JPMorgan Chase CEO Jamie Dimon held a phone conversation with UK Chancellor of the Exchequer Rachel Reeves on Thursday, warning her against raising taxes on the banking industry.

Dimon cautioned that an uncompetitive tax regime could weaken London's status as a financial hub, as the UK government considers imposing new taxes on the banking sector ahead of the October budget.

He stated that such a move could result in capital and financial jobs flowing out of the UK.