JPMorgan Chase CEO Jamie Dimon expressed that former President Donald Trump's tariff threats could bring parties to the negotiating table, hoping for sensible actions in this regard. Speaking at the 2024 APEC Business Leaders Summit in Peru, Dimon highlighted the need to address unfair practices and avoid strengthening oneself at the expense of others, which could lead to retaliation.
Thursday marked Dimon's first public appearance since the recent U.S. elections. During the election period, he refrained from endorsing any candidate, noting his willingness to collaborate with whoever takes office as the CEO of the largest U.S. bank. In a memo sent to employees last week, Dimon and the executive leadership team congratulated Trump on his victory and expressed eagerness to engage with the new administration.
In a post on Truth Social, Trump mentioned that Dimon would not be invited to join his administration. When questioned about this, Dimon replied that he has not had a boss for 25 years and is not ready to start now.
Following Trump's election victory, shares of several major U.S. banks soared. However, optimism waned as investors evaluated Trump's cabinet appointments and prospective policies to be implemented after taking office in January. Dimon noted that many bankers were exuberant and optimistic, anticipating increased focus on mergers, acquisitions, and capital allocation, actions he encouraged.
