Tax

Wrong To Attack The Rich and Successful, Says JP Morgan CEO

Max Skjönsberg 9 December 2011

Wrong To Attack The Rich and Successful, Says JP Morgan CEO

Jamie Dimon, chief executive of JP Morgan Chase & Co, hit out at attacks on wealthy individuals at an investor conference in New York earlier this week.

"Acting like everyone who's been successful is bad and that everyone who is rich is bad, I just don't get it," said Dimon, responding to a question after giving a presentation at the Goldman Sachs conference.

"Most of us wage earners are paying 39.6 per cent in taxes and add in another 12 per cent in New York state and city taxes and we're paying 50 per cent of our income in taxes," Dimon said at the conference.

Before the question and answer session, he presented a forecast for 2012, saying that despite substantial headwinds he thinks opportunities are as good in the future as they have been in the past.

Dimon also highlighted asset management and private banking as areas where JP Morgan can gain market share, and said that the company is looking to open 750 Chase Private Client branches next year, without giving more details.

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