US Economy

Jamie Dimon: I will hire more workers if Trump's tax reform passes

Key Points
  • Jamie Dimon, chairman and CEO of JPMorgan Chase, says tax reform will allow the bank to hire more and increase pay.
  • The bank is the largest in the U.S. by assets and has more than 167,000 employees domestically.
  • Dimon wrote this week in a commentary piece that American workers will be the real beneficiaries of corporate tax reform.
Jamie Dimon: JPM will boost jobs and wages if corporate taxes are cut

The head of the largest U.S. bank said Thursday that if tax reform does get passed, the company will hire more workers.

Over time, JPMorgan Chase will be "boosting jobs and wages more than we otherwise would have" if corporate taxes are cut, the bank's chairman and CEO, Jamie Dimon, said during a post-earnings release conference call with media.

"Had we done it right five years ago, we would have grown much faster," Dimon said.

JPMorgan said in its 2016 annual report that the company has more than 243,000 employees worldwide, with more than 167,000 in the United States.

Jamie Dimon
David Paul Morris | Bloomberg | Getty Images

CFO Marianne Lake added on the call that "the tax rate is only one piece of the equation" when considering whether to hire more workers or raise wages.

Dimon is chairman of the Business Roundtable, a group of more than 200 chief executive officers of major U.S. companies, and has spoken strongly about the need for more business-friendly legislation in the United States.

This week, Dimon said in a commentary piece on NBC News' THINK website that American workers will be the real beneficiaries of corporate tax reform.

The piece cites estimates from accounting firm EY that showed "a competitive 20% corporate tax reduction could support the creation of as many as 2 million new jobs if the tax savings went to new job creation."

The article also pointed to an April survey from Business Roundtable that said 76 percent of 123 responding chief executive officers would increase hiring if tax reform is successful.

The GOP released a tax framework last month that proposed cutting the corporate tax rate to 20 percent from 35 percent.

However, many remain skeptical on whether tax reform will be passed soon, if at all. Congress has struggled to pass legislation on health care this year despite a Republican majority.