Jamie Dimon has no interest in working under Donald Trump

Ahead of 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 administrations.

The president-elect has now excluded Dimon from a seat in his cabinet – despite the team at JPMorgan constantly insisting its CEO has no interest in moving into politics.

Despite that, Trump wrote on his social media platform Truth Social on Thursday: “I have a lot of respect for Jamie Dimon of JPMorgan Chase, but he will not be invited to be 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 pushed back on the idea that he would ever have joined a team under Trump.

Speaking at the Summit on the Asia Pacific Economic Cooperation Summit moments after Trump’s post went onlinesaid Dimon: “First of all, I wish the president the best of luck, and thank you, that’s a very nice remark.

“But I also just want to tell the president that I haven’t had a boss in 25 years and I’m not ready to start.”

Whether the Republican nominee actually considered approaching Dimon with a role is something of a mystery.

In a June interview with Bloomberg Trump said Dimon is “someone that I would definitely consider” for a role as Treasury secretary.

A month later, Trump backed down, writes about Truth Social he “didn’t know who said that” and claimed the term might have come from “the radical left”.

Despite distancing himself from a role in government, Dimon outlined the immediate issues the next Oval Office should focus on.

“The most important thing is whoever is elected — and this is my belief — they are going in and will be responsible for the most complicated geopolitical military and geoeconomic situation the world has faced since World War II,” Dimon said.

“Obviously I wish him the best … this can be a difficult thing with a lot of unknowns and uncertainties and then politics comes into play.”

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 circumvent his policies.

A Trump proposal which has particularly worried companies is the Republican politician’s tariff plan, which includes 60% on imports from China and 10% to 20% on nations such as Britain, Germany, and France.

According to Bloomberg, Dimon had a fairly simple tip for those seeking to understand Trump’s motives, telling audiences this week: “Read his book: create opportunities.”

Dimon is probably referring to Trump’s book The art of the dealadding, “I just hope it’s done wisely.”

Sore rates is a good idea remains to be seen, but the bank chief – who was paid $36 million for his work in 2023 – said the tactic will at least “bring people to the table” for negotiations.

For what it’s worth, the analysts working under Dimon aren’t panicking about rates yet.

Experts from America’s largest bank met with politicians and economists – as well as Trump advisers – in late October during the IMF/World Bank fall meetings.

In a note seen by Assetsthey wrote: “Trump advisers outlined a gradual phase-in of tariffs to allow companies to adjust operations and give other countries time to reconsider and negotiate.

“There was discussion about reciprocal tariffs, where U.S. goods are disadvantaged abroad relative to goods from abroad coming into the U.S., versus outright punitive tariffs.”

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