Trump Advisers Want JPMorgan’s Dimon As Treasury Secretary

So much for being anti-establishment. Just a day after Donald Trump won an historic and unexpected victory to become the nation’s 45th president, his advisors want him to consider a Wall Street player as treasury secretary.

According to a report by CNBC, which cited two people familiar with the matter, advisers of Trump have suggested Jamie Dimon, chief executive of JPMorgan Chase, as the next treasury secretary. CNBC noted that one source said Dimon would not want to take on the job. CNBC noted that Dimon has said over and over that he wouldn’t want to become treasury secretary.

CNBC said it’s not clear which advisor is urging Trump to consider Dimon. The reported pointed out that Steven Mnuchin, formerly of Goldman Sachs, is seen as the leading person for the job.

Meanwhile, Business Insider got its hands on a memo Dimon sent employees on the day after the election in which he urged his staff to listen to the voices of the frustrated and those that feel left out of the democratic process.

“We have heard through democratic processes in both Europe and the United States the frustration that so many people have with the lack of economic opportunity and the challenges they face. We need to listen to those voices,” Dimon wrote. “Recognizing that our diversity is a core strength of our nation, we must all come together as fellow patriots to solve our most serious challenges.” Dimon went on to say he is optimistic about the future of America and the role JPMorgan will play ”as we help the nation address our challenges and move forward together.”

Separately, The Wall Street Journal, citing people familiar with the matter, reported Trump’s advisers are looking at Rep. Jeb Hensarling (R-TX) as a potential pick for the treasury secretary job. According to WSJ, Hensarling has a free market background and lots of ties to Republicans. Hensarling is the chairman of the House Financial Services Committee and has gone after Republican-favored priorities, like getting rid of the 2010 Dodd-Frank law.


New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

Click to comment