Jamie Dimon, CEO of America’s largest bank JP Morgan Chase, has been iced out of the White House’s good graces after apparently endorsing Republican policies and calling Donald Trump “sort of right,” The Post has learned.
The self-identified Democrat has been labeled “MAGA curious” by White House insiders after telling Democrats to “respect” Trump’s supporters during an eyebrow-raising live TV interview on the Davos, Switzerland, World Economic Forum in January.
“If you happen to have a look at, just take a step back, be honest. He’s sort of right about NATO. Type of right about immigration. He grew the economy quite well… tax reform worked. He was right about a few of China,” Dimon, 67, told CNBC’s Squawk Box.
Those comments were the death knell in what was already a tense relationship between Dimon and President Joe Biden sources told The Post — particularly after Dimon urged Democrats to support Haley within the GOP primary on the 2023 DealBook Summit in November.
While one cynical White House insider remarked it’s “not a surprise Dimon is prioritizing his tax bill over democracy,” it does mean he’s “not going to be sitting in any more meetings with the president.”
Eadly in his presidency, Biden welcomed Dimon (right) to the Oval Office as a part of talks with major CEOs, showing the banker’s importance as a business leader. But he and the Democratic president’s relationship has been tense. AFP via Getty Images
“I feel this negative discuss MAGA goes to harm Biden’s election campaign,” Dimon said in an interview with CNBC’s Squawk Box in Davos, Switzerland. He and Trump met repeatedly on the WHite House. REUTERS
The National Economic Council director Lael Brainard will still take his calls though, the source added.
A spokesman for JPMorgan said, “When it comes to Jamie caring about JPM’s bottom line, that would never, and has never, come before his desire to set thoughtful policy that advantages America and Americans.”
The spokesman also pointed to comments Dimon made on CBS News’ “Face the Nation” in 2022, “I’m going to assist any president to attempt to do the perfect job for America.”
A spokesman for Dimon said, “Jamie has engaged with leaders across the political spectrum, including the White House, in only the previous few days.” The White House didn’t reply to a request for comment.
Jamie Dimon and his wife Judith Kent attended a state dinner in honor of Chinese President Hu Jintao throughout the Obama Administration. Ron Sachs/Shutterstock
The response to Dimon’s comments highlight how one of the necessary bankers in America has occasionally seen his political commentary overshadow his duties as CEO.
Dimon is now perhaps the one distinguished CEO of a company giant willing to publicly wade into political conversations.
BlackRock CEO Larry Fink, who had been vocal about his liberal beliefs, has said more recently he’s “ashamed” of his involvement within the ESG debate.
And while Apollo’s Marc Rowan and Pershing Square’s Bill Ackman have develop into outspoken on issues, the longer term of their firms isn’t tied to having working relationships with the administration.
Dimon famously took a knee in what seen as a show of support for the Black Lives Matters protests. JPMorgan Chase & Co.
All those comments have renewed chatter Dimon could still be harboring political ambitions.
It’s unlikely he would go away his perch to run for president, but when he considered it before he acted cautiously and discreetly.
The Post is told that in 2018 Dimon — price an estimated $2 billion in response to Forbes — was seriously considering a 2020 presidential bid and went to date as to rent a pollster to evaluate the likelihood he’d win, sources said. A JPMorgan spokesperson denied that Dimon hired a pollster.
While he didn’t like his probabilities, that doesn’t mean Dimon has called it quits. If anything, staying at JPMorgan could function the final word campaign vehicle, some speculate.
One insider described Dimon’s current role as one which mimics a presidential run and will lay the framework for a future Oval Office bid.
As chief executive of a consumer bank, considered one of Dimon’s jobs is to go across the country, checking in on the local branches.
Dimon has been a key figure for 19 years since becoming JP Morgan Chase CEO. He was invited to President Obama’s White House during talks in 2009. AP
“It’s a whistle stop tour – going from community to community shaking hands and meeting local leaders,” one insider said.
The JPMorgan spokesperson noted Dimon has been in his job for 15 years, and said, “He’s at all times on the lookout for ways to make us higher. It’s exactly what a CEO should do, and he loves it.”
Dimon would join Starbucks CEO Howard Schultz, former Bloomberg LP CEO Mike Bloomberg, and Hewlett Packard CEO Carly Fiorina who aspired to go from the boardrooms of the country’s leading firms to the Oval Office. Disney CEO Bob Iger also flirted with the thought. None have succeeded.
Many CEOs’ belief that they might develop into commander-in-chief has been fueled by former President Trump’s 2016 victory.
Last yr Jamie Dimon said, “I like my country, and perhaps someday I’ll serve my country in a single capability or one other.” His gladhanding tours of Chase branches have been in comparison with a presidential campaign. COURTESY JPMORGAN CHASE & CO
Many CEOs were angered to see someone they view as less completed than themselves nabbing the highest job.
“I’m as tough as he’s, I’m smarter than he’s,” Dimon previously said at a JPMorgan event in 2018. “My money “wasn’t a present from daddy,” Dimon added — taking a swipe at Trump’s inherited wealth.
Each were born in Queens, Latest York. Dimon is a father of three adult daughters with wife Judith.
For Dimon, the challenge could be timing.
“With the intention to be a candidate there must be a gap,” Democratic strategist Hank Sheinkopf said. “Straight away there isn’t any emptiness that suits him.”
Dimon — seen waving towards members of the Senate Banking Committee before giving evidence to a hearing late last yr — has been cautious in steps which could lead on to a presidential run. Getty Images
Within the meantime he may have to prioritize the bank’s interests by keeping those in D.C. and at JPMorgan joyful.
Some employees on the bank were “shocked after they heard what he said” about Trump, one source told The Post.
Others say they neither know nor care about Dimon’s politics.
“Truthfully, nobody in my group really talks politics at work,” one worker who spoke on the condition of anonymity said.
