Bank Regulation

JPMorgan Chase CEO Will Support Trump And ‘Any President’

JPMorgan Chase & Co Chief Executive Officer Jamie Dimon will not be stepping down from the president’s Strategic and Policy Forum, despite criticism of his alleged support for President Donald Trump.

“I would try to help any president of the United States, because I’m a patriot,” Dimon said. “That does not mean we agree with all the policies that an administration comes up with.”

The Strategic and Policy Forum comprises leaders from over a dozen major corporations and advises the president – whomever that may be – on economic matters. But that explanation may not satisfy angry shareholders in JPMorgan and other heavyweight corporations.

JPMorgan’s annual shareholder meeting was not the only one that played host to activists. Other major U.S. banks also heard from citizens concerned about Trump’s stance on key social issues including immigration, minorities, human rights and the environment.

If activists hoped to see Dimon bow out from the forum, they were disappointed. When asked if this were a possibility, Dimon simply said, “No.” Dimon compared the country to an airplane with the president acting as pilot and reiterated his allegiance to whoever holds the office.

He also noted that JPMorgan had taken its own stance on key issues raised by shareholders rather than following Trump’s lead. For instance, the bank supports free and fair trade with Mexico. Dimon believes that the economy will benefit from efforts to reduce Wall Street regulations.

The annual shareholder meeting took place on Tuesday (May 16) at the JPMorgan Chase Delaware Technology Center in Wilmington, De.



The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

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