Wall Street giant JPMorgan has set up a “war room” for Donald Trump, one of its executives has revealed, as the 47th president returns to the White House and announces a flurry of new policies.
The bank's head of wealth and wealth management, Mary Erdoes, said at the World Economic Forum in Davos, Switzerland, an Alpine talking ground for the self-styled global elite, that Jamie Dimon's financial institution was He said he is preparing for big changes. Mr. Trump.
“We are setting up a war room to analyze and evaluate each of these (policies),” Erdos said. “They've been up all night working. Time will tell.”
Her comments came after the 78-year-old's second presidential inauguration on Monday. Hours after taking office, President Trump moved to reverse about 80 executive actions taken by his predecessor, Joe Biden.
He campaigned last year by threatening to impose huge tariffs on U.S. trading partners like Mexico and Canada, threatening to disrupt trade and markets.
But Erdos, a JPMorgan veteran who joined the company in 1996, said there are signs that the new administration will be a boon for U.S. companies.
She told Davos that the new commander-in-chief is keen to create a “very pro-business environment” and that “animal spirits are alive” with the US economy now in “go mode”.
The 57-year-old also praised President Trump's decision to order all U.S. government employees back to their offices as part of a sweeping crackdown on the Biden administration's generous and generous coronavirus perks.
“We're grateful to the U.S. government for doing that. We hope this will help us stay ahead of other governments around the world and continue to compete.”
JPMorgan recently ordered employees to return to the office, sparking outrage from some employees.
Mr. Erdos is seen as a potential successor to current CEO Dimon and criticized the previous administration for strangling the financial industry with bureaucracy.
The Harvard Business School graduate expressed hope that President Trump will cut some of the rules.
“If you look at the last administration and the number of new significant regulations, there were eight times as many significant new regulations compared to the previous Trump administration,” she said.
“With this comes millions of person-hours of administrative work. Work that clogs the system and prevents the economy from maintaining a very healthy flywheel. So we're really looking forward to that.” ”, Eldees added. “We hope this will allow us to stay ahead of and compete with other governments around the world.”
JPMorgan's Mr. Dimon has repeatedly cited the so-called Basel III rules, a global blueprint that requires banks to add emergency capital on their books to weather any financial storm.
Critics argue that it diverts loans from potentially profitable loans and reduces access to credit for people and businesses that need it.
Most of Trump's cabinet nominees have not yet been finalized, and the new administration's plans to transform the banking industry remain unclear.
In November, the newspaper revealed that senior aides on Trump's transition team had been talking to JPMorgan's Dimon about using the 68-year-old banking giant as a “consultant” on the new administration's economic policy. .
The Wall Street Journal reported last month that the president is considering whether to abolish the Federal Deposit Insurance Corporation (FDIC), the U.S. government agency that insures deposits at U.S. banks, and shift its responsibility to the Treasury Department. It is said that there is.
He also said Trump could fire the Consumer Financial Protection Bureau (CFPB), which drew the ire of many Wall Street executives during Biden's tenure.
A major banking group sued the CFPB last month over rules set to go into effect in October 2025 that limit the amount of overdraft fees.
