Reports: Dimon Not Joining Trump Administration

Despite reports of Republicans and Democrats naming him as a possible nominee for U.S. Treasury secretary, there’s an “almost nil” chance that JPMorgan Chase CEO Jamie Dimon will leave the bank, a source told Reuters.

Dimon, 68, who has led the banking giant for nearly 19 years, made his intention to stay known during a statement made before the election results were announced, according to the report.

“Our country is now concluding one of the hardest fought, and at times divisive, elections in our recent history. … Soon it will be time for all of us to unite behind our president-elect and all of our national leaders,” said Dimon, who has been outspoken about banking regulation.

Dimon’s policy, according to Reuters, is to refrain from endorsing any presidential candidate. However, the report noted that he travels frequently to Washington to speak with policymakers and has expressed his thoughts on various issues such as housing, the economy and U.S.-China relations.

His wife, Judy Dimon, recently campaigned for Vice President Kamala Harris in Michigan.

The report also mentioned that Dimon told analysts in October that he wouldn’t accept a Cabinet position but added “I always reserve the right” to reconsider. The report also quoted him as saying: “I’ve always been an American patriot and my country is more important to me than my company.”

Speculation gained momentum earlier this year when Dimon announced that his timeline for stepping down could be as soon as 2½ years. Also, JPMorgan’s board identified four potential successors to take over as CEO when Dimon eventually decides to retire.

Following the announcement of Dimon’s decision to stay, the bank’s stock saw a significant increase, rising over 11% on Wednesday (Nov. 6), according to the report.

Taylor Krystkowiak, an investment strategist at asset manager Themes ETFs in Washington, told Reuters that Dimon’s “decision to remain there is unsurprising.”

“Given that the bank has delivered robust results under his leadership, markets will likely laud Dimon’s decision to stay, renewing fresh confidence in the stock’s prospects,” he said.

Dimon’s tenure has included making the institution the largest bank in the U.S., as well as steering JPMorgan through the 2008 financial crisis and last year’s rash of bank failures.