Jamie Dimon is the CEO of JPMorgan Chase, and not many, it seems, give him orders around. This 68-year-old veteran of Wall Street has made pretty clear that going to politics is not his plan, no matter all speculation that went around regarding some potential role in a future administration.
Dimon End Report; Thinks He Won’t Run for Politics After This Election
The financial community had speculation before the November election that perhaps Dimon would be part of either the Trump or Harris administration. President-elect Trump, however put to rest these rumors short after the election when he declared emphatically that Dimon will not be part of his cabinet. In a post to his Truth Social site, Trump wrote: “I like Jamie Dimon of JPMorgan Chase very much, but he will not be permitted to be a member of the Trump Administration. Thank Jamie for outstanding service to our country!”
While Dimon might have been flattered by Trump singing his praises publicly, he did not wait to tell the world that he never, ever would consider leaving his current position to entertain joining a political team, especially one led by Trump.
Dimon’s Take: “I Haven’t Had a Boss in 25 Years”
Hours after Trump’s post, Dimon made a characteristically blunt comment about the situation at the Asia-Pacific Economic Cooperation (APEC) CEO Summit. “First of all, I wish the president well, and thank you, it’s a very nice note. But I just want to tell the president also, I haven’t had a boss in 25 years and I’m not about ready to start,” Dimon said. It is not known if Trump ever seriously considered Dimon, but the two men had discussed it before. During a Bloomberg interview in June, Trump said that Dimon was “somebody that I would consider, sure” for a role as something like Treasury Secretary.
However, just one month later, Trump walked it back, saying he didn’t “know who said it” and fingered the idea of Dimon in his cabinet as coming from “the Radical Left.”
Dimon on Geopolitical Challenges and Policy Issues While Dimon made it clear he wasn’t about to trade his banking role for a political one, he did share his thoughts on the critical challenges the next U.S. president will face.
The geopolitical and economic situation “required” Dimon to reflect on the words he said: “The most important thing is whoever had been elected—and this is my belief—they are entering and are going to be responsible for the most complicated geopolitical, military, and geoeconomic situation that the world has faced since World War Two.”
He continued, “Of course I wish him all the best… this could be a difficult thing with a lot of unknowns and uncertainties and so policy is going to matter.”
Dimon on Trump’s Tariff Plan: “Read His Book”
Happily declaring that he had no interest in politics, Dimon was, however not afraid to speak out on one of the most contentious policy decisions by President Trump: tariffs. He wanted to place on imports from China a blanket rate of as much as 60%, and from the UK, Germany, and France, 10-20%.
Dimon’s message to business leaders when dealing with such policies? “Read his book: create options,” he said, referring to Trump’s famous business guide, The Art of the Deal. “I just hope it’s done wisely,” Dimon added, admitting that the strategy might get people to the table for negotiations but the long-term effects are still undetermined.
Banking Experts: “No Panic” Over Tariffs—Yet While sounding very bipartisan and alarmist about tariffs, Dimon and his JPMorgan team aren’t ringing that bell just yet. In late October, analysts at JPMorgan met with policymakers, economists, and Trump’s advisors at the IMF/World Bank Fall meetings. In a note reviewed by Fortune, Trump’s team sketched out a gradual phase in of the tariffs, giving businesses time to adjust their operations and encouraging negotiations with other countries.
There’s also the matter of reciprocal tariffs, whereby U.S. goods are treated less fairly abroad, compared to foreign goods entering the U.S. For now, the financial world waits with bated breath to see how Trump’s tariff plans will take shape, but Dimon’s comments suggest that, at least for the moment, there is nothing in particular to worry about.
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