Bank Regulation

JPMorgan Gives Donald Trump A Shout Out In Annual Letter

JPMorgan Chase CEO Jamie Dimon praised President Donald Trump in his annual letter to shareholders, saying his administration’s moves have help the biggest U.S. bank make a lot of money.

According to Reuters, Dimon acknowledged the Trump administration for insisting that “rules around cost-benefit analysis be properly applied” and for attempting to give regulators “the proper authority to use common sense.”

In the 46-page letter, Dimon also stated that the new federal tax law and “a more constructive regulatory environment” makes him hopeful that JPMorgan can invest additional excess capital to expand the bank and launch into new markets.

He pointed out that JPMorgan earned a return on tangible equity of 17 percent, two points higher than the target and nearly four points more than the company delivered in 2017, before corporate tax cuts were put into effect.

After the 2016 election, there was speculation that Dimon would be the next Secretary of Treasury. He reportedly turned down the job because he did not feel “suited” to the role of top dog at Treasury, but allegedly offered to be a senior economic adviser to the administration without giving up his current position as JPMorgan’s CEO.

Dimon also used the annual letter to share his political thoughts, including putting out the call for “improved merit-based immigration,” especially for those who get an advanced degree in the United States. “We need skilled individuals in America,” he wrote.

He also disagrees with Trump’s rejection of the Trans-Pacific Partnership trade agreement. While Dimon and other CEOs had talked to Trump about it a month ago, “obviously, we weren’t very effective,” Dimon said. “We told him what we thought and it wasn’t what he thought at the time.”

But don’t ask him to rate how Trump is doing as president. “I am not going to assess a president after a year,” he stated.

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