 were in New York City in those ten years, or about those ten years, 60 left or failed or emerged out, mostly because of things like taxes and crime and stuff like that. And those are big names like GE, IBM, American Airlines, you know, and and is that what you want? You know, and that's what it seems people seem to want. They think that somehow being anti-business is going to help the city. It's not. So we all want to pay fair taxes. Not that's not the point. But at one point, people vote with their feet. And there are a lot of studies have shown that all these people moved out and they're obviously the tech. Obviously New York booming. So you're not going to see in this year's taxes. But a lot of people are paying based off taxes left. Why do you want that? How does that help the lower paid person in New York?
Just one final question before we let you go. I don't know. So I hear these people talk about is it fair tax is fair share. What do they mean? Like I agree with the fact I, you know, I, it were up to me. I saw Jeff Bezos who I love swashbuckling. Uh, you know, if I, I don't think the lower...people make it him pay taxes at all. You know, I would agree with that. But when they say fair share, what do they mean? I mean, they should give a number and say that's a fair share. So, uh. We'll see.
So what do you make of the beef he has? Adams has with Ken Griffin? I mean, there's been a lot of pushback as well from my my view is I need to speak to him about that. I think he realizes he made a mistake in naming Ken, vilifying a name and a person. And, you know, and even though, you know, my grandparents are all Greek immigrants. Okay. You know, I've been working my ass off now for a long time. I think vilifying people, simplifying arguments, you know, even if you think it's political is a bad idea. And I think he probably realizes that was a that's probably why he's in a bunch of us now. And we'd like to maybe have a better liaison with the business community, but we'll all be doing the same thing. What does he do? I don't care what he says. What does he do? I will judge that. And so will what actually happens. Because you can you can talk about morality and ideology all you want. But if things don't get better, you didn't do a good job. And I and my view and I'm talking about him now. I have seen mayors who make statements and they make it worse and worse and worse, you know, and they don't know. They can't get the details. Why is affordable housing out there anymore? Why is this not work? You know, and so I, you know, hopefully he'll learn. I want him to do a good job. I'm not against him.
So, Jamie, there's been a lot of backlash on social from what StanChart CEO Bill Winters said. He talked about how, you know, AI will wipe out the lower value human capital. And a lot of people took issue with how clinical and how cold and how perhaps insensitive that was. Can you weigh in on that? I mean, Bill's a friend of mine, and all of us say something incorrectly. He's already come back into the, you know, taking that back. It was an inartful way to say something, but I also think it'll be all jobs. I don't think it would be higher level. Lower level. I think it'll be more than you think, but it'll also create some jobs. So, you know, in some ways, if you, if, you know, back office jobs disappear, we need more front office jobs to cover more clients. So you look, you get a lot of noise from this. I see all the backlash in data centers, and AI. I do think it's incumbent upon US society to think through. If it happens too fast, what do we do about it? You aren't going to stop at all, you know. And you can talk all you want. Do the work, get prepared, take care of your people. Take care of society. And I think we'll be okay.
We hear that you'll be speaking to New York Mayor Adams, along with David Solomon. Of course, we know he wants to increase taxes for the wealthy in the city. What's the message you're sending him? What will be your conversation with him? I did meet with him. Uh, and I told him, uh, you know, exactly all the great things that JPMorgan does, the employees, the taxes, the philanthropy. The biggest in New York, the biggest global lender. Uh, how do we take care of our people? How you all get medical, the minimum wage of $25, just so he understands, and there are a lot of we do in New York is exporting around the world. So it's a huge export for the United States, a competitive advantage for the city and a competitive edge to the United States of America. And that we're good citizens, and we always have been known. And we talk about affordable housing, child care, which are his two things. Well, of course, you know, everyone I know thinks we should do more affordable housing, but I told him it's smart policy. That gets that. You can say all you want, but if you watch government, they do some things that have the absolute opposite effect. What they say. And I can go through a million... With child care, it's got to be the right, it's got to be effective. He's got to be play his base. He's got to work. Uh, he's got to be thoughtful and stuff like that. Every city. But he had read my chairman's letter and we went through that. Every city has to compete and they have to compete at every level. Arts, science, schools. That is what it is. I'm not inventing that. He can be an ideologue. He has to compete, too. And we'll see. Well, he learned that he's got to make the city a place where people want to grow and build and live and have families and work. And he's got to compete with Shanghai and Hong Kong and Singapore, and people vote with their feet. So it isn't this morality thing that people talk about. It's like, are you building a great city with lower crime and stuff like that? I also want to point that out. I did mention to him, it is important to me that I am against racism of all types, including anti-Muslim racism, anti-Jewish racism, which I consider anti-Semitism, anti-Jewish. And I think Israel has a right to have a state. So I think there's a little confusion between, you know, anti-Semitism. So you may not like what a country is doing. I don't like what Iran is doing. It doesn't make me anti-Muslim. And so I think we have to be a little careful in this. But I want to be absolutely clear. And he acknowledged it. And he said, I think he kind of agrees.
I want to go back to the taxes that he wants to impose. At what point do you think those taxes will make New York less competitive? At what point do you think, you know, there will be an erosion of talent within the city? I think it's already doing that. You know, I might add my letter I pointed out to JPMorgan, but these are just numbers. JPMorgan, when I got there, had 35,000 employees in New York City, and now it's 26,000. We had 12,000 in Texas, and that was 33,000. That is because of individual taxes, corporate taxes, state taxes, but also the schools in Dallas. They've become very good. Life in Dallas. You know, the Dallas mayor calls up all the time saying, what can I do to help you? I have a land over here. I have, uh, you know, and that is pro-business. And people love living there. And that's what New York's New York's a wonderful place to. But that is a result. When I grew up in New York City and this is an amazing number, in the '70s, they had 120 of the Fortune 500 were in New York City in those ten years, or about those ten years, 60 left or failed or emerged out, mostly because of things like taxes and crime and stuff like that. And those are big names like GE, IBM, American Airlines, you know, and and is that what you want? You know, and that's what it seems people seem to want. They think that somehow being anti-business is going to help the city. It's not. So we all want to pay fair taxes. Not that's not the point. But at one point, people vote with their feet. And there are a lot of studies have shown that all these people moved out and they're obviously the tech. Obviously New York booming. So you're not going to see in this year's taxes. But a lot of people are paying based off taxes left. Why do you want that? How does that help the lower paid person in New York?
Just one final question before we let you go. I don't know. So I hear these people talk about is it fair tax is fair share. What do they mean? Like I agree with the fact I, you know, I, it were up to me. I saw Jeff Bezos who I love swashbuckling. Uh, you know, if I, I don't think the lower...people make it him pay taxes at all. You know, I would agree with that. But when they say fair share, what do they mean? I mean, they should give a number and say that's a fair share. So, uh. We'll see.
So what do you make of the beef he has? Adams has with Ken Griffin? I mean, there's been a lot of pushback as well from my my view is I need to speak to him about that. I think he realizes he made a mistake in naming Ken, vilifying a name and a person. And, you know, and even though, you know, my grandparents are all Greek immigrants. Okay. You know, I've been working my ass off now for a long time. I think vilifying people, simplifying arguments, you know, even if you think it's political is a bad idea. And I think he probably realizes that was a that's probably why he's in a bunch of us now. And we'd like to maybe have a better liaison with the business community, but we'll all be doing the same thing. What does he do? I don't care what he says. What does he do? I will judge that. And so will what actually happens. Because you can you can talk about morality and ideology all you want. But if things don't get better, you didn't do a good job. And I and my view and I'm talking about him now. I have seen mayors who make statements and they make it worse and worse and worse, you know, and they don't know. They can't get the details. Why is affordable housing out there anymore? Why is this not work? You know, and so I, you know, hopefully he'll learn. I want him to do a good job. I'm not against him.
So, Jamie, there's been a lot of backlash on social from what StanChart CEO Bill Winters said. He talked about how, you know, AI will wipe out the lower value human capital. And a lot of people took issue with how clinical and how cold and how perhaps insensitive that was. Can you weigh in on that? I mean, Bill's a friend of mine, and all of us say something incorrectly. He's already come back into the, you know, taking that back. It was an inartful way to say something, but I also think it'll be all jobs. I don't think it would be higher level. Lower level. I think it'll be more than you think, but it'll also create some jobs. So, you know, in some ways, if you, if, you know, back office jobs disappear, we need more front office jobs to cover more clients. So you look, you get a lot of noise from this. I see all the backlash in data centers, and AI. I do think it's incumbent upon US society to think through. If it happens too fast, what do we do about it? You aren't going to stop at all, you know. And you can talk all you want. Do the work, get prepared, take care of your people. Take care of society. And I think we'll be okay.
We hear that you'll be speaking to New York Mayor Adams, along with David Solomon. Of course, we know he wants to increase taxes for the wealthy in the city. What's the message you're sending him? What will be your conversation with him? I did meet with him. Uh, and I told him, uh, you know, exactly all the great things that JPMorgan does, the employees, the taxes, the philanthropy. The biggest in New York, the biggest global lender. Uh, how do we take care of our people? How you all get medical, the minimum wage of $25, just so he understands, and there are a lot of we do in New York is exporting around the world. So it's a huge export for the United States, a competitive advantage for the city and a competitive edge to the United States of America. And that we're good citizens, and we always have been known. And we talk about affordable housing, child care, which are his two things. Well, of course, you know, everyone I know thinks we should do more affordable housing, but I told him it's smart policy. That gets that. You can say all you want, but if you watch government, they do some things that have the absolute opposite effect. What they say. And I can go through a million... With child care, it's got to be the right, it's got to be effective. He's got to be play his base. He's got to work. Uh, he's got to be thoughtful and stuff like that. Every city. But he had read my chairman's letter and we went through that. Every city has to compete and they have to compete at every level. Arts, science, schools. That is what it is. I'm not inventing that. He can be an ideologue. He has to compete, too. And we'll see. Well, he learned that he's got to make the city a place where people want to grow and build and live and have families and work. And he's got to compete with Shanghai and Hong Kong and Singapore, and people vote with their feet. So it isn't this morality thing that people talk about. It's like, are you building a great city with lower crime and stuff like that? I also want to point that out. I did mention to him, it is important to me that I am against racism of all types, including anti-Muslim racism, anti-Jewish racism, which I consider anti-Semitism, anti-Jewish. And I think Israel has a right to have a state. So I think there's a little confusion between, you know, anti-Semitism. So you may not like what a country is doing. I don't like what Iran is doing. It doesn't make me anti-Muslim. And so I think we have to be a little careful in this. But I want to be absolutely clear. And he acknowledged it. And he said, I think he kind of agrees.
