The Wall Street boss is understood to have explained to Mr Burnham and Mr Healey about the potential impact of a windfall tax on the sector, warning it could put employment and investment in the UK at risk, reports The Guardian.

The banking leader was among the most influential voices who helped dissuade then chancellor of the Exchequer Rachel Reeves against higher taxes on the sector at the last Budget, as discussions took place regarding the future of the firm’s £3bn London base in Canary Wharf.

Union leaders are calling on the UK Government to increase taxes on banks to fund energy bill relief for household following the sector’s bumper profits. Currently, lenders in the UK pay 28% in corporation tax, higher than the standard 25%, on top of a separate surcharge on their UK balance sheets.

It comes after the JPMorgan Chase boss publicly warned Prime Minister Andy Burnham about the “adverse consequences” of higher bank taxes. In August, he told Mr Healey in a telephone conversation that the levies could hit jobs, citing a fall in finance roles in New York caused by the city’s tax regime.

Industry body UK Finance, revealed in a report that UK banks together all paid an estimated £43.3bn in tax for the financial year ending March 2025.