JP Morgan has criticised John Healey's tax raid on banks , saying it "lacks principle".
The Wall Street bank said it was unfair for the Chancellor to "single out" banks after Mr Healey announced an increase in the surcharge on bank profits in the Budget.
JP Morgan reportedly faces paying an additional £100m to £150m because of the higher surcharge. It has paid £5.5bn in bank-specific taxes since 2011.
Mr Healey will temporarily double the surcharge from 3pc to 6pc for 15 months from January to provide "immediate support on energy bills", he said.
The surcharge is levied in addition to the top rate of corporation tax, which now stands at 25pc, bringing the total rate faced by the sector to 31pc – the highest level since at least 2015.
Singling out banking
The Office for Budget Responsibility (OBR) estimates that the higher tax rate will bring in an extra £1.5bn, though it believes that roughly £190m of UK profits would move out of the UK following the rise in tax.
Responding to the Budget announcement, a JP Morgan spokesman said the bank was "committed" to the UK and recognised the cost of living challenges facing the country.
But they added: "To single out this industry for additional taxes again, one of the UK's biggest generators of growth and jobs, lacks principle.
"It also overlooks that the banking industry operates in a highly competitive global marketplace."
International banks, including JP Morgan and Citi, have been among the most high-profile critics of increasing bank taxes, warning that it could drive investment and jobs abroad.
Jamie Dimon, JP Morgan's chief executive, has been amongst the staunchest critics of the policy.
In July, he said there would be "adverse consequences" if Andy Burnham targeted lenders with fresh windfall taxes to help fund his spending plans.
"I always thought it was wrong. We're a great citizen [in the UK]. We hire people there. We want to be bigger there. We train people there. We hire veterans there," he said.
"So if a government decides to do it, there's nothing I can do, but it will over time cause decisions made that they may not like."
Much of the City had feared that the Chancellor would raise the bank surcharge to 8pc, where it had sat until Jeremy Hunt, the then Conservative chancellor, lowered it to 3pc in 2023.
News of Mr Healey's plans leaked to Bloomberg hours before he announced them in Parliament, which led bank shares to rally.
Dame Meg Hillier, the chairman of the Treasury committee, wrote to the Treasury and Financial Conduct Authority demanding answers over the leak, which she said was "deeply concerning".
Bank shares rallied further on confirmation that the increase would be smaller than expected and time-limited. Barclays rose by 3.2pc, while Lloyds Bank and NatWest were both up closer to 4pc.
Lloyds Bank and NatWest are the most exposed to any rise in the bank tax, according to Gary Greenwood, an analyst at Shorecap, with Barclays slightly less affected. HSBC and Standard Chartered, which make much of their money overseas, are even less exposed to the tax increase.
The reprieve on bank taxes was one of the few good pieces of news in the Budget for the City, which was explicitly aimed at giving families and businesses "breathing space".
The Budget had a number of other measures focused on "bloody minded entrepreneurs", as Mr Healey termed them, but not all of them were positive.
Founders' relief for capital gains tax will offer them a reduced 10pc rate when selling their businesses. However, tax analysts said the criteria for achieving the relief were so narrow that very few founders would qualify.
Nimesh Shah, the chief executive of Blick Rothenberg, the tax consultancy, said it was "very narrow in scope and many successful owner-managed businesses are unlikely to qualify".
At the same time, the more widely used business asset disposal relief has been made less generous. The threshold for tax relief was cut from £1m to £500,000.
The Chancellor said that he would increase the generosity of tax-advantaged employee share option schemes.
The Government has also overhauled the way businesses can write off the costs of equipment against their tax bills, slowing the rate at which businesses can offset the cost of equipment against their tax bills while offering a bigger upfront write-off on some new investment. Ultimately, the policy will raise £1bn for the Treasury.