I want to go back to the taxes that he wants to impose. At what point do you think those taxes will make New York less competitive? At what point do you think, you know, there will be an erosion of talent within the city? I think it's already doing that. You know, I might add my letter I pointed out to JPMorgan, but these are just numbers. JPMorgan, when I got there, had 35,000 employees in New York City, and now it's 26,000. We had 12,000 in Texas, and that was 33,000. That is because of individual taxes, corporate taxes, state taxes, but also the schools in Dallas. They've become very good. Life in Dallas. You know, the Dallas mayor calls up all the time saying, what can I do to help you? I have a land over here. I have, uh, you know, and that is pro-business. And people love living there. And that's what New York's New York's a wonderful place to. But that is a result. When I grew up in New York City and this is an amazing number, in the '70s, they had 120 of the Fortune 500 were in New York City in those ten years, or about those ten years, 60 left or failed or emerged out, mostly because of things like taxes and crime and stuff like that. And those are big names like GE, IBM, American Airlines, you know, and and is that what you want? You know, and that's what it seems people seem to want. They think that somehow being anti-business is going to help the city. It's not. So we all want to pay fair taxes. Not that's not the point. But at one point, people vote with their feet. And there are a lot of studies have shown that all these people moved out and they're obviously the tech. Obviously New York booming. So you're not going to see in this year's taxes. But a lot of people are paying based off taxes left. Why do you want that? How does that help the lower paid person in New York?
Just one final question before we let you go. I don't know. So I hear these people talk about is it fair tax is fair share. What do they mean? Like I agree with the fact I, you know, I, it were up to me. I saw Jeff Bezos who I love swashbuckling. Uh, you know, if I, I don't think the lower...people make it him pay taxes at all. You know, I would agree with that. But when they say fair share, what do they mean? I mean, they should give a number and say that's a fair share. So, uh. We'll see.
So what do you make of the beef he has? Adams has with Ken Griffin? I mean, there's been a lot of pushback as well from my my view is I need to speak to him about that. I think he realizes he made a mistake in naming Ken, vilifying a name and a person. And, you know, and even though, you know, my grandparents are all Greek immigrants. Okay. You know, I've been working my ass off now for a long time. I think vilifying people, simplifying arguments, you know, even if you think it's political is a bad idea. And I think he probably realizes that was a that's probably why he's in a bunch of us now. And we'd like to maybe have a better liaison with the business community, but we'll all be doing the same thing. What does he do? I don't care what he says. What does he do? I will judge that. And so will what actually happens. Because you can you can talk about morality and ideology all you want. But if things don't get better, you didn't do a good job. And I and my view and I'm talking about him now. I have seen mayors who make statements and they make it worse and worse and worse, you know, and they don't know. They can't get the details. Why is affordable housing out there anymore? Why is this not work? You know, and so I, you know, hopefully he'll learn. I want him to do a good job. I'm not against him.
So, Jamie, there's been a lot of backlash on social from what StanChart CEO Bill Winters said. He talked about how, you know, AI will wipe out the lower value human capital. And a lot of people took issue with how clinical and how cold and how perhaps insensitive that was. Can you weigh in on that? I mean, Bill's a friend of mine, and all of us say something incorrectly. He's already come back into the, you know, taking that back. It was an inartful way to say something, but I also think it'll be all jobs. I don't think it would be higher level. Lower level. I think it'll be more than you think, but it'll also create some jobs. So, you know, in some ways, if you, if, you know, back office jobs disappear, we need more front office jobs to cover more clients. So you look, you get a lot of noise from this. I see all the backlash in data centers, and AI. I do think it's incumbent upon US society to think through. If it happens too fast, what do we do about it? You aren't going to stop at all, you know. And you can talk all you want. Do the work, get prepared, take care of your people. Take care of society. And I think we'll be okay.
We hear that you'll be speaking to New York Mayor Adams, along with David Solomon. Of course, we know he wants to increase taxes for the wealthy in the city. What's the message you're sending him? What will be your conversation with him? I did meet with him. Uh, and I told him, uh, you know, exactly all the great things that JPMorgan does, the employees, the taxes, the philanthropy. The biggest in New York, the biggest global lender. Uh, how do we take care of our people? How you all get medical, the minimum wage of $25, just so he understands, and there are a lot of we do in New York is exporting around the world. So it's a huge export for the United States, a competitive advantage for the city and a competitive edge to the United States of America. And that we're good citizens, and we always have been known. And we talk about affordable housing, child care, which are his two things. Well, of course, you know, everyone I know thinks we should do more affordable housing, but I told him it's smart policy. That gets that. You can say all you want, but if you watch government, they do some things that have the absolute opposite effect. What they say. And I can go through a million... With child care, it's got to be the right, it's got to be effective. He's got to be play his base. He's got to work. Uh, he's got to be thoughtful and stuff like that. Every city. But he had read my chairman's letter and we went through that. Every city has to compete and they have to compete at every level. Arts, science, schools. That is what it is. I'm not inventing that. He can be an ideologue. He has to compete, too. And we'll see. Well, he learned that he's got to make the city a place where people want to grow and build and live and have families and work. And he's got to compete with Shanghai and Hong Kong and Singapore, and people vote with their feet. So it isn't this morality thing that people talk about. It's like, are you building a great city with lower crime and stuff like that? I also want to point that out. I did mention to him, it is important to me that I am against racism of all types, including anti-Muslim racism, anti-Jewish racism, which I consider anti-Semitism, anti-Jewish. And I think Israel has a right to have a state. So I think there's a little confusion between, you know, anti-Semitism. So you may not like what a country is doing. I don't like what Iran is doing. It doesn't make me anti-Muslim. And so I think we have to be a little careful in this. But I want to be absolutely clear. And he acknowledged it. And he said, I think he kind of agrees.
I want to go back to the taxes that he wants to impose. At what point do you think those taxes will make New York less competitive? At what point do you think, you know, there will be an erosion of talent within the city? I think it's already doing that. You know, I might add my letter I pointed out to JPMorgan, but these are just numbers. JPMorgan, when I got there, had 35,000 employees in New York City, and now it's 26,000. We had 12,000 in Texas, and that was 33,000. That is because of individual taxes, corporate taxes, state taxes, but also the schools in Dallas. They've become very good. Life in Dallas. You know, the Dallas mayor calls up all the time saying, what can I do to help you? I have a land over here. I have, uh, you know, and that is pro-business. And people love living there. And that's what New York's New York's a wonderful place to. But that is a result. When I grew up in New York City and this is an amazing number, in the '70s, they had 120 of the Fortune 500 were in New York City in those ten years, or about those ten years, 60 left or failed or emerged out, mostly because of things like taxes and crime and stuff like that. And those are big names like GE, IBM, American Airlines, you know, and and is that what you want? You know, and that's what it seems people seem to want. They think that somehow being anti-business is going to help the city. It's not. So we all want to pay fair taxes. Not that's not the point. But at one point, people vote with their feet. And there are a lot of studies have shown that all these people moved out and they're obviously the tech. Obviously New York booming. So you're not going to see in this year's taxes. But a lot of people are paying based off taxes left. Why do you want that? How does that help the lower paid person in New York?
Just one final question before we let you go. I don't know. So I hear these people talk about is it fair tax is fair share. What do they mean? Like I agree with the fact I, you know, I, it were up to me. I saw Jeff Bezos who I love swashbuckling. Uh, you know, if I, I don't think the lower...people make it him pay taxes at all. You know, I would agree with that. But when they say fair share, what do they mean? I mean, they should give a number and say that's a fair share. So, uh. We'll see.
So what do you make of the beef he has? Adams has with Ken Griffin? I mean, there's been a lot of pushback as well from my my view is I need to speak to him about that. I think he realizes he made a mistake in naming Ken, vilifying a name and a person. And, you know, and even though, you know, my grandparents are all Greek immigrants. Okay. You know, I've been working my ass off now for a long time. I think vilifying people, simplifying arguments, you know, even if you think it's political is a bad idea. And I think he probably realizes that was a that's probably why he's in a bunch of us now. And we'd like to maybe have a better liaison with the business community, but we'll all be doing the same thing. What does he do? I don't care what he says. What does he do? I will judge that. And so will what actually happens. Because you can you can talk about morality and ideology all you want. But if things don't get better, you didn't do a good job. And I and my view and I'm talking about him now. I have seen mayors who make statements and they make it worse and worse and worse, you know, and they don't know. They can't get the details. Why is affordable housing out there anymore? Why is this not work? You know, and so I, you know, hopefully he'll learn. I want him to do a good job. I'm not against him.
So, Jamie, there's been a lot of backlash on social from what StanChart CEO Bill Winters said. He talked about how, you know, AI will wipe out the lower value human capital. And a lot of people took issue with how clinical and how cold and how perhaps insensitive that was. Can you weigh in on that? I mean, Bill's a friend of mine, and all of us say something incorrectly. He's already come back into the, you know, taking that back. It was an inartful way to say something, but I also think it'll be all jobs. I don't think it would be higher level. Lower level. I think it'll be more than you think, but it'll also create some jobs. So, you know, in some ways, if you, if, you know, back office jobs disappear, we need more front office jobs to cover more clients. So you look, you get a lot of noise from this. I see all the backlash in data centers, and AI. I do think it's incumbent upon US society to think through. If it happens too fast, what do we do about it? You aren't going to stop at all, you know. And you can talk all you want. Do the work, get prepared, take care of your people. Take care of society. And I think we'll be okay.
