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 “kind 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 at the Davos, Switzerland, World Economic Forum in January.
“If you look at, just take a step back, be honest. He’s kind of right about NATO. Kind of right about immigration. He grew the economy quite well… tax reform worked. He was right about some 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 in the GOP primary at 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 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 think this negative talk about MAGA is going to hurt Biden’s election campaign,” Dimon said in an interview with CNBC’s Squawk Box in Davos, Switzerland. He and Trump met repeatedly at 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, “In terms of Jamie caring about JPM’s bottom line, that would never, and has never, come before his desire to set thoughtful policy that benefits America and Americans.”
The spokesman also pointed to comments Dimon made on CBS News’ “Face the Nation” in 2022, “I’m going to help any president to try to do the best job for America.”
A spokesman for Dimon said, “Jamie has engaged with leaders across the political spectrum, including the White House, in just the last few days.” The White House did not respond to a request for comment.
Jamie Dimon and his wife Judith Kent attended a state dinner in honor of Chinese President Hu Jintao during the Obama Administration. Ron Sachs/Shutterstock
The reaction to Dimon’s comments highlight how one of the most important bankers in America has occasionally seen his political commentary overshadow his duties as CEO.
Dimon is now perhaps the only prominent CEO of a corporate 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 is “ashamed” of his involvement in the ESG debate.
And while Apollo’s Marc Rowan and Pershing Square’s Bill Ackman have become outspoken on issues, the future 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 leave 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 — worth an estimated $2 billion according to Forbes — was seriously considering a 2020 presidential bid and went so far as to hire a pollster to assess the likelihood he’d win, sources said. A JPMorgan spokesperson denied that Dimon hired a pollster.
While he didn’t like his chances, that doesn’t mean Dimon has called it quits. If anything, staying at JPMorgan could serve as the ultimate campaign vehicle, some speculate.
One insider described Dimon’s current role as one that mimics a presidential run and could lay the framework for a future Oval Office bid.
As chief executive of a consumer bank, one of Dimon’s jobs is to go around 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 always looking for ways to make us better. 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 idea. None have succeeded.
Many CEOs’ belief that they could become commander-in-chief has been fueled by former President Trump’s 2016 victory.
Last year Jamie Dimon said, “I love my country, and maybe one day I’ll serve my country in one capacity or another.” His gladhanding tours of Chase branches have been compared to a presidential campaign. COURTESY JPMORGAN CHASE & CO
Many CEOs were angered to see someone they view as less accomplished than themselves nabbing the top job.
“I’m as tough as he is, I’m smarter than he is,” Dimon previously said at a JPMorgan event in 2018. “My money “wasn’t a gift from daddy,” Dimon added — taking a swipe at Trump’s inherited wealth.
Both were born in Queens, New York. Dimon is a father of three adult daughters with wife Judith.
For Dimon, the challenge would be timing.
“In order to be a candidate there has to be an opening,” Democratic strategist Hank Sheinkopf said. “Right now there is no vacancy that suits him.”
Dimon — seen waving towards members of the Senate Banking Committee before giving evidence to a hearing late last year — has been cautious in steps which could lead to a presidential run. Getty Images
In the meantime he will have to prioritize the bank’s interests by keeping those in D.C. and at JPMorgan happy.
Some employees at the bank were “shocked when they heard what he said” about Trump, one source told The Post.
Others say they neither know nor care about Dimon’s politics.
“Honestly, no one in my group really talks politics at work,” one employee who spoke on the condition of anonymity said.
Source link: https://nypost.com/2024/02/09/business/white-house-fury-at-chase-ceo-jamie-dimon-for-backing-maga/