JPMorgan Chase CEO Jamie Dimon has been in touch with Donald Trump through secret back channels in recent months, and the president-elect's policy agenda is on the rise before and after his decisive victory in the White House. The Post has learned that he helped develop the
The 68-year-old Wall Street mogul, who like Trump, 78, grew up in New York City's Queens borough, has been serving as a “sounding board” for the incoming commander-in-chief's economic manifesto, four sources said. This was revealed by a person close to the Trump transition team.
One Republican insider said the president-elect's aides had a series of “candid conversations” with Mr. Dimon. At the time, Dimon himself was rumored to be eyeing a government job.
“They've been talking regularly for months,” said another Republican official briefed on the situation.
Three sources close to Trump said the secret back channels focused on plans to cut government spending, banking regulation, taxes and trade.
A company official said that President Trump's aides arranged the phone conversation, and that the calls continued even after the presidential election in order to “create as much light as possible” between the two men and prevent details of the exchange from being leaked. He added that it was.
A spokesperson for Trump's transition team declined to comment. A JPMorgan spokesperson also declined to comment.
Mr. Trump and Mr. Dimon have a quiet, cozy relationship that works despite the banker's inscrutable and tight-lipped tendencies when it comes to politics. President Trump floated Dimon's name as a Treasury secretary candidate in June and later claimed he had support from the White House, even though Dimon had not made a public statement to that effect.
Mr. Trump and Mr. Dimon have also continued to speak despite bouts of tension, with the president-elect declaring on Truth Social on November 14 that he would “not invite” Mr. Dimon to serve in his Cabinet. The banker immediately retorted: “I haven't had a boss in 25 years and I'm not ready to start yet.”
The JPMorgan CEO, who is a registered Democrat, has refused to endorse either candidate in the White House race, but has reportedly even toyed with the idea of joining the Kamala Harris administration. However, he reportedly declined to leave the Wall Street giant after his poll numbers declined. Previously reported posts.
On November 22nd, the Post reported that President Trump was also consulting with BlackRock CEO Larry Fink, a major Democratic donor, on policy issues.
Nevertheless, praise for Mr. Dimon, the former “Apprentice” star who spent nearly 20 years at the helm of JPMorgan Chase & Co. and whose net worth is estimated by Forbes magazine at $2.6 billion, is that one source said, “I admire the man. “There is,” he said.
Another person close to the president-elect said Dimon, an avid reader of the New York Post, told CNBC in January that the eventual election winner's criticism of illegal immigration and weak defense spending was “in a sense. “That's right,” Trump said, “highly appreciating it.” America's NATO ally.
Mr. Dimon's comments angered leftists within the Biden administration, who were furious enough to blacklist Mr. Dimon from the White House, the Post exclusively reported.
Two weeks ago, the head of JPMorgan said that President Trump's threat to impose tariffs on Uncle Sam's major trading partners, if done “sensibly,” “will bring people to the table.”
Dimon, a vocal critic of current U.S. banking rules, recently decried the “onslaught” of bureaucratic red tape drafted by Democratic-backed regulators at a recent conference in New York state. , launched a vitriolic attack over a list of bills it dislikes the most. yoke,
“It's time to fight back…I've endured this,” Dimon told the stunned audience.
The head of JPMorgan cited regulations aimed at keeping banks resilient to financial storms by forcing them to increase capital on their balance sheets. The proposal, known as Basel III, would see major financial institutions raise their emergency buffers by 9%.
“It's become unfair and unjust, and it's hurting businesses. Many of these rules are hurting low-wage individuals,” Dimon said on Oct. 28.
Dimon, who took a $34.5 million pay cut last year, called on the U.S. government to make “effective policy decisions” in his annual letter to shareholders last May, saying, “A politician's dream is a businessman's nightmare.” '' he warned.
Wells Fargo analyst Mike Mayo said President Trump's second term would mark “the biggest turning point in banking regulation in 30 years.”
“This is a vindication of Jamie,” Mayo told the Post. “He's looking at all the bureaucracy and bureaucracy and saying enough is enough about the regulatory theater. It's like doing banking with one hand tied behind your back.”
Mayo added that President Trump's potential repeal of strict banking rules “should mean that borrowers get better loan rates and better customer service.”
The top analyst said, “It would be foolhardy for any administration not to listen to Jamie Dimon. Everyone should at least consult him on ideas.”
The revelation that President Trump sought advice from a “kitchen cabinet” of Wall Street tycoons comes as Trump nominates staunch supporter and hedge fund tycoon Scott Bessent as Treasury secretary. That's for later.
He is holed up at the Mar-a-Lago resort in Palm Beach, building a team for his new administration.
President Trump's move to seek informal advice from major U.S. financial institutions outside his MAGA inner circle provides further reassurance to investors ahead of his second term in the White House, which begins on January 20. There is a possibility.