We hear that you'll be speaking to New York Mayor Adams, along with David Solomon. Of course, we know he wants to increase taxes for the wealthy in the city. What's the message you're sending him? What will be your conversation with him? I did meet with him. Uh, and I told him, uh, you know, exactly all the great things that JPMorgan does, the employees, the taxes, the philanthropy. The biggest in New York, the biggest global lender. Uh, how do we take care of our people? How you all get medical, the minimum wage of $25, just so he understands, and there are a lot of we do in New York is exporting around the world. So it's a huge export for the United States, a competitive advantage for the city and a competitive edge to the United States of America. And that we're good citizens, and we always have been known. And we talk about affordable housing, child care, which are his two things. Well, of course, you know, everyone I know thinks we should do more affordable housing, but I told him it's smart policy. That gets that. You can say all you want, but if you watch government, they do some things that have the absolute opposite effect. What they say. And I can go through a million... With child care, it's got to be the right, it's got to be effective. He's got to be play his base. He's got to work. Uh, he's got to be thoughtful and stuff like that. Every city. But he had read my chairman's letter and we went through that. Every city has to compete and they have to compete at every level. Arts, science, schools. That is what it is. I'm not inventing that. He can be an ideologue. He has to compete, too. And we'll see. Well, he learned that he's got to make the city a place where people want to grow and build and live and have families and work. And he's got to compete with Shanghai and Hong Kong and Singapore, and people vote with their feet. So it isn't this morality thing that people talk about. It's like, are you building a great city with lower crime and stuff like that? I also want to point that out. I did mention to him, it is important to me that I am against racism of all types, including anti-Muslim racism, anti-Jewish racism, which I consider anti-Semitism, anti-Jewish. And I think Israel has a right to have a state. So I think there's a little confusion between, you know, anti-Semitism. So you may not like what a country is doing. I don't like what Iran is doing. It doesn't make me anti-Muslim. And so I think we have to be a little careful in this. But I want to be absolutely clear. And he acknowledged it. And he said, I think he kind of agrees.
I want to go back to the taxes that he wants to impose. At what point do you think those taxes will make New York less competitive? At what point do you think, you know, there will be an erosion of talent within the city? I think it's already doing that. You know, I might add my letter I pointed out to JPMorgan, but these are just numbers. JPMorgan, when I got there, had 35,000 employees in New York City, and now it's 26,000. We had 12,000 in Texas, and that was 33,000. That is because of individual taxes, corporate taxes, state taxes, but also the schools in Dallas. They've become very good. Life in Dallas. You know, the Dallas mayor calls up all the time saying, what can I do to help you? I have a land over here. I have, uh, you know, and that is pro-business. And people love living there. And that's what New York's New York's a wonderful place to. But that is a result. When I grew up in New York City and this is an amazing number, in the '70s, they had 120 of the Fortune 500 were in New York City in those ten years, or about those ten years, 60 left or failed or emerged out, mostly because of things like taxes and crime and stuff like that. And those are big names like GE, IBM, American Airlines, you know, and and is that what you want? You know, and that's what it seems people seem to want. They think that somehow being anti-business is going to help the city. It's not. So we all want to pay fair taxes. Not that's not the point. But at one point, people vote with their feet. And there are a lot of studies have shown that all these people moved out and they're obviously the tech. Obviously New York booming. So you're not going to see in this year's taxes. But a lot of people are paying based off taxes left. Why do you want that? How does that help the lower paid person in New York?
Just one final question before we let you go. I don't know. So I hear these people talk about is it fair tax is fair share. What do they mean? Like I agree with the fact I, you know, I, it were up to me. I saw Jeff Bezos who I love swashbuckling. Uh, you know, if I, I don't think the lower...people make it him pay taxes at all. You know, I would agree with that. But when they say fair share, what do they mean? I mean, they should give a number and say that's a fair share. So, uh. We'll see.
So what do you make of the beef he has? Adams has with Ken Griffin? I mean, there's been a lot of pushback as well from my my view is I need to speak to him about that. I think he realizes he made a mistake in naming Ken, vilifying a name and a person. And, you know, and even though, you know, my grandparents are all Greek immigrants. Okay. You know, I've been working my ass off now for a long time. I think vilifying people, simplifying arguments, you know, even if you think it's political is a bad idea. And I think he probably realizes that was a that's probably why he's in a bunch of us now. And we'd like to maybe have a better liaison with the business community, but we'll all be doing the same thing. What does he do? I don't care what he says. What does he do? I will judge that. And so will what actually happens. Because you can you can talk about morality and ideology all you want. But if things don't get better, you didn't do a good job. And I and my view and I'm talking about him now. I have seen mayors who make statements and they make it worse and worse and worse, you know, and they don't know. They can't get the details. Why is affordable housing out there anymore? Why is this not work? You know, and so I, you know, hopefully he'll learn. I want him to do a good job. I'm not against him.
So, Jamie, there's been a lot of backlash on social from what StanChart CEO Bill Winters said. He talked about how, you know, AI will wipe out the lower value human capital. And a lot of people took issue with how clinical and how cold and how perhaps insensitive that was. Can you weigh in on that? I mean, Bill's a friend of mine, and all of us say something incorrectly. He's already come back into the, you know, taking that back. It was an inartful way to say something, but I also think it'll be all jobs. I don't think it would be higher level. Lower level. I think it'll be more than you think, but it'll also create some jobs. So, you know, in some ways, if you, if, you know, back office jobs disappear, we need more front office jobs to cover more clients. So you look, you get a lot of noise from this. I see all the backlash in data centers, and AI. I do think it's incumbent upon US society to think through. If it happens too fast, what do we do about it? You aren't going to stop at all, you know. And you can talk all you want. Do the work, get prepared, take care of your people. Take care of society. And I think we'll be okay.
We hear that you'll be speaking to New York Mayor Adams, along with David Solomon. Of course, we know he wants to increase taxes for the wealthy in the city. What's the message you're sending him? What will be your conversation with him? I did meet with him. Uh, and I told him, uh, you know, exactly all the great things that JPMorgan does, the employees, the taxes, the philanthropy. The biggest in New York, the biggest global lender. Uh, how do we take care of our people? How you all get medical, the minimum wage of $25, just so he understands, and there are a lot of we do in New York is exporting around the world. So it's a huge export for the United States, a competitive advantage for the city and a competitive edge to the United States of America. And that we're good citizens, and we always have been known. And we talk about affordable housing, child care, which are his two things. Well, of course, you know, everyone I know thinks we should do more affordable housing, but I told him it's smart policy. That gets that. You can say all you want, but if you watch government, they do some things that have the absolute opposite effect. What they say. And I can go through a million... With child care, it's got to be the right, it's got to be effective. He's got to be play his base. He's got to work. Uh, he's got to be thoughtful and stuff like that. Every city. But he had read my chairman's letter and we went through that. Every city has to compete and they have to compete at every level. Arts, science, schools. That is what it is. I'm not inventing that. He can be an ideologue. He has to compete, too. And we'll see. Well, he learned that he's got to make the city a place where people want to grow and build and live and have families and work. And he's got to compete with Shanghai and Hong Kong and Singapore, and people vote with their feet. So it isn't this morality thing that people talk about. It's like, are you building a great city with lower crime and stuff like that? I also want to point that out. I did mention to him, it is important to me that I am against racism of all types, including anti-Muslim racism, anti-Jewish racism, which I consider anti-Semitism, anti-Jewish. And I think Israel has a right to have a state. So I think there's a little confusion between, you know, anti-Semitism. So you may not like what a country is doing. I don't like what Iran is doing. It doesn't make me anti-Muslim. And so I think we have to be a little careful in this. But I want to be absolutely clear. And he acknowledged it. And he said, I think he kind of agrees.
I want to go back to the taxes that he wants to impose. At what point do you think those taxes will make New York less competitive? At what point do you think, you know, there will be an erosion of talent within the city? I think it's already doing that. You know, I might add my letter I pointed out to JPMorgan, but these are just numbers. JPMorgan, when I got there, had 35,000 employees in New York City, and now it's 26,000. We had 12,000 in Texas, and that was 33,000. That is because of individual taxes, corporate taxes, state taxes, but also the schools in Dallas. They've become very good. Life in Dallas. You know, the Dallas mayor calls up all the time saying, what can I do to help you? I have a land over here. I have, uh, you know, and that is pro-business. And people love living there. And that's what New York's New York's a wonderful place to. But that is a result. When I grew up in New York City and this is an amazing number, in the '70s, they had 120 of the Fortune 500 were in New York City in those ten years, or about those ten years, 60 left or failed or emerged out, mostly because of things like taxes and crime and stuff like that. And those are big names like GE, IBM, American Airlines, you know, and and is that what you want? You know, and that's what it seems people seem to want. They think that somehow being anti-business is going to help the city. It's not. So we all want to pay fair taxes. Not that's not the point. But at one point, people vote with their feet. And there are a lot of studies have shown that all these people moved out and they're obviously the tech. Obviously New York booming. So you're not going to see in this year's taxes. But a lot of people are paying based off taxes left. Why do you want that? How does that help the lower paid person in New York?
Just one final question before we let you go. I don't know. So I hear these people talk about is it fair tax is fair share. What do they mean? Like I agree with the fact I, you know, I, it were up to me. I saw Jeff Bezos who I love swashbuckling. Uh, you know, if I, I don't think the lower...people make it him pay taxes at all. You know, I would agree with that. But when they say fair share, what do they mean? I mean, they should give a number and say that's a fair share. So, uh. We'll see.
So what do you make of the beef he has? Adams has with Ken Griffin? I mean, there's been a lot of pushback as well from my my view is I need to speak to him about that. I think he realizes he made a mistake in naming Ken, vilifying a name and a person. And, you know, and even though, you know, my grandparents are all Greek immigrants. Okay. You know, I've been working my ass off now for a long time. I think vilifying people, simplifying arguments, you know, even if you think it's political is a bad idea. And I think he probably realizes that was a that's probably why he's in a bunch of us now. And we'd like to maybe have a better liaison with the business community, but we'll all be doing the same thing. What does he do? I don't care what he says. What does he do? I will judge that. And so will what actually happens. Because you can you can talk about morality and ideology all you want. But if things don't get better, you didn't do a good job. And I and my view and I'm talking about him now. I have seen mayors who make statements and they make it worse and worse and worse, you know, and they don't know. They can't get the details. Why is affordable housing out there anymore? Why is this not work? You know, and so I, you know, hopefully he'll learn. I want him to do a good job. I'm not against him.
