Jamie Dimon says whether bankers voted for President-elect Trump or not, they are happy for his victory.
The CEO of JPMorgan Chase, which runs the largest bank in the US with 3.4 trillion dollars in assets, spoke on Thursday at the APEC CEO Summit in Lima, Peru, and said that “many bankers” are “dancing in the streets” because “they've had years and years of regulations, many of which hindered credit.”
“You can talk to any industry and they'll give you examples of regulations that could be reduced and make it easier for them to do business while keeping the country safe and keeping the air clean,” Dimon said.
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Dimon is not alone in pointing out the deregulation that could follow a Trump victory. Wells Fargo analyst Mike Mayo also noted earlier this month that Trump's leadership is expected to be a “regulatory game changer for banks,” with “less stringent oversight” of costs and fees.
JPMorgan Chase CEO Jamie Dimon. Photo: Manuel Orbegozo/Bloomberg via Getty Images
Despite Dimon's positive words about Trump's influence on banking, he will not be part of the President-elect's cabinet. Trump wrote in one post on Social Truth on Thursday that while he respects Dimon “a lot,” he would not ask Dimon to join the Trump administration.
Trump's post was read aloud to Dimon on stage at the APEC CEO Summit. Dimon he answered for the live message and thanked Trump for the note. However, he also said he hasn't had a boss in 25 years and doesn't want to start now.
Trump has already put the spotlight on deregulation with his recent actions. On Tuesday, he announced that billionaires Elon Musk and Vivek Ramaswamy would lead the newly formed company. Department of Government Efficiencyto cut excess spending and regulations across the federal government.
Both have until July 4, 2026 to realize the department's objectives.