JPMorgan Chase (NYSE:) CEO Jamie Dimon has been in secret communications with Donald Trump, providing counsel on the president-elect’s policy agenda both before and after his election victory, the New York Post reported, citing sources familiar with Trump’s transition team. According to the Post’s sources, Dimon has served as a sounding board for Trump’s economic plans, discussing government spending, banking regulation, taxes, and trade.
Despite Dimon’s discreet approach to politics and previous tensions, including a public exchange on November 14 where Trump stated Dimon would not be invited to join his Cabinet, conversations have continued. Trump’s team reportedly initiated these discussions to maintain a degree of separation and confidentiality.
Dimon, who is a registered Democrat and did not publicly endorse any candidate in the presidential race, has been with JPMorgan Chase for nearly two decades and is a vocal critic of current US banking regulations. He has expressed frustration with the regulatory environment, particularly targeting Basel III rules during a conference in New York.
Trump has also been consulting with other finance leaders, such as Blackrock (NYSE:) CEO Larry Fink, indicating a broader strategy of seeking advice from influential figures in the financial sector. This approach seems to be part of Trump’s preparations for his upcoming term, which begins on January 20, as he assembles his team at his Mar-a-Lago resort.
The ongoing dialogue between Trump and Dimon, along with Trump’s consultations with other Wall Street executives, suggests an openness to input from the financial industry as the new administration’s policies take shape.
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