So, Jamie, there's been a lot of backlash on social from what StanChart CEO Bill Winters said. He talked about how, you know, AI will wipe out the lower value human capital. And a lot of people took issue with how clinical and how cold and how perhaps insensitive that was. Can you weigh in on that? I mean, Bill's a friend of mine, and all of us say something incorrectly. He's already come back into the, you know, taking that back. It was an inartful way to say something, but I also think it'll be all jobs. I don't think it would be higher level. Lower level. I think it'll be more than you think, but it'll also create some jobs. So, you know, in some ways, if you, if, you know, back office jobs disappear, we need more front office jobs to cover more clients. So you look, you get a lot of noise from this. I see all the backlash in data centers, and AI. I do think it's incumbent upon US society to think through. If it happens too fast, what do we do about it? You aren't going to stop at all, you know. And you can talk all you want. Do the work, get prepared, take care of your people. Take care of society. And I think we'll be okay.
We hear that you'll be speaking to New York Mayor Adams, along with David Solomon. Of course, we know he wants to increase taxes for the wealthy in the city. What's the message you're sending him? What will be your conversation with him? I did meet with him. Uh, and I told him, uh, you know, exactly all the great things that JPMorgan does, the employees, the taxes, the philanthropy. The biggest in New York, the biggest global lender. Uh, how do we take care of our people? How you all get medical, the minimum wage of $25, just so he understands, and there are a lot of we do in New York is exporting around the world. So it's a huge export for the United States, a competitive advantage for the city and a competitive edge to the United States of America. And that we're good citizens, and we always have been known. And we talk about affordable housing, child care, which are his two things. Well, of course, you know, everyone I know thinks we should do more affordable housing, but I told him it's smart policy. That gets that. You can say all you want, but if you watch government, they do some things that have the absolute opposite effect. What they say. And I can go through a million... With child care, it's got to be the right, it's got to be effective. He's got to be play his base. He's got to work. Uh, he's got to be thoughtful and stuff like that. Every city. But he had read my chairman's letter and we went through that. Every city has to compete and they have to compete at every level. Arts, science, schools. That is what it is. I'm not inventing that. He can be an ideologue. He has to compete, too. And we'll see. Well, he learned that he's got to make the city a place where people want to grow and build and live and have families and work. And he's got to compete with Shanghai and Hong Kong and Singapore, and people vote with their feet. So it isn't this morality thing that people talk about. It's like, are you building a great city with lower crime and stuff like that? I also want to point that out. I did mention to him, it is important to me that I am against racism of all types, including anti-Muslim racism, anti-Jewish racism, which I consider anti-Semitism, anti-Jewish. And I think Israel has a right to have a state. So I think there's a little confusion between, you know, anti-Semitism. So you may not like what a country is doing. I don't like what Iran is doing. It doesn't make me anti-Muslim. And so I think we have to be a little careful in this. But I want to be absolutely clear. And he acknowledged it. And he said, I think he kind of agrees.
I want to go back to the taxes that he wants to impose. At what point do you think those taxes will make New York less competitive? At what point do you think, you know, there will be an erosion of talent within the city? I think it's already doing that. You know, I might add my letter I pointed out to JPMorgan, but these are just numbers. JPMorgan, when I got there, had 35,000 employees in New York City, and now it's 26,000. We had 12,000 in Texas, and that was 33,000. That is because of individual taxes, corporate taxes, state taxes, but also the schools in Dallas. They've become very good. Life in Dallas. You know, the Dallas mayor calls up all the time saying, what can I do to help you? I have a land over here. I have, uh, you know, and that is pro-business. And people love living there. And that's what New York's New York's a wonderful place to. But that is a result. When I grew up in New York City and this is an amazing number, in the '70s, they had 120 of the Fortune 500 were in New York City in those ten years, or about those ten years, 60 left or failed or emerged out, mostly because of things like taxes and crime and stuff like that. And those are big names like GE, IBM, American Airlines, you know, and and is that what you want? You know, and that's what it seems people seem to want. They think that somehow being anti-business is going to help the city. It's not. So we all want to pay fair taxes. Not that's not the point. But at one point, people vote with their feet. And there are a lot of studies have shown that all these people moved out and they're obviously the tech. Obviously New York booming. So you're not going to see in this year's taxes. But a lot of people are paying based off taxes left. Why do you want that? How does that help the lower paid person in New York?
Just one final question before we let you go. I don't know. So I hear these people talk about is it fair tax is fair share. What do they mean? Like I agree with the fact I, you know, I, it were up to me. I saw Jeff Bezos who I love swashbuckling. Uh, you know, if I, I don't think the lower...people make it him pay taxes at all. You know, I would agree with that. But when they say fair share, what do they mean? I mean, they should give a number and say that's a fair share. So, uh. We'll see.
So what do you make of the beef he has? Adams has with Ken Griffin? I mean, there's been a lot of pushback as well from my my view is I need to speak to him about that. I think he realizes he made a mistake in naming Ken, vilifying a name and a person. And, you know, and even though, you know, my grandparents are all Greek immigrants. Okay. You know, I've been working my ass off now for a long time. I think vilifying people, simplifying arguments, you know, even if you think it's political is a bad idea. And I think he probably realizes that was a that's probably why he's in a bunch of us now. And we'd like to maybe have a better liaison with the business community, but we'll all be doing the same thing. What does he do? I don't care what he says. What does he do? I will judge that. And so will what actually happens. Because you can you can talk about morality and ideology all you want. But if things don't get better, you didn't do a good job. And I and my view and I'm talking about him now. I have seen mayors who make statements and they make it worse and worse and worse, you know, and they don't know. They can't get the details. Why is affordable housing out there anymore? Why is this not work? You know, and so I, you know, hopefully he'll learn. I want him to do a good job. I'm not against him.
So, Jamie, there's been a lot of backlash on social from what StanChart CEO Bill Winters said. He talked about how, you know, AI will wipe out the lower value human capital. And a lot of people took issue with how clinical and how cold and how perhaps insensitive that was. Can you weigh in on that? I mean, Bill's a friend of mine, and all of us say something incorrectly. He's already come back into the, you know, taking that back. It was an inartful way to say something, but I also think it'll be all jobs. I don't think it would be higher level. Lower level. I think it'll be more than you think, but it'll also create some jobs. So, you know, in some ways, if you, if, you know, back office jobs disappear, we need more front office jobs to cover more clients. So you look, you get a lot of noise from this. I see all the backlash in data centers, and AI. I do think it's incumbent upon US society to think through. If it happens too fast, what do we do about it? You aren't going to stop at all, you know. And you can talk all you want. Do the work, get prepared, take care of your people. Take care of society. And I think we'll be okay.
We hear that you'll be speaking to New York Mayor Adams, along with David Solomon. Of course, we know he wants to increase taxes for the wealthy in the city. What's the message you're sending him? What will be your conversation with him? I did meet with him. Uh, and I told him, uh, you know, exactly all the great things that JPMorgan does, the employees, the taxes, the philanthropy. The biggest in New York, the biggest global lender. Uh, how do we take care of our people? How you all get medical, the minimum wage of $25, just so he understands, and there are a lot of we do in New York is exporting around the world. So it's a huge export for the United States, a competitive advantage for the city and a competitive edge to the United States of America. And that we're good citizens, and we always have been known. And we talk about affordable housing, child care, which are his two things. Well, of course, you know, everyone I know thinks we should do more affordable housing, but I told him it's smart policy. That gets that. You can say all you want, but if you watch government, they do some things that have the absolute opposite effect. What they say. And I can go through a million... With child care, it's got to be the right, it's got to be effective. He's got to be play his base. He's got to work. Uh, he's got to be thoughtful and stuff like that. Every city. But he had read my chairman's letter and we went through that. Every city has to compete and they have to compete at every level. Arts, science, schools. That is what it is. I'm not inventing that. He can be an ideologue. He has to compete, too. And we'll see. Well, he learned that he's got to make the city a place where people want to grow and build and live and have families and work. And he's got to compete with Shanghai and Hong Kong and Singapore, and people vote with their feet. So it isn't this morality thing that people talk about. It's like, are you building a great city with lower crime and stuff like that? I also want to point that out. I did mention to him, it is important to me that I am against racism of all types, including anti-Muslim racism, anti-Jewish racism, which I consider anti-Semitism, anti-Jewish. And I think Israel has a right to have a state. So I think there's a little confusion between, you know, anti-Semitism. So you may not like what a country is doing. I don't like what Iran is doing. It doesn't make me anti-Muslim. And so I think we have to be a little careful in this. But I want to be absolutely clear. And he acknowledged it. And he said, I think he kind of agrees.
I want to go back to the taxes that he wants to impose. At what point do you think those taxes will make New York less competitive? At what point do you think, you know, there will be an erosion of talent within the city? I think it's already doing that. You know, I might add my letter I pointed out to JPMorgan, but these are just numbers. JPMorgan, when I got there, had 35,000 employees in New York City, and now it's 26,000. We had 12,000 in Texas, and that was 33,000. That is because of individual taxes, corporate taxes, state taxes, but also the schools in Dallas. They've become very good. Life in Dallas. You know, the Dallas mayor calls up all the time saying, what can I do to help you? I have a land over here. I have, uh, you know, and that is pro-business. And people love living there. And that's what New York's New York's a wonderful place to. But that is a result. When I grew up in New York City and this is an amazing number, in the '70s, they had 120 of the Fortune 500 were in New York City in those ten years, or about those ten years, 60 left or failed or emerged out, mostly because of things like taxes and crime and stuff like that. And those are big names like GE, IBM, American Airlines, you know, and and is that what you want? You know, and that's what it seems people seem to want. They think that somehow being anti-business is going to help the city. It's not. So we all want to pay fair taxes. Not that's not the point. But at one point, people vote with their feet. And there are a lot of studies have shown that all these people moved out and they're obviously the tech. Obviously New York booming. So you're not going to see in this year's taxes. But a lot of people are paying based off taxes left. Why do you want that? How does that help the lower paid person in New York?
Just one final question before we let you go. I don't know. So I hear these people talk about is it fair tax is fair share. What do they mean? Like I agree with the fact I, you know, I, it were up to me. I saw Jeff Bezos who I love swashbuckling. Uh, you know, if I, I don't think the lower...people make it him pay taxes at all. You know, I would agree with that. But when they say fair share, what do they mean? I mean, they should give a number and say that's a fair share. So, uh. We'll see.
