Dimon criticizes Texas laws targeting Wall Street banks
JPMorgan Chase CEO Jamie Dimon said Texas risks hurting its business-friendly reputation with laws that seek to punish Wall Street banks for policies limiting work with the gun and fossil fuel industries, in an interview with Bloomberg News on Wednesday.
Dimon, chief of the largest bank in the U.S., told Bloomberg that Texas is a “welcoming” place for business, but “I think it’s a mistake to damage it even a little way.” He said the bank does not discriminate or boycott anyone, neither for political affiliation nor for anything else.
Texas enacted a law in 2021 prohibiting government contracts with entities that discriminated against the firearms industry. This year, Kentucky warned 11 major financial companies, including Citigroup, JPMorgan Chase and BlackRock, of potential divestment over their “boycott” of energy companies. In the past year, states like West Virginia and Texas have also boycotted several financial firms.
Dimon defends ESG investment practices
Dimon said the bank follows environmental, social and governance (ESG) investment practices because they are good for business and society. He said the bank has been investing in renewable energy, affordable housing and minority-owned businesses for decades.
He also said the bank supports the transition to a low-carbon economy, but it cannot do it alone. He called for a national policy on climate change that would include incentives, regulations and carbon pricing.
Dimon said the bank is not against fossil fuels, but it wants to help them reduce their emissions and become more sustainable. He said the bank has been working with oil and gas companies to finance their green projects and initiatives.
Dimon praises Texas economy and workforce
Despite his criticism of some of the state’s laws, Dimon praised Texas for its strong economy and workforce. He said the state has been attracting businesses and talent from other parts of the country and the world.
He said the bank has been expanding its presence in Texas, where it has more than 25,000 employees and 600 branches. He said the bank plans to open more branches and hire more people in the state in the future.
He also said the bank is committed to serving its customers and communities in Texas, regardless of their political views or preferences. He said the bank respects diversity and inclusion, and it expects the same from its partners and stakeholders.
