JPMorgan Chase CEO Jamie Dimon Says Bankers Are 'Dancing in the Street' Following Donald Trump's Win Banks are anticipating fewer regulations under Trump.
By Sherin Shibu Edited by Melissa Malamut
Key Takeaways
- JPMorgan Chase CEO Jamie Dimon said on Thursday that bankers are 'dancing in the street' because of possible deregulations under President-elect Donald Trump.
- Trump said the same day that Dimon would not be part of his administration.
Jamie Dimon says that whether bankers voted for President-elect Trump or not, they're overjoyed at his victory.
The JPMorgan Chase CEO, who leads the largest bank in the U.S. with $3.4 trillion in assets, spoke on Thursday at the APEC CEO Summit in Lima, Peru, and said "a lot of bankers" are "dancing in the street" because "they've had successive years and years of regulations, a lot of which stymied credit."
"You could 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, while keeping the air clean," Dimon said.
Related: JPMorgan Chase CEO Jamie Dimon Isn't Worried About AI Taking Over Jobs — Here's Why
Dimon isn't the only one highlighting the deregulations that could follow Trump's win. 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 harsh oversight" in terms of costs and fees.
JPMorgan Chase CEO Jamie Dimon. Photographer: Manuel Orbegozo/Bloomberg via Getty Images
Despite Dimon's positive words about Trump's impact on banking, he will not be part of the President-elect's cabinet. Trump wrote in a post on Truth Social on Thursday that while he respects Dimon "greatly," he would not be asking Dimon to join the Trump Administration.
Trump's post was read to Dimon aloud on stage at the APEC CEO Summit. Dimon responded to the message live 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 placed a spotlight on deregulation with his recent actions. On Tuesday, he announced that billionaires Elon Musk and Vivek Ramaswamy would lead the newly created Department of Government Efficiency, to cut excess spending and regulations across the federal government.
The two have until July 4, 2026, to carry out the objectives of the department.