So what do you make of the beef he has? Adams has with Ken Griffin? I mean, there's been a lot of pushback as well from my my view is I need to speak to him about that. I think he realizes he made a mistake in naming Ken, vilifying a name and a person. And, you know, and even though, you know, my grandparents are all Greek immigrants. Okay. You know, I've been working my ass off now for a long time. I think vilifying people, simplifying arguments, you know, even if you think it's political is a bad idea. And I think he probably realizes that was a that's probably why he's in a bunch of us now. And we'd like to maybe have a better liaison with the business community, but we'll all be doing the same thing. What does he do? I don't care what he says. What does he do? I will judge that. And so will what actually happens. Because you can you can talk about morality and ideology all you want. But if things don't get better, you didn't do a good job. And I and my view and I'm talking about him now. I have seen mayors who make statements and they make it worse and worse and worse, you know, and they don't know. They can't get the details. Why is affordable housing out there anymore? Why is this not work? You know, and so I, you know, hopefully he'll learn. I want him to do a good job. I'm not against him.
So, Jamie, there's been a lot of backlash on social from what StanChart CEO Bill Winters said. He talked about how, you know, AI will wipe out the lower value human capital. And a lot of people took issue with how clinical and how cold and how perhaps insensitive that was. Can you weigh in on that? I mean, Bill's a friend of mine, and all of us say something incorrectly. He's already come back into the, you know, taking that back. It was an inartful way to say something, but I also think it'll be all jobs. I don't think it would be higher level. Lower level. I think it'll be more than you think, but it'll also create some jobs. So, you know, in some ways, if you, if, you know, back office jobs disappear, we need more front office jobs to cover more clients. So you look, you get a lot of noise from this. I see all the backlash in data centers, and AI. I do think it's incumbent upon US society to think through. If it happens too fast, what do we do about it? You aren't going to stop at all, you know. And you can talk all you want. Do the work, get prepared, take care of your people. Take care of society. And I think we'll be okay.
We hear that you'll be speaking to New York Mayor Adams, along with David Solomon. Of course, we know he wants to increase taxes for the wealthy in the city. What's the message you're sending him? What will be your conversation with him? I did meet with him. Uh, and I told him, uh, you know, exactly all the great things that JPMorgan does, the employees, the taxes, the philanthropy. The biggest in New York, the biggest global lender. Uh, how do we take care of our people? How you all get medical, the minimum wage of $25, just so he understands, and there are a lot of we do in New York is exporting around the world. So it's a huge export for the United States, a competitive advantage for the city and a competitive edge to the United States of America. And that we're good citizens, and we always have been known. And we talk about affordable housing, child care, which are his two things. Well, of course, you know, everyone I know thinks we should do more affordable housing, but I told him it's smart policy. That gets that. You can say all you want, but if you watch government, they do some things that have the absolute opposite effect. What they say. And I can go through a million... With child care, it's got to be the right, it's got to be effective. He's got to be play his base. He's got to work. Uh, he's got to be thoughtful and stuff like that. Every city. But he had read my chairman's letter and we went through that. Every city has to compete and they have to compete at every level. Arts, science, schools. That is what it is. I'm not inventing that. He can be an ideologue. He has to compete, too. And we'll see. Well, he learned that he's got to make the city a place where people want to grow and build and live and have families and work. And he's got to compete with Shanghai and Hong Kong and Singapore, and people vote with their feet. So it isn't this morality thing that people talk about. It's like, are you building a great city with lower crime and stuff like that? I also want to point that out. I did mention to him, it is important to me that I am against racism of all types, including anti-Muslim racism, anti-Jewish racism, which I consider anti-Semitism, anti-Jewish. And I think Israel has a right to have a state. So I think there's a little confusion between, you know, anti-Semitism. So you may not like what a country is doing. I don't like what Iran is doing. It doesn't make me anti-Muslim. And so I think we have to be a little careful in this. But I want to be absolutely clear. And he acknowledged it. And he said, I think he kind of agrees.
I want to go back to the taxes that he wants to impose. At what point do you think those taxes will make New York less competitive? At what point do you think, you know, there will be an erosion of talent within the city? I think it's already doing that. You know, I might add my letter I pointed out to JPMorgan, but these are just numbers. JPMorgan, when I got there, had 35,000 employees in New York City, and now it's 26,000. We had 12,000 in Texas, and that was 33,000. That is because of individual taxes, corporate taxes, state taxes, but also the schools in Dallas. They've become very good. Life in Dallas. You know, the Dallas mayor calls up all the time saying, what can I do to help you? I have a land over here. I have, uh, you know, and that is pro-business. And people love living there. And that's what New York's New York's a wonderful place to. But that is a result. When I grew up in New York City and this is an amazing number, in the '70s, they had 120 of the Fortune 500 were in New York City in those ten years, or about those ten years, 60 left or failed or emerged out, mostly because of things like taxes and crime and stuff like that. And those are big names like GE, IBM, American Airlines, you know, and and is that what you want? You know, and that's what it seems people seem to want. They think that somehow being anti-business is going to help the city. It's not. So we all want to pay fair taxes. Not that's not the point. But at one point, people vote with their feet. And there are a lot of studies have shown that all these people moved out and they're obviously the tech. Obviously New York booming. So you're not going to see in this year's taxes. But a lot of people are paying based off taxes left. Why do you want that? How does that help the lower paid person in New York?
Just one final question before we let you go. I don't know. So I hear these people talk about is it fair tax is fair share. What do they mean? Like I agree with the fact I, you know, I, it were up to me. I saw Jeff Bezos who I love swashbuckling. Uh, you know, if I, I don't think the lower...people make it him pay taxes at all. You know, I would agree with that. But when they say fair share, what do they mean? I mean, they should give a number and say that's a fair share. So, uh. We'll see.
So what do you make of the beef he has? Adams has with Ken Griffin? I mean, there's been a lot of pushback as well from my my view is I need to speak to him about that. I think he realizes he made a mistake in naming Ken, vilifying a name and a person. And, you know, and even though, you know, my grandparents are all Greek immigrants. Okay. You know, I've been working my ass off now for a long time. I think vilifying people, simplifying arguments, you know, even if you think it's political is a bad idea. And I think he probably realizes that was a that's probably why he's in a bunch of us now. And we'd like to maybe have a better liaison with the business community, but we'll all be doing the same thing. What does he do? I don't care what he says. What does he do? I will judge that. And so will what actually happens. Because you can you can talk about morality and ideology all you want. But if things don't get better, you didn't do a good job. And I and my view and I'm talking about him now. I have seen mayors who make statements and they make it worse and worse and worse, you know, and they don't know. They can't get the details. Why is affordable housing out there anymore? Why is this not work? You know, and so I, you know, hopefully he'll learn. I want him to do a good job. I'm not against him.
So, Jamie, there's been a lot of backlash on social from what StanChart CEO Bill Winters said. He talked about how, you know, AI will wipe out the lower value human capital. And a lot of people took issue with how clinical and how cold and how perhaps insensitive that was. Can you weigh in on that? I mean, Bill's a friend of mine, and all of us say something incorrectly. He's already come back into the, you know, taking that back. It was an inartful way to say something, but I also think it'll be all jobs. I don't think it would be higher level. Lower level. I think it'll be more than you think, but it'll also create some jobs. So, you know, in some ways, if you, if, you know, back office jobs disappear, we need more front office jobs to cover more clients. So you look, you get a lot of noise from this. I see all the backlash in data centers, and AI. I do think it's incumbent upon US society to think through. If it happens too fast, what do we do about it? You aren't going to stop at all, you know. And you can talk all you want. Do the work, get prepared, take care of your people. Take care of society. And I think we'll be okay.
We hear that you'll be speaking to New York Mayor Adams, along with David Solomon. Of course, we know he wants to increase taxes for the wealthy in the city. What's the message you're sending him? What will be your conversation with him? I did meet with him. Uh, and I told him, uh, you know, exactly all the great things that JPMorgan does, the employees, the taxes, the philanthropy. The biggest in New York, the biggest global lender. Uh, how do we take care of our people? How you all get medical, the minimum wage of $25, just so he understands, and there are a lot of we do in New York is exporting around the world. So it's a huge export for the United States, a competitive advantage for the city and a competitive edge to the United States of America. And that we're good citizens, and we always have been known. And we talk about affordable housing, child care, which are his two things. Well, of course, you know, everyone I know thinks we should do more affordable housing, but I told him it's smart policy. That gets that. You can say all you want, but if you watch government, they do some things that have the absolute opposite effect. What they say. And I can go through a million... With child care, it's got to be the right, it's got to be effective. He's got to be play his base. He's got to work. Uh, he's got to be thoughtful and stuff like that. Every city. But he had read my chairman's letter and we went through that. Every city has to compete and they have to compete at every level. Arts, science, schools. That is what it is. I'm not inventing that. He can be an ideologue. He has to compete, too. And we'll see. Well, he learned that he's got to make the city a place where people want to grow and build and live and have families and work. And he's got to compete with Shanghai and Hong Kong and Singapore, and people vote with their feet. So it isn't this morality thing that people talk about. It's like, are you building a great city with lower crime and stuff like that? I also want to point that out. I did mention to him, it is important to me that I am against racism of all types, including anti-Muslim racism, anti-Jewish racism, which I consider anti-Semitism, anti-Jewish. And I think Israel has a right to have a state. So I think there's a little confusion between, you know, anti-Semitism. So you may not like what a country is doing. I don't like what Iran is doing. It doesn't make me anti-Muslim. And so I think we have to be a little careful in this. But I want to be absolutely clear. And he acknowledged it. And he said, I think he kind of agrees.
I want to go back to the taxes that he wants to impose. At what point do you think those taxes will make New York less competitive? At what point do you think, you know, there will be an erosion of talent within the city? I think it's already doing that. You know, I might add my letter I pointed out to JPMorgan, but these are just numbers. JPMorgan, when I got there, had 35,000 employees in New York City, and now it's 26,000. We had 12,000 in Texas, and that was 33,000. That is because of individual taxes, corporate taxes, state taxes, but also the schools in Dallas. They've become very good. Life in Dallas. You know, the Dallas mayor calls up all the time saying, what can I do to help you? I have a land over here. I have, uh, you know, and that is pro-business. And people love living there. And that's what New York's New York's a wonderful place to. But that is a result. When I grew up in New York City and this is an amazing number, in the '70s, they had 120 of the Fortune 500 were in New York City in those ten years, or about those ten years, 60 left or failed or emerged out, mostly because of things like taxes and crime and stuff like that. And those are big names like GE, IBM, American Airlines, you know, and and is that what you want? You know, and that's what it seems people seem to want. They think that somehow being anti-business is going to help the city. It's not. So we all want to pay fair taxes. Not that's not the point. But at one point, people vote with their feet. And there are a lot of studies have shown that all these people moved out and they're obviously the tech. Obviously New York booming. So you're not going to see in this year's taxes. But a lot of people are paying based off taxes left. Why do you want that? How does that help the lower paid person in New York?
