Jamie Dimon, CEO of JPMorgan Chase, America’s largest bank, was given a cold shoulder by the White House after apparently supporting Republican policies and calling President Donald Trump “sort of right.” The Post has learned that this has been the case.
The self-proclaimed Democrat was labeled a MAGA curiosity by White House insiders after he told Democrats to “respect” Trump supporters in an eyebrow-raising live TV interview at the World Economic Forum in Davos, Switzerland, in January. He has been labeled as “hearty.”
“If you’re watching, take a step back and be honest. He’s right in a way about NATO. He’s right in a way about immigration. He’s grown the economy very well…Tax reform has worked. . He was right about parts of China,” Dimon, 67, told CNBC’s Squawk Box.
Those comments come amid an already strained relationship between Dimon and President Joe Biden, a source told the Post, especially after Dimon spoke to Republicans at the Dealbook Summit in November 2023. That was after urging Democrats to support Haley in the primary.
One cynical White House official said, “It’s not surprising that Mr. Dimon would prioritize the tax bill over democracy,” but that doesn’t mean he “will no longer attend meetings with the president.” It means.
However, National Economic Council Secretary Lael Brainard will continue to take calls, the people added.
A JPMorgan spokesperson said: “Mr. Jamie’s concern for JPM’s bottom line outweighs his desire to develop thoughtful policies that benefit the United States and Americans.” There never was, and there never will be.”
The spokesperson also noted that Dimon said on CBS News’ “Face the Nation” in 2022 that he was “willing to support a president who is trying to do what’s best for America.”
“Jamie has spoken with leaders from across the political spectrum, including the White House, in recent days,” a spokesperson for Dimon said in a statement. The White House did not respond to requests for comment.
The reaction to Mr. Dimon’s comments highlights how one of America’s most important bankers sees his political statements sometimes overshadowing his duties as CEO.
Mr. Dimon is now perhaps the only prominent CEO of a large corporation willing to publicly engage in political debate.
BlackRock CEO Larry Fink, who has been vocal about his liberal beliefs, recently called his participation in the ESG debate “embarrassing.”
Apollo’s Mark Rowan and Pershing Square’s Bill Ackman have become outspoken on the issue, but their companies’ futures are not tied to working with the administration.
All these comments have renewed the conversation that Dimon may still have political ambitions.
It is unlikely that he would leave his perch to run for president, but he acted carefully and deliberately when considering it beforehand.
The newspaper reported that Dimon, who is worth an estimated $2 billion according to Forbes magazine, seriously considered running for president in 2020 in 2018, going so far as to hire a pollster to assess his chances of winning. Sources said it was. A JPMorgan spokeswoman denied that Mr. Dimon had hired pollsters.
Dimon didn’t like his chances, but that didn’t mean he gave up. In fact, some speculate that staying at JPMorgan may be the ultimate campaign tool.
One person said Mr. Dimon’s current role mimics a presidential campaign and could lay the framework for a future bid for the Oval Office.
As chief executive officer of a consumer bank, part of Mr. Dimon’s job is to travel around the country checking on local branches.
“This is a whistle-stop tour, going from region to region shaking hands and meeting with local leaders,” one official said.
A J.P. Morgan spokeswoman said, noting Mr. Dimon’s 15 years of service. That’s exactly what he thinks a CEO should do, and he loves it. ”
Dimon joins the likes of Starbucks CEO Howard Schultz, former Bloomberg LP CEO Mike Bloomberg, and Hewlett-Packard CEO Carly Fiorina who has aspired to rise from the boardroom of a major domestic company to the Oval Office. It turns out. Disney CEO Bob Iger also supported the idea. No one has succeeded.
Former President Trump’s victory in 2016 reinforced the belief among many CEOs that they could be commander in chief.
Many CEOs were furious to see someone they considered a lower performer take the top spot.
“I’m as tough as him, but smarter than him,” Dimon previously said at a 2018 JPMorgan event. He dismissed Trump’s comments, adding, “My money is not a gift from my daddy.” inherited wealth.
Both were born in Queens, New York. Dimon is the father of three adult daughters with his wife, Judith.
The challenge for Dimon will be timing.
“You have to have an opening to be a candidate,” Democratic strategist Hank Sheinkopf said. “Currently, there are no job openings suitable for him.”
In the meantime, he will have to prioritize the bank’s interests by keeping officials in Washington, D.C., and J.P. Morgan happy.
Some employees at the bank were “shocked to hear what he said” about Trump, one person told the Post.
Some say they don’t know or care about Mr. Dimon’s politics.
“To be honest, no one in my group talks about politics at work,” said one employee, who requested anonymity.
