Incoming President Donald Trump and JPMorgan Chase CEO Jamie Dimon have quietly been in talks for months through secret back channels, serving as the “sounding board” for the 47th president’s pending economic agenda.
Four sources close to the incoming Trump Administration confirmed that the president-elect and Dimon discussed issues before and after the election, such as reducing government spending, tax policy, trade, and banking regulations. The GOP insiders told the New York Post that Trump’s aides regularly set up phone calls to “create a bit of daylight” between Trump and Dimon and prevent any information from reaching the press. The calls between Trump and the Wall Street mogul were “no-holds-barred conversations.”
Dimon was floated as a potential pick as Trump’s Treasury secretary at the time. However, despite calling Dimon a “highly overrated Globalist” in the past, Trump said he respected the banking CEO and dismissed rumors that he would serve in the Trump Administration.
Trump wrote on Truth Social, "I thank Jamie for his outstanding service to our Country!” In response, Dimon replied, “I haven't had a boss in 25 years, and I'm not about ready to start."
Instead, Trump nominated Key Square founder Scott Bessent as his pick for Treasury secretary.
While Dimon did not publicly endorse Trump for president, he said Wall Street bankers were “dancing in the street” after the Republican’s sweeping defeat over failed Democrat candidate Vice President Kamala Harris. He also applauded Trump’s new Department of Government Efficiency (DOGE), headed by billionaire Elon Musk and Ohio businessman Vivek Ramaswamy, saying that the U.S. was long overdue for a department that makes the “government more efficient.”
Dimon respected Trump’s threats of tariffs on the country’s trading partners, saying that they “will bring people to the table” if “done wisely.” The Post reported that out of revenge, the Biden Administration blacklisted Dimon from White House invites after appearing to support Trump’s agenda.