Just one final question before we let you go. I don't know. So I hear these people talk about is it fair tax is fair share. What do they mean? Like I agree with the fact I, you know, I, it were up to me. I saw Jeff Bezos who I love swashbuckling. Uh, you know, if I, I don't think the lower...people make it him pay taxes at all. You know, I would agree with that. But when they say fair share, what do they mean? I mean, they should give a number and say that's a fair share. So, uh. We'll see.
So what do you make of the beef he has? Adams has with Ken Griffin? I mean, there's been a lot of pushback as well from my my view is I need to speak to him about that. I think he realizes he made a mistake in naming Ken, vilifying a name and a person. And, you know, and even though, you know, my grandparents are all Greek immigrants. Okay. You know, I've been working my ass off now for a long time. I think vilifying people, simplifying arguments, you know, even if you think it's political is a bad idea. And I think he probably realizes that was a that's probably why he's in a bunch of us now. And we'd like to maybe have a better liaison with the business community, but we'll all be doing the same thing. What does he do? I don't care what he says. What does he do? I will judge that. And so will what actually happens. Because you can you can talk about morality and ideology all you want. But if things don't get better, you didn't do a good job. And I and my view and I'm talking about him now. I have seen mayors who make statements and they make it worse and worse and worse, you know, and they don't know. They can't get the details. Why is affordable housing out there anymore? Why is this not work? You know, and so I, you know, hopefully he'll learn. I want him to do a good job. I'm not against him.
So, Jamie, there's been a lot of backlash on social from what StanChart CEO Bill Winters said. He talked about how, you know, AI will wipe out the lower value human capital. And a lot of people took issue with how clinical and how cold and how perhaps insensitive that was. Can you weigh in on that? I mean, Bill's a friend of mine, and all of us say something incorrectly. He's already come back into the, you know, taking that back. It was an inartful way to say something, but I also think it'll be all jobs. I don't think it would be higher level. Lower level. I think it'll be more than you think, but it'll also create some jobs. So, you know, in some ways, if you, if, you know, back office jobs disappear, we need more front office jobs to cover more clients. So you look, you get a lot of noise from this. I see all the backlash in data centers, and AI. I do think it's incumbent upon US society to think through. If it happens too fast, what do we do about it? You aren't going to stop at all, you know. And you can talk all you want. Do the work, get prepared, take care of your people. Take care of society. And I think we'll be okay.
We hear that you'll be speaking to New York Mayor Adams, along with David Solomon. Of course, we know he wants to increase taxes for the wealthy in the city. What's the message you're sending him? What will be your conversation with him? I did meet with him. Uh, and I told him, uh, you know, exactly all the great things that JPMorgan does, the employees, the taxes, the philanthropy. The biggest in New York, the biggest global lender. Uh, how do we take care of our people? How you all get medical, the minimum wage of $25, just so he understands, and there are a lot of we do in New York is exporting around the world. So it's a huge export for the United States, a competitive advantage for the city and a competitive edge to the United States of America. And that we're good citizens, and we always have been known. And we talk about affordable housing, child care, which are his two things. Well, of course, you know, everyone I know thinks we should do more affordable housing, but I told him it's smart policy. That gets that. You can say all you want, but if you watch government, they do some things that have the absolute opposite effect. What they say. And I can go through a million... With child care, it's got to be the right, it's got to be effective. He's got to be play his base. He's got to work. Uh, he's got to be thoughtful and stuff like that. Every city. But he had read my chairman's letter and we went through that. Every city has to compete and they have to compete at every level. Arts, science, schools. That is what it is. I'm not inventing that. He can be an ideologue. He has to compete, too. And we'll see. Well, he learned that he's got to make the city a place where people want to grow and build and live and have families and work. And he's got to compete with Shanghai and Hong Kong and Singapore, and people vote with their feet. So it isn't this morality thing that people talk about. It's like, are you building a great city with lower crime and stuff like that? I also want to point that out. I did mention to him, it is important to me that I am against racism of all types, including anti-Muslim racism, anti-Jewish racism, which I consider anti-Semitism, anti-Jewish. And I think Israel has a right to have a state. So I think there's a little confusion between, you know, anti-Semitism. So you may not like what a country is doing. I don't like what Iran is doing. It doesn't make me anti-Muslim. And so I think we have to be a little careful in this. But I want to be absolutely clear. And he acknowledged it. And he said, I think he kind of agrees.
I want to go back to the taxes that he wants to impose. At what point do you think those taxes will make New York less competitive? At what point do you think, you know, there will be an erosion of talent within the city? I think it's already doing that. You know, I might add my letter I pointed out to JPMorgan, but these are just numbers. JPMorgan, when I got there, had 35,000 employees in New York City, and now it's 26,000. We had 12,000 in Texas, and that was 33,000. That is because of individual taxes, corporate taxes, state taxes, but also the schools in Dallas. They've become very good. Life in Dallas. You know, the Dallas mayor calls up all the time saying, what can I do to help you? I have a land over here. I have, uh, you know, and that is pro-business. And people love living there. And that's what New York's New York's a wonderful place to. But that is a result. When I grew up in New York City and this is an amazing number, in the '70s, they had 120 of the Fortune 500 were in New York City in those ten years, or about those ten years, 60 left or failed or emerged out, mostly because of things like taxes and crime and stuff like that. And those are big names like GE, IBM, American Airlines, you know, and and is that what you want? You know, and that's what it seems people seem to want. They think that somehow being anti-business is going to help the city. It's not. So we all want to pay fair taxes. Not that's not the point. But at one point, people vote with their feet. And there are a lot of studies have shown that all these people moved out and they're obviously the tech. Obviously New York booming. So you're not going to see in this year's taxes. But a lot of people are paying based off taxes left. Why do you want that? How does that help the lower paid person in New York?
Just one final question before we let you go. I don't know. So I hear these people talk about is it fair tax is fair share. What do they mean? Like I agree with the fact I, you know, I, it were up to me. I saw Jeff Bezos who I love swashbuckling. Uh, you know, if I, I don't think the lower...people make it him pay taxes at all. You know, I would agree with that. But when they say fair share, what do they mean? I mean, they should give a number and say that's a fair share. So, uh. We'll see.
So what do you make of the beef he has? Adams has with Ken Griffin? I mean, there's been a lot of pushback as well from my my view is I need to speak to him about that. I think he realizes he made a mistake in naming Ken, vilifying a name and a person. And, you know, and even though, you know, my grandparents are all Greek immigrants. Okay. You know, I've been working my ass off now for a long time. I think vilifying people, simplifying arguments, you know, even if you think it's political is a bad idea. And I think he probably realizes that was a that's probably why he's in a bunch of us now. And we'd like to maybe have a better liaison with the business community, but we'll all be doing the same thing. What does he do? I don't care what he says. What does he do? I will judge that. And so will what actually happens. Because you can you can talk about morality and ideology all you want. But if things don't get better, you didn't do a good job. And I and my view and I'm talking about him now. I have seen mayors who make statements and they make it worse and worse and worse, you know, and they don't know. They can't get the details. Why is affordable housing out there anymore? Why is this not work? You know, and so I, you know, hopefully he'll learn. I want him to do a good job. I'm not against him.
So, Jamie, there's been a lot of backlash on social from what StanChart CEO Bill Winters said. He talked about how, you know, AI will wipe out the lower value human capital. And a lot of people took issue with how clinical and how cold and how perhaps insensitive that was. Can you weigh in on that? I mean, Bill's a friend of mine, and all of us say something incorrectly. He's already come back into the, you know, taking that back. It was an inartful way to say something, but I also think it'll be all jobs. I don't think it would be higher level. Lower level. I think it'll be more than you think, but it'll also create some jobs. So, you know, in some ways, if you, if, you know, back office jobs disappear, we need more front office jobs to cover more clients. So you look, you get a lot of noise from this. I see all the backlash in data centers, and AI. I do think it's incumbent upon US society to think through. If it happens too fast, what do we do about it? You aren't going to stop at all, you know. And you can talk all you want. Do the work, get prepared, take care of your people. Take care of society. And I think we'll be okay.
We hear that you'll be speaking to New York Mayor Adams, along with David Solomon. Of course, we know he wants to increase taxes for the wealthy in the city. What's the message you're sending him? What will be your conversation with him? I did meet with him. Uh, and I told him, uh, you know, exactly all the great things that JPMorgan does, the employees, the taxes, the philanthropy. The biggest in New York, the biggest global lender. Uh, how do we take care of our people? How you all get medical, the minimum wage of $25, just so he understands, and there are a lot of we do in New York is exporting around the world. So it's a huge export for the United States, a competitive advantage for the city and a competitive edge to the United States of America. And that we're good citizens, and we always have been known. And we talk about affordable housing, child care, which are his two things. Well, of course, you know, everyone I know thinks we should do more affordable housing, but I told him it's smart policy. That gets that. You can say all you want, but if you watch government, they do some things that have the absolute opposite effect. What they say. And I can go through a million... With child care, it's got to be the right, it's got to be effective. He's got to be play his base. He's got to work. Uh, he's got to be thoughtful and stuff like that. Every city. But he had read my chairman's letter and we went through that. Every city has to compete and they have to compete at every level. Arts, science, schools. That is what it is. I'm not inventing that. He can be an ideologue. He has to compete, too. And we'll see. Well, he learned that he's got to make the city a place where people want to grow and build and live and have families and work. And he's got to compete with Shanghai and Hong Kong and Singapore, and people vote with their feet. So it isn't this morality thing that people talk about. It's like, are you building a great city with lower crime and stuff like that? I also want to point that out. I did mention to him, it is important to me that I am against racism of all types, including anti-Muslim racism, anti-Jewish racism, which I consider anti-Semitism, anti-Jewish. And I think Israel has a right to have a state. So I think there's a little confusion between, you know, anti-Semitism. So you may not like what a country is doing. I don't like what Iran is doing. It doesn't make me anti-Muslim. And so I think we have to be a little careful in this. But I want to be absolutely clear. And he acknowledged it. And he said, I think he kind of agrees.
