JP Morgan’s boss says Trump likely to be one-term president


The Chief Executive Officer of JP Morgan Chase & Co, Jamie Dimon, has highlighted the possibility of a new United States president in 2021, stating that rival Democrats “have to come up with a reasonable candidate or Trump will win again”.

Asked at a luncheon hosted by The Economic Club of Chicago how many years Republican President Donald Trump will be in office, 61-year old Dimon said, “If I had to bet, I’d bet three and half. But the Democrats have to come up with a reasonable candidate… or Trump will win again.”

He maintained that the Democratic Party must come up with a “pro-free enterprise” agenda for jobs and economic growth, else Trump would remain in office.

Dimon, who in the past has described himself as “barely” a Democrat, has been going to Washington more often since the 2016 elections to lobby lawmakers on issues including changes in corporate taxes, immigration policies and mortgage finance.

He then spoke on foreign affairs, saying, for example, “We should never be rude to a neighbor like Mexico” and cautioning that the political weakness of German Chancellor Angela Merkel “is bad for all of us.”

In Germany, talks on forming a governing coalition including Merkel’s Christian Democratic Union collapsed earlier this week, casting doubt on her future after 12 years in power.

Dimon spoke for several minutes about discrimination over gender and race which he said is not acknowledged enough in the United States, stressing that “If you’re white, paint yourself black and walk down the street one day, and you’ll probably have a little more empathy for how some of these folks get treated.

“We need to make a special effort because this is a special problem,” he said, giving his own bank a mixed review on diversity.

His direct reports include people who identify as lesbian, gay, bisexual or transgender, LGBT, stating that half are women as are 30 per cent of the top 200 JP Morgan executives.

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