Part 3/13:
Yet, in a paradox that few noticed, Dimon’s letter told a different story. It disclosed that JP Morgan’s headcount in New York had dwindled from 30,000 a decade ago to just 24,000 today—a loss of 6,000 jobs. Conversely, the bank's workforce in Texas had grown from 26,000 to 32,000 during the same period. This shift was neither a minor fluctuation nor a recent development; it had been happening gradually over years, accelerated by policy changes, economic factors, and corporate strategies.