The JPMorgan Chase CEO recently said his chances of joining the next administration were ‘almost nil.’
JPMorgan Chase CEO Jamie Dimon will not be invited to join the incoming administration, President-elect Donald Trump confirmed in a Nov. 14 Truth Social post.
“I respect Jamie Dimon, of JPMorgan Chase, greatly, but he will not be invited to be a part of the Trump Administration,” the president-elect said. “I thank Jamie for his outstanding service to our Country!”
Dimon quickly responded to Trump, telling Bloomberg Television that he wishes “the president well.”
“Thank you, it’s a very nice note,” he said. “But I just want to tell the president also, I haven’t had a boss in 25 years. I’m not about ready to start.”
Dimon and his financial titan were among many global business leaders who congratulated Trump on securing a second term.
“Our firm has a long history of working across the political spectrum and looks forward to engaging the new administration and elected officials in both parties,” the bank said in a statement shortly after Trump was declared the winner in the 2024 election.
Trump has welcomed several Wall Street veterans and corporate executives into the fold. Most notably, billionaire Howard Lutnick and former WWE executive Linda McMahon are the co-chairs of the Trump–Vance transition team.
Scott Bessent, another seasoned billionaire investor, has emerged as one of the top candidates to succeed Janet Yellen as Treasury secretary.
Despite weeks of speculation that Dimon might accept a senior role in the administration, the Wall Street CEO confirmed last month that his chances of working at the White House were “almost nil.”
“I think the chance of that is almost nil, and I probably am not going to do it,” Dimon told analysts and shareholders in a third-quarter earnings call on Oct. 11. “I intend to be doing what I’m doing. I almost guarantee I’ll be doing this for a long period of time or at least until the board kicks me out.”
The relationship between Dimon and Trump has been volatile.
In September 2018, Dimon told CNBC that he could defeat Trump in a head-to-head election because he was “smarter” than him.
“I think I could beat Trump,” Dimon said. “Because I’m as tough as he is, I’m smarter than he is. I would be fine. He could punch me all he wants, it wouldn’t work with me. I’d fight right back.”
The president took exception to these remarks, writing on social media: “The problem with banker Jamie Dimon running for President is that he doesn’t have the aptitude or ‘smarts’ & is a poor public speaker & nervous mess.”
In the past, Dimon has not ruled out seeking public office after his tenure at one of the biggest banks in the world is finished.
“I love my country, and maybe one day I’ll serve my country in one capacity or another,” Dimon said in an interview with Bloomberg Television in May 2023.
Dimon has led JPMorgan Chase for nearly 20 years.
His name has also been rumored for a role as Treasury secretary, while others have encouraged a presidential bid.
Billionaire hedge fund manager Bill Ackman wrote on social media platform X last year that Dimon should run for president.
“Compare Jamie Dimon with @POTUSand any of the other candidates for president. None have his command of geopolitics, the global economy and more,” the CEO of Pershing Square Management wrote. “He should be our next president.”
Dimon has been highly critical of the partisan situation in Washington.
On the company’s earnings call in July 2017, he said it is “almost an embarrassment” being an American because of the political dysfunction.
“I would look at it the other way around. Since the Great Recession, which is now eight years old, we’ve been growing at 1.5 to 2 percent despite the stupidity and political gridlock,” Dimon said.
With approximately $3 trillion in deposits and a $683 billion market cap, JPMorgan is the largest bank in the United States.
The stock is up 41 percent year to date, trading above $242 per share.
The Epoch Times reached out to JPMorgan Chase for comment but did not receive a response by publication time.