I want to go back to the taxes that he wants to impose. At what point do you think those taxes will make New York less competitive? At what point do you think, you know, there will be an erosion of talent within the city? I think it's already doing that. You know, I might add my letter I pointed out to JPMorgan, but these are just numbers. JPMorgan, when I got there, had 35,000 employees in New York City, and now it's 26,000. We had 12,000 in Texas, and that was 33,000. That is because of individual taxes, corporate taxes, state taxes, but also the schools in Dallas. They've become very good. Life in Dallas. You know, the Dallas mayor calls up all the time saying, what can I do to help you? I have a land over here. I have, uh, you know, and that is pro-business. And people love living there. And that's what New York's New York's a wonderful place to. But that is a result. When I grew up in New York City and this is an amazing number, in the '70s, they had 120 of the Fortune 500 were in New York City in those ten years, or about those ten years, 60 left or failed or emerged out, mostly because of things like taxes and crime and stuff like that. And those are big names like GE, IBM, American Airlines, you know, and and is that what you want? You know, and that's what it seems people seem to want. They think that somehow being anti-business is going to help the city. It's not. So we all want to pay fair taxes. Not that's not the point. But at one point, people vote with their feet. And there are a lot of studies have shown that all these people moved out and they're obviously the tech. Obviously New York booming. So you're not going to see in this year's taxes. But a lot of people are paying based off taxes left. Why do you want that? How does that help the lower paid person in New York?
Just one final question before we let you go. I don't know. So I hear these people talk about is it fair tax is fair share. What do they mean? Like I agree with the fact I, you know, I, it were up to me. I saw Jeff Bezos who I love swashbuckling. Uh, you know, if I, I don't think the lower...people make it him pay taxes at all. You know, I would agree with that. But when they say fair share, what do they mean? I mean, they should give a number and say that's a fair share. So, uh. We'll see.
So what do you make of the beef he has? Adams has with Ken Griffin? I mean, there's been a lot of pushback as well from my my view is I need to speak to him about that. I think he realizes he made a mistake in naming Ken, vilifying a name and a person. And, you know, and even though, you know, my grandparents are all Greek immigrants. Okay. You know, I've been working my ass off now for a long time. I think vilifying people, simplifying arguments, you know, even if you think it's political is a bad idea. And I think he probably realizes that was a that's probably why he's in a bunch of us now. And we'd like to maybe have a better liaison with the business community, but we'll all be doing the same thing. What does he do? I don't care what he says. What does he do? I will judge that. And so will what actually happens. Because you can you can talk about morality and ideology all you want. But if things don't get better, you didn't do a good job. And I and my view and I'm talking about him now. I have seen mayors who make statements and they make it worse and worse and worse, you know, and they don't know. They can't get the details. Why is affordable housing out there anymore? Why is this not work? You know, and so I, you know, hopefully he'll learn. I want him to do a good job. I'm not against him.
So, Jamie, there's been a lot of backlash on social from what StanChart CEO Bill Winters said. He talked about how, you know, AI will wipe out the lower value human capital. And a lot of people took issue with how clinical and how cold and how perhaps insensitive that was. Can you weigh in on that? I mean, Bill's a friend of mine, and all of us say something incorrectly. He's already come back into the, you know, taking that back. It was an inartful way to say something, but I also think it'll be all jobs. I don't think it would be higher level. Lower level. I think it'll be more than you think, but it'll also create some jobs. So, you know, in some ways, if you, if, you know, back office jobs disappear, we need more front office jobs to cover more clients. So you look, you get a lot of noise from this. I see all the backlash in data centers, and AI. I do think it's incumbent upon US society to think through. If it happens too fast, what do we do about it? You aren't going to stop at all, you know. And you can talk all you want. Do the work, get prepared, take care of your people. Take care of society. And I think we'll be okay.
We hear that you'll be speaking to New York Mayor Adams, along with David Solomon. Of course, we know he wants to increase taxes for the wealthy in the city. What's the message you're sending him? What will be your conversation with him? I did meet with him. Uh, and I told him, uh, you know, exactly all the great things that JPMorgan does, the employees, the taxes, the philanthropy. The biggest in New York, the biggest global lender. Uh, how do we take care of our people? How you all get medical, the minimum wage of $25, just so he understands, and there are a lot of we do in New York is exporting around the world. So it's a huge export for the United States, a competitive advantage for the city and a competitive edge to the United States of America. And that we're good citizens, and we always have been known. And we talk about affordable housing, child care, which are his two things. Well, of course, you know, everyone I know thinks we should do more affordable housing, but I told him it's smart policy. That gets that. You can say all you want, but if you watch government, they do some things that have the absolute opposite effect. What they say. And I can go through a million... With child care, it's got to be the right, it's got to be effective. He's got to be play his base. He's got to work. Uh, he's got to be thoughtful and stuff like that. Every city. But he had read my chairman's letter and we went through that. Every city has to compete and they have to compete at every level. Arts, science, schools. That is what it is. I'm not inventing that. He can be an ideologue. He has to compete, too. And we'll see. Well, he learned that he's got to make the city a place where people want to grow and build and live and have families and work. And he's got to compete with Shanghai and Hong Kong and Singapore, and people vote with their feet. So it isn't this morality thing that people talk about. It's like, are you building a great city with lower crime and stuff like that? I also want to point that out. I did mention to him, it is important to me that I am against racism of all types, including anti-Muslim racism, anti-Jewish racism, which I consider anti-Semitism, anti-Jewish. And I think Israel has a right to have a state. So I think there's a little confusion between, you know, anti-Semitism. So you may not like what a country is doing. I don't like what Iran is doing. It doesn't make me anti-Muslim. And so I think we have to be a little careful in this. But I want to be absolutely clear. And he acknowledged it. And he said, I think he kind of agrees.
I want to go back to the taxes that he wants to impose. At what point do you think those taxes will make New York less competitive? At what point do you think, you know, there will be an erosion of talent within the city? I think it's already doing that. You know, I might add my letter I pointed out to JPMorgan, but these are just numbers. JPMorgan, when I got there, had 35,000 employees in New York City, and now it's 26,000. We had 12,000 in Texas, and that was 33,000. That is because of individual taxes, corporate taxes, state taxes, but also the schools in Dallas. They've become very good. Life in Dallas. You know, the Dallas mayor calls up all the time saying, what can I do to help you? I have a land over here. I have, uh, you know, and that is pro-business. And people love living there. And that's what New York's New York's a wonderful place to. But that is a result. When I grew up in New York City and this is an amazing number, in the '70s, they had 120 of the Fortune 500 were in New York City in those ten years, or about those ten years, 60 left or failed or emerged out, mostly because of things like taxes and crime and stuff like that. And those are big names like GE, IBM, American Airlines, you know, and and is that what you want? You know, and that's what it seems people seem to want. They think that somehow being anti-business is going to help the city. It's not. So we all want to pay fair taxes. Not that's not the point. But at one point, people vote with their feet. And there are a lot of studies have shown that all these people moved out and they're obviously the tech. Obviously New York booming. So you're not going to see in this year's taxes. But a lot of people are paying based off taxes left. Why do you want that? How does that help the lower paid person in New York?
Just one final question before we let you go. I don't know. So I hear these people talk about is it fair tax is fair share. What do they mean? Like I agree with the fact I, you know, I, it were up to me. I saw Jeff Bezos who I love swashbuckling. Uh, you know, if I, I don't think the lower...people make it him pay taxes at all. You know, I would agree with that. But when they say fair share, what do they mean? I mean, they should give a number and say that's a fair share. So, uh. We'll see.
So what do you make of the beef he has? Adams has with Ken Griffin? I mean, there's been a lot of pushback as well from my my view is I need to speak to him about that. I think he realizes he made a mistake in naming Ken, vilifying a name and a person. And, you know, and even though, you know, my grandparents are all Greek immigrants. Okay. You know, I've been working my ass off now for a long time. I think vilifying people, simplifying arguments, you know, even if you think it's political is a bad idea. And I think he probably realizes that was a that's probably why he's in a bunch of us now. And we'd like to maybe have a better liaison with the business community, but we'll all be doing the same thing. What does he do? I don't care what he says. What does he do? I will judge that. And so will what actually happens. Because you can you can talk about morality and ideology all you want. But if things don't get better, you didn't do a good job. And I and my view and I'm talking about him now. I have seen mayors who make statements and they make it worse and worse and worse, you know, and they don't know. They can't get the details. Why is affordable housing out there anymore? Why is this not work? You know, and so I, you know, hopefully he'll learn. I want him to do a good job. I'm not against him.
So, Jamie, there's been a lot of backlash on social from what StanChart CEO Bill Winters said. He talked about how, you know, AI will wipe out the lower value human capital. And a lot of people took issue with how clinical and how cold and how perhaps insensitive that was. Can you weigh in on that? I mean, Bill's a friend of mine, and all of us say something incorrectly. He's already come back into the, you know, taking that back. It was an inartful way to say something, but I also think it'll be all jobs. I don't think it would be higher level. Lower level. I think it'll be more than you think, but it'll also create some jobs. So, you know, in some ways, if you, if, you know, back office jobs disappear, we need more front office jobs to cover more clients. So you look, you get a lot of noise from this. I see all the backlash in data centers, and AI. I do think it's incumbent upon US society to think through. If it happens too fast, what do we do about it? You aren't going to stop at all, you know. And you can talk all you want. Do the work, get prepared, take care of your people. Take care of society. And I think we'll be okay.
