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Tag: Dimon

Jamie Dimon slams anti-return to office petitioners

JPMorgan Chase CEO Jamie Dimon reveals his latest concerns for the U.S. economy and the anticipated impact of looming bank regulations.

JPMorgan CEO Jamie Dimon lashed out at employees who had been strongly advocating for the Wall Street giant to ease up on its five-day return-to-office policy.

“Don’t waste time on it. I don’t care how many people sign that f—ing petition,” Dimon said when asked about the in-person work policy during a town hall meeting Wednesday, according to a recording reviewed by Reuters.

Dimon was referring to a petition that had been circulating among a group of workers opposed to the company’s latest policy, which was requiring hybrid workers to come back to the office full-time.

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The company told employees in January that its new policy would take effect in March, effectively dissolving its hybrid model. It ignited frustrations among certain staffers, causing 950 people to sign a petition to do away with the policy, according to Reuters. Still, that figure pales in comparison to the bank’s global workforce, which totals more than 317,000 employees.

However, more than 60% of its employees were already in the office full-time even before this announcement.

JPMorgan declined to comment.

Jamie Dimon at the Institute of International Finance during the annual meetings of the IMF and World Bank in Washington, D.C., on Oct. 24, 2024. ( Kent Nishimura/Bloomberg via / Getty Images)

Dimon also asserted during the town hall that there is “zero chance” managers will be allowed to determine in-office requirements, saying the “abuse that took place is extraordinary.”

JAMIE DIMON SAYS TARIFFS CAN BE POSITIVE FOR NATIONAL SECURITY, EVEN IF INFLATIONARY: ‘GET OVER IT’

Since the early days of the pandemic, Dimon has made it clear he is against remote work, given that it hindered productivity. At its town hall, Dimon even noted that some staffers had a hard time paying attention during zooms, cutting down on efficiency and creativity.

The JP Morgan Chase Tower on Park Avenue, Manhattan, New York. (Tim Clayton/Corbis via / Getty Images)

His firm was one of the first among rivals to ease office restrictions during the pandemic. Top traders were called back to the office in late 2020. However, most employees came back on a rolling basis the following year, according to reports. Managing directors went back full-time in April 2023.

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The firm has fared well in the meantime, as its profit rose to a record high in 2024 thanks to a resurgence of deal-making. In mid-January, JPMorgan reported managed revenue of nearly $43.74 billion for the fourth quarter. Its quarterly net income came in at $14 billion, marking a 50% jump year-over-year.

It had $4 trillion in assets and $345 billion in stockholders’ equity at the end of 2024, according to the company.

February 13, 2025
Dimon, Moynihan say they don’t debank

Sen. Kevin Cramer, R-N.D., joins ‘The Bottom Line’ to discuss the Trump administration’s ‘refreshing’ approach to foreign politics and debanking.

JPMorgan Chase CEO Jamie Dimon and Bank of America CEO Brian Moynihan visited Capitol Hill on Thursday morning to meet with GOP senators on the contentious topic of debanking – the controversial practice of denying banking services to customers tied to industries or causes deemed politically insensitive.

Dimon and Moynihan – along with the CEOs of Capital One, Truist, Wells Fargo, PNC and U.S. Bancorp – met with Republicans on the Senate Banking Committee to discuss debanking, an issue that conservatives allege disproportionately targets them.

Asked by FOX Business after the meeting whether Bank of America had ever debanked a client, Moynihan responded: “We have 70 million customers, and we’re happy to serve anyone.”

BIG BANK CEOS TO MEET WITH LAWMAKERS ON SOLUTIONS TO DEBANKING

The issue of debanking emerged as a hot-button issue after President Donald Trump criticized Moynihan during his remote address to the World Economic Forum in Davos, Switzerland, last month, claiming that Bank of America, as well as JPMorgan Chase, have been restricting banking access to conservatives.

“They don’t take conservative business, and I don’t know if the regulators mandated that because of Biden or what, but you and Jamie [Dimon] and everybody, I hope you open your banks to conservatives because what you’re doing is wrong.”

Bank of America CEO Brian Moynihan speaks during “Mornings With Maria” at FOX Business Network studios on July 27, 2023. (John Lamparski / Getty Images)

Moynihan declined comment when asked about those particular allegations by Trump, saying: “You’d have to talk to him about that,” adding he would not be meeting with Trump during his visit to Washington.

Another major participant in the meeting, Dimon, had more to say on the issue, stating the meeting was “excellent.”

“I think it’s very good that people are sitting down and talking about how we can make the country better,” Dimon told FOX Business about the roundtable.

JPMORGAN CHASE REPORTEDLY TO START ROUNDS OF LAYOFFS

When asked whether JPMorgan had ever specifically engaged in the practice of debanking due to political beliefs, Dimon said it doesn’t happen.

