JPMorgan Chase CEO Jamie Dimon warned that high-tax, regulation-heavy states are driving businesses and residents away — accelerating an exodus to pro-growth Sun Belt states like Florida and Texas.

Speaking at the America Business Forum in Miami on Thursday, Dimon cautioned that the trend could "backfire" on states along the West Coast and in the Northeast as the rise of "Wall Street South" increases competition.

"My bottom line is, I think that everything, everyone has to compete," Dimon started on the Forum stage. "And you know why New Yorkers are so depressed? Because the light at the end of the tunnel is New Jersey."

"It's competitive between countries, it's competitive among cities, it's competitive between states, and you're mentioning a bunch of these states that are driving bus

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