We hear that you'll be speaking to New York Mayor Adams, along with David Solomon. Of course, we know he wants to increase taxes for the wealthy in the city. What's the message you're sending him? What will be your conversation with him? I did meet with him. Uh, and I told him, uh, you know, exactly all the great things that JPMorgan does, the employees, the taxes, the philanthropy. The biggest in New York, the biggest global lender. Uh, how do we take care of our people? How you all get medical, the minimum wage of $25, just so he understands, and there are a lot of we do in New York is exporting around the world. So it's a huge export for the United States, a competitive advantage for the city and a competitive edge to the United States of America. And that we're good citizens, and we always have been known. And we talk about affordable housing, child care, which are his two things. Well, of course, you know, everyone I know thinks we should do more affordable housing, but I told him it's smart policy. That gets that. You can say all you want, but if you watch government, they do some things that have the absolute opposite effect. What they say. And I can go through a million... With child care, it's got to be the right, it's got to be effective. He's got to be play his base. He's got to work. Uh, he's got to be thoughtful and stuff like that. Every city. But he had read my chairman's letter and we went through that. Every city has to compete and they have to compete at every level. Arts, science, schools. That is what it is. I'm not inventing that. He can be an ideologue. He has to compete, too. And we'll see. Well, he learned that he's got to make the city a place where people want to grow and build and live and have families and work. And he's got to compete with Shanghai and Hong Kong and Singapore, and people vote with their feet. So it isn't this morality thing that people talk about. It's like, are you building a great city with lower crime and stuff like that? I also want to point that out. I did mention to him, it is important to me that I am against racism of all types, including anti-Muslim racism, anti-Jewish racism, which I consider anti-Semitism, anti-Jewish. And I think Israel has a right to have a state. So I think there's a little confusion between, you know, anti-Semitism. So you may not like what a country is doing. I don't like what Iran is doing. It doesn't make me anti-Muslim. And so I think we have to be a little careful in this. But I want to be absolutely clear. And he acknowledged it. And he said, I think he kind of agrees.
I want to go back to the taxes that he wants to impose. At what point do you think those taxes will make New York less competitive? At what point do you think, you know, there will be an erosion of talent within the city? I think it's already doing that. You know, I might add my letter I pointed out to JPMorgan, but these are just numbers. JPMorgan, when I got there, had 35,000 employees in New York City, and now it's 26,000. We had 12,000 in Texas, and that was 33,000. That is because of individual taxes, corporate taxes, state taxes, but also the schools in Dallas. They've become very good. Life in Dallas. You know, the Dallas mayor calls up all the time saying, what can I do to help you? I have a land over here. I have, uh, you know, and that is pro-business. And people love living there. And that's what New York's New York's a wonderful place to. But that is a result. When I grew up in New York City and this is an amazing number, in the '70s, they had 120 of the Fortune 500 were in New York City in those ten years, or about those ten years, 60 left or failed or emerged out, mostly because of things like taxes and crime and stuff like that. And those are big names like GE, IBM, American Airlines, you know, and and is that what you want? You know, and that's what it seems people seem to want. They think that somehow being anti-business is going to help the city. It's not. So we all want to pay fair taxes. Not that's not the point. But at one point, people vote with their feet. And there are a lot of studies have shown that all these people moved out and they're obviously the tech. Obviously New York booming. So you're not going to see in this year's taxes. But a lot of people are paying based off taxes left. Why do you want that? How does that help the lower paid person in New York?
Just one final question before we let you go. I don't know. So I hear these people talk about is it fair tax is fair share. What do they mean? Like I agree with the fact I, you know, I, it were up to me. I saw Jeff Bezos who I love swashbuckling. Uh, you know, if I, I don't think the lower...people make it him pay taxes at all. You know, I would agree with that. But when they say fair share, what do they mean? I mean, they should give a number and say that's a fair share. So, uh. We'll see.
So what do you make of the beef he has? Adams has with Ken Griffin? I mean, there's been a lot of pushback as well from my my view is I need to speak to him about that. I think he realizes he made a mistake in naming Ken, vilifying a name and a person. And, you know, and even though, you know, my grandparents are all Greek immigrants. Okay. You know, I've been working my ass off now for a long time. I think vilifying people, simplifying arguments, you know, even if you think it's political is a bad idea. And I think he probably realizes that was a that's probably why he's in a bunch of us now. And we'd like to maybe have a better liaison with the business community, but we'll all be doing the same thing. What does he do? I don't care what he says. What does he do? I will judge that. And so will what actually happens. Because you can you can talk about morality and ideology all you want. But if things don't get better, you didn't do a good job. And I and my view and I'm talking about him now. I have seen mayors who make statements and they make it worse and worse and worse, you know, and they don't know. They can't get the details. Why is affordable housing out there anymore? Why is this not work? You know, and so I, you know, hopefully he'll learn. I want him to do a good job. I'm not against him.
So, Jamie, there's been a lot of backlash on social from what StanChart CEO Bill Winters said. He talked about how, you know, AI will wipe out the lower value human capital. And a lot of people took issue with how clinical and how cold and how perhaps insensitive that was. Can you weigh in on that? I mean, Bill's a friend of mine, and all of us say something incorrectly. He's already come back into the, you know, taking that back. It was an inartful way to say something, but I also think it'll be all jobs. I don't think it would be higher level. Lower level. I think it'll be more than you think, but it'll also create some jobs. So, you know, in some ways, if you, if, you know, back office jobs disappear, we need more front office jobs to cover more clients. So you look, you get a lot of noise from this. I see all the backlash in data centers, and AI. I do think it's incumbent upon US society to think through. If it happens too fast, what do we do about it? You aren't going to stop at all, you know. And you can talk all you want. Do the work, get prepared, take care of your people. Take care of society. And I think we'll be okay.
We hear that you'll be speaking to New York Mayor Adams, along with David Solomon. Of course, we know he wants to increase taxes for the wealthy in the city. What's the message you're sending him? What will be your conversation with him? I did meet with him. Uh, and I told him, uh, you know, exactly all the great things that JPMorgan does, the employees, the taxes, the philanthropy. The biggest in New York, the biggest global lender. Uh, how do we take care of our people? How you all get medical, the minimum wage of $25, just so he understands, and there are a lot of we do in New York is exporting around the world. So it's a huge export for the United States, a competitive advantage for the city and a competitive edge to the United States of America. And that we're good citizens, and we always have been known. And we talk about affordable housing, child care, which are his two things. Well, of course, you know, everyone I know thinks we should do more affordable housing, but I told him it's smart policy. That gets that. You can say all you want, but if you watch government, they do some things that have the absolute opposite effect. What they say. And I can go through a million... With child care, it's got to be the right, it's got to be effective. He's got to be play his base. He's got to work. Uh, he's got to be thoughtful and stuff like that. Every city. But he had read my chairman's letter and we went through that. Every city has to compete and they have to compete at every level. Arts, science, schools. That is what it is. I'm not inventing that. He can be an ideologue. He has to compete, too. And we'll see. Well, he learned that he's got to make the city a place where people want to grow and build and live and have families and work. And he's got to compete with Shanghai and Hong Kong and Singapore, and people vote with their feet. So it isn't this morality thing that people talk about. It's like, are you building a great city with lower crime and stuff like that? I also want to point that out. I did mention to him, it is important to me that I am against racism of all types, including anti-Muslim racism, anti-Jewish racism, which I consider anti-Semitism, anti-Jewish. And I think Israel has a right to have a state. So I think there's a little confusion between, you know, anti-Semitism. So you may not like what a country is doing. I don't like what Iran is doing. It doesn't make me anti-Muslim. And so I think we have to be a little careful in this. But I want to be absolutely clear. And he acknowledged it. And he said, I think he kind of agrees.
I want to go back to the taxes that he wants to impose. At what point do you think those taxes will make New York less competitive? At what point do you think, you know, there will be an erosion of talent within the city? I think it's already doing that. You know, I might add my letter I pointed out to JPMorgan, but these are just numbers. JPMorgan, when I got there, had 35,000 employees in New York City, and now it's 26,000. We had 12,000 in Texas, and that was 33,000. That is because of individual taxes, corporate taxes, state taxes, but also the schools in Dallas. They've become very good. Life in Dallas. You know, the Dallas mayor calls up all the time saying, what can I do to help you? I have a land over here. I have, uh, you know, and that is pro-business. And people love living there. And that's what New York's New York's a wonderful place to. But that is a result. When I grew up in New York City and this is an amazing number, in the '70s, they had 120 of the Fortune 500 were in New York City in those ten years, or about those ten years, 60 left or failed or emerged out, mostly because of things like taxes and crime and stuff like that. And those are big names like GE, IBM, American Airlines, you know, and and is that what you want? You know, and that's what it seems people seem to want. They think that somehow being anti-business is going to help the city. It's not. So we all want to pay fair taxes. Not that's not the point. But at one point, people vote with their feet. And there are a lot of studies have shown that all these people moved out and they're obviously the tech. Obviously New York booming. So you're not going to see in this year's taxes. But a lot of people are paying based off taxes left. Why do you want that? How does that help the lower paid person in New York?
Just one final question before we let you go. I don't know. So I hear these people talk about is it fair tax is fair share. What do they mean? Like I agree with the fact I, you know, I, it were up to me. I saw Jeff Bezos who I love swashbuckling. Uh, you know, if I, I don't think the lower...people make it him pay taxes at all. You know, I would agree with that. But when they say fair share, what do they mean? I mean, they should give a number and say that's a fair share. So, uh. We'll see.
So what do you make of the beef he has? Adams has with Ken Griffin? I mean, there's been a lot of pushback as well from my my view is I need to speak to him about that. I think he realizes he made a mistake in naming Ken, vilifying a name and a person. And, you know, and even though, you know, my grandparents are all Greek immigrants. Okay. You know, I've been working my ass off now for a long time. I think vilifying people, simplifying arguments, you know, even if you think it's political is a bad idea. And I think he probably realizes that was a that's probably why he's in a bunch of us now. And we'd like to maybe have a better liaison with the business community, but we'll all be doing the same thing. What does he do? I don't care what he says. What does he do? I will judge that. And so will what actually happens. Because you can you can talk about morality and ideology all you want. But if things don't get better, you didn't do a good job. And I and my view and I'm talking about him now. I have seen mayors who make statements and they make it worse and worse and worse, you know, and they don't know. They can't get the details. Why is affordable housing out there anymore? Why is this not work? You know, and so I, you know, hopefully he'll learn. I want him to do a good job. I'm not against him.
So, Jamie, there's been a lot of backlash on social from what StanChart CEO Bill Winters said. He talked about how, you know, AI will wipe out the lower value human capital. And a lot of