There are few people in life Jamie Dimon needs to answer to, and at the age of 68, the JPMorgan CEO isn’t about to start.
Prior to the election earlier this month, the Wall Street veteran was peppered with questions and rumors about a potential role in either the Trump or Harris administration.
The President-elect has now ruled Dimon out of a place in his cabinet—despite the team at JPMorgan continually insisting its CEO has no interest in moving into politics.
Despite that, Trump wrote on his social media platform Truth Social on Thursday: “I respect Jamie Dimon, of JPMorgan Chase, greatly, but he will not be invited to be a part of the Trump Administration.
“I thank Jamie for his outstanding service to our country!”
While the billionaire banker seemed somewhat flattered by the comment from America’s next commander-in-chief, Dimon did push back on the notion that he would ever have joined a team under Trump.
Speaking at the Asia-Pacific Economic Cooperation CEO Summit moments after Trump’s post went online, Dimon said: “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.”
Whether or not the Republican candidate was actually considering approaching Dimon with a role is something of a mystery.
In a June interview with Bloomberg Trump said Dimon is “somebody that I would consider, sure” for a role like Treasury Secretary.
A month later, Trump backpedaled, writing on Truth Social he didn’t “know who said it” and claimed the notion perhaps came from “the Radical Left.”
Despite distancing himself from a role in government, Dimon set out the immediate issues the next Oval Office should focus on.
“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,” Dimon said.
“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 tariffs
While Dimon clearly has no plans to work for Trump, he did offer some insights into how business leaders should prepare to work around his policies.
A Trump proposal that has particularly concerned companies is the Republican politician’s tariff plan, which includes 60% on imports from China and 10% to 20% on nations such as the United Kingdom, Germany, and France.
According to Bloomberg, Dimon had a reasonably simple tip for those seeking to understand Trump’s motives, telling the audience this week: “Read his book: create options.”
Dimon is presumably referring to Trump’s book The Art of the Deal, adding: “I just hope it’s done wisely.”
Whether the tariffs are a good idea remains to be seen, but the banking boss—who was paid $36 million for his work in 2023—said the tactic will at least “get people to the table” for negotiations.
For what it’s worth, the analysts working under Dimon aren’t panicking about tariffs just yet.
Experts from America’s biggest bank met with policymakers and economists—as well as Trump advisors—in late October during the IMF/World Bank Fall meetings.
In a note seen by Fortune, they wrote: “Trump advisors outlined a gradual phase-in of tariffs to allow corporates to adjust operations and allow other countries time to reconsider and negotiate.
“There was discussion of reciprocal tariffs where U.S. goods are disadvantaged abroad relative to foreign country goods entering the U.S. versus outright punitive tariffs.”
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