JPMorgan Chase CEO Jamie Dimon will remain at the bank and is No plans to join Trump administration That’s despite questions about whether he will take up a senior government role after the presidential election, a source said.
The 68-year-old has been the subject of Dimon Repeated speculation in recent weeks Considered by both Republicans and Democrats as a candidate for Treasury secretary, but said last month that his chances of taking the official position were slim. “Almost zero.”
The executive, one of the most prominent leaders in corporate America, has run JPMorgan for nearly 19 years. The bank’s board has nominated four candidates successful demon When he finally steps down.
Dimon and other members of the bank’s governing committee congratulated Trump, incoming Vice President J.D. Vance and other elected representatives, according to a staff memo seen by Reuters on Wednesday.
“Our company has a long history of working across the political spectrum and looks forward to engaging the new administration and elected officials in both parties,” he wrote, underscoring Dimon’s Tuesday statement that a tough fight , a call for unity was made after a divisive election. Goldman Sachs sent a similar note to employees on Wednesday.
While the veteran banker continued his tradition of not endorsing any presidential candidate this year, he often weighed in On economic and financial policies as well as geopolitical and national challenges.
Meanwhile, media reports say about his wife Judy Dimon travels to Michigan last weekend to campaign for Trump’s Democratic opponent Kamala Harris.
Dimon had previously played down the prospects of taking government office, telling analysts in October that “I’m probably not going to do it… but I always reserve the right to reconsider”.
JPMorgan’s stock jumped more than 10% on Wednesday, with the broader S&P 500 index of bank stocks posting similar gains. Investors speculated that the incoming administration would be more favorable to lenders,
Taylor Krystkowiak, investment strategist at asset manager Themes ETFs in Washington, said investors would welcome the CEO staying on.
“Dimon has continued to effectively guide JPMorgan during his long tenure at the helm of the bank, and his decision to remain there is not surprising,” Krystkowiak said.
“Given the bank has delivered strong results under his leadership, the market will applaud Dimon’s decision to remain, instilling new confidence in the stock’s prospects.”
Dimon is credited with steering the bank through the 2008 financial crisis and last year’s regional bank turmoil. During his tenure, JPMorgan overtook its rivals to become the largest bank in the US.
“He’s made the bank a stronger company and he has the best job in the world, and he’ll probably stay where he is,” Tim Adams, CEO of the Institute of International Finance, a banking industry group, told Reuters ahead of the election. ,
Speculation about Dimon’s plans intensified this year when he announced that his timeline for leaving office would now be two and a half years, not five years.
The outspoken CEO frequently travels to Washington to talk to policymakers and has expressed views on everything from housing and US-China relations to the economy. He vowed to “fight back” And sue regulators over rules he deemed ineffective in a hate speech address at an industry conference last week.
“I’ve always been an American patriot and my country is more important to me than my company,” Dimon said when asked about his plans on a call with analysts last month.
