MW Jamie Dimon will stay in his job, with no plans to join Trump administration

By Steve Gelsi

JPMorgan Chase chief executive will help shape the economy while remaining at the helm of the largest U.S. bank, a source tells MarketWatch

JPMorgan Chase & Co. Chief Executive Jamie Dimon has not been asked to play a role in the incoming Trump administration and has no plans to leave his current job, a source familiar with the bank told MarketWatch.

Dimon believes the best way he can influence the economy is by continuing his work at the helm of JPMorgan Chase $(JPM)$, the largest U.S. bank, the source said.

Dimon told analysts on Oct. 11 that he would stay at the bank for now and that chances were "almost nil" that he would join the next administration - regardless of who ended up winning the presidential election.

"I'm probably not going to do it, but I've always reserved the right," Dimon said at the time, according to a FactSet transcript of the bank's earnings call. "I don't make promises to people. I don't have to. But no, I love what I do. 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."

On the topic of working with any administration in Washington, D.C., Dimon and other JPMorgan Chase executives have said that the bank has to deal with regulators and officials from one side of the Beltway to the other as part of its regular business operations.

After Tuesday's election results, that topic came up again when the bank's global treasurer, Al Moffitt, appeared at the BancAnalysts Association of Boston Conference.

"In terms of ... our stance on the different administrations, including a lot of changeover that we expect to come in D.C., at JPMorgan Chase, we've worked with all the different administrations," Moffitt said Thursday. "It's really critical that we do so, and do so in a constructive way. And that's the administrations, the government sections, as well as all the agencies, banking and securities regulators. So we're always prepared for that."

CBS News initially reported that Dimon wasn't planning to work for the Trump administration.

In the past, Dimon's name has been floated as a possible U.S. Treasury secretary, but the high-profile bank executive has mostly shot down such speculation.

At one point last year, billionaire Bill Ackman of Pershing Square Capital Management was promoting the idea that Dimon should run for president.

Dimon said in a Bloomberg interview in 2023 that he could possibly consider public office after he leaves JPMorgan Chase.

Meanwhile, Dimon was among several chief executives from the largest U.S. companies to congratulate Donald Trump on his victory on Tuesday.

Also read: How Jeff Bezos, Mark Cuban and other business leaders congratulated Trump

-Steve Gelsi

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

November 08, 2024 14:27 ET (19:27 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.