22/09/2022
REUTERS/Evelyn Hockstein
JPMorgan Chase CEO Jamie Dimon will remain at the bank and has no plans to join Donald Trump’s administration despite speculation he would take on a senior public role after the presidential election, a source said.
Dimon, 68, has been the subject of repeated talk in recent weeks as a possible candidate for Treasury secretary by both Republicans and Democrats, but last month he said his chances of taking an official role were “almost nil.” . Reuters was the first to report his intentions to remain in charge of the bank.
The executive, one of the most prominent leaders in the North American corporate world, has headed JPMorgan for almost 19 years. The bank’s board has already named four candidates to succeed Dimon when he eventually steps down.
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Dimon and other members of the bank’s operating committee congratulated Trump, future vice president JD Vance and other elected officials, according to a memo sent to employees seen by Reuters on Wednesday.
“Our company has a long history of working across both political spectrums and is eager to collaborate with the new administration and elected officials from both parties,” they wrote, highlighting Dimon’s statement on Tuesday calling for unity after a close and polarized election. Goldman Sachs sent a similar note to employees on Wednesday.
Although the veteran banker has maintained a tradition of not publicly supporting any presidential candidate this year, Dimon has frequently spoken out on economic and financial policies, as well as geopolitical and national challenges.
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Meanwhile, reports said his wife, Judy Dimon, traveled to Michigan last weekend to campaign for Kamala Harris, Trump’s Democratic opponent.
Previously, Dimon had downplayed the chances of taking a government job, telling analysts in October: “I probably won’t do it, but I always reserve the right” to reconsider.
JPMorgan shares rose more than 10% on Wednesday, tracking a similar gain for the broader S&P 500 index of bank stocks, as investors speculated that the new management would be more friendly to the banking sector.
Taylor Krystkowiak, investment strategist at Themes ETFs in Washington, said investors would be pleased with the CEO staying on.
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“Dimon has led JPMorgan effectively throughout his long leadership of the bank and his decision to remain is not surprising,” said Krystkowiak.
Dimon is credited with guiding the bank through the 2008 financial crisis and recent regional banking turmoil last year. During his tenure, JPMorgan became the largest bank in the US, surpassing its competitors.