“We don’t debank people because of political or religious affiliations, but there are a lot of things that can be fixed. We should fix them. The rules and requirements are so onerous, and it does cause people to be debanked, in my opinion, who should not be debanked,” the longtime JPMorgan CEO said.

JPMorgan Chase CEO Jamie Dimon speaks during an Economic Club of New York event on April 23, 2024. (Victor J. Blue/Bloomberg via / Getty Images)

Asked in a follow-up if he was blaming banking regulators primarily for issues surrounding debanking, Dimon said, “Pretty much, yeah.”

The visit from the bank executives comes as new Senate Banking Chairman Tim Scott, R-S.C., has prioritized transparency surrounding debanking.

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Scott led the Senate Banking Committee in hearing from witnesses last week who had been debanked, including former U.S. Army Green Beret Evan Hafer, the founder of veteran-owned Black Rifle Coffee.

Scott called Thursday’s roundtable “constructive,” and said in a statement that Congress needs to “right-size the impacts of the Biden administration’s burdensome and arbitrary regulations.”

“The debanking of Americans should concern everyone – law-abiding citizens and federally legal businesses deserve access to financial services – regardless of industry or political affiliation,” Scott said. “My message is clear: no regulator, and no financial institution, is above the principles of fairness and market access.”

February 13, 2025
Jamie Dimon talks tariffs: ‘Get over it’

Former Reagan economist Art Laffer weighs in on Trump’s controversial economic plan to impose a 25% tariff on Mexico and Canada beginning Feb. 1.

JPMorgan Chase CEO Jamie Dimon said in a new interview that a small increase in inflation caused by the Trump administration’s tariff plans would be worthwhile in the service of national security concerns.

Dimon appeared on CNBC’s “Squawk Box” and said tariffs are an economic tool that can be used for a variety of reasons, and that while they could cause inflation, that would be acceptable if it helped the U.S. meet national security goals.

“I look at tariffs, they are an economic tool, that’s it. They’re an economic weapon, depending on how you use it and why you use it and stuff like that,” Dimon said.

“People are arguing, is it inflationary, is it not inflationary? I would put it in perspective — if it’s a little inflationary, but it’s good for national security, so be it. I mean, get over it. National security trumps a little bit more inflation,” he said.

JAMIE DIMON WEIGHS IN ON TRUMP’S WIN, POLICIES HIS ADMIN SHOULD FOCUS ON

JPMorgan Chase CEO Jamie Dimon said inflation caused by tariffs that boost national security would be acceptable. (Aaron Schwartz/Xinhua via / Getty Images)

Dimon went on to say that the way the Trump administration might use tariffs to pursue more favorable trade terms or address national security issues is a more important question than whether they will cause inflation.

“But I think, really, the question is how they get used. Can they be used to bring people to the table? Yes. Is there some unfair trade? Yes. Is there some state-owned subsidies? Yes. Is the president going to use it that way and his team? Yeah, and we’ll see. But how it gets played out — we’re going to find out,” Dimon said.

Ticker Security Last Change Change %

JPM JPMORGAN CHASE & CO. 262.98 -0.18 -0.07%

JPMORGAN SETTING UP A ‘WAR ROOM’ TO KEEP UP WITH TRUMP’S POLICY CHANGES

President Donald Trump campaigned on sweeping tariff plans. (Bill Pugliano / Getty Images)

President Donald Trump campaigned on imposing an across-the-board tariff of 10% to 20% on all imported goods, as well as higher tariffs of up to 60% on goods imported from China.

While he didn’t implement those tariffs during his first two days in office, Trump told reporters at the White House on Tuesday that he’s planning to start with a 10% tariff on China that would take effect at the start of February.

“We’re talking about a tariff of 10% on China, based on the fact that they’re sending fentanyl to Mexico and Canada,” Trump said. “Probably Feb. 1 is the date we’re looking at.”

TRUMP’S TARIFFS ON MEXICO, CANADA: COMPANIES THAT HAVE RAISED ALARMS

President Donald Trump said he’s planning to start with a 10% tariff on China. (Kenny Holston/The New York Times/AFP via / Getty Images)

Trump also signed an executive order after taking office on Monday titled “America First Trade Policy” that directed the Commerce and Treasury departments to investigate the causes of annual trade deficits and the risks they pose and make recommendations about actions like tariffs to remedy trade deficits.

The order also instructed those agencies, along with the Department of Homeland Security (DHS), to design and implement Trump’s “External Revenue Service (ERS) to collect tariffs, duties, and other foreign-trade related revenues.”

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Trump intends for the ERS to collect tariff revenue from foreign sources, but economic experts have pushed back on that goal, noting that U.S.-based importers pay tariffs when their imported goods enter the country. Those tariffs are currently collected by U.S. Customs and Border Protection, a subagency of DHS.

Fox News Digital’s Greg Norman contributed to this report.

January 23, 2025