The relationship between Donald Trump and Jamie Dimon, the CEO of JPMorgan Chase, has hit rock bottom. The two had once been close, with Dimon signing up to be part of Trump's economic advisory council shortly after the president's inauguration in 2017. However, their bond began to fray during Trump's presidency.
One key point of contention was Trump's response to a violent white supremacist rally in Charlottesville, Virginia in 2017. Dimon had initially tolerated Trump's decision to withdraw from the Paris climate agreement, but he drew a line after the Charlottesville incident. "It is a leader's role, in business or government, to bring people together, not tear them apart," Dimon said.
Since then, tensions have escalated, with Dimon publicly backing Federal Reserve Chair Jerome Powell against Trump's efforts to reduce interest rates and loosen financial regulations. Dimon has also expressed concerns over the potential impact of a 10% cap on US credit card interest rates, which could harm JPMorgan's profits.
Trump has responded by calling Dimon "a bad Fed person" who is "doing a bad job." He has also suggested that Dimon makes more money because he wants higher interest rates. In a shocking move, Trump launched a $5 billion lawsuit against JPMorgan Chase and Jamie Dimon, alleging that the bank had unfairly closed his accounts following the 2021 Capitol riots.
The dispute is reminiscent of a similar case between UK bank NatWest and its former CEO Alison Rose, who was ousted after criticizing the bank's policies. The situation with Trump and Dimon has left many wondering if their relationship can be salvaged, but it seems unlikely that they will reconcile anytime soon.
One key point of contention was Trump's response to a violent white supremacist rally in Charlottesville, Virginia in 2017. Dimon had initially tolerated Trump's decision to withdraw from the Paris climate agreement, but he drew a line after the Charlottesville incident. "It is a leader's role, in business or government, to bring people together, not tear them apart," Dimon said.
Since then, tensions have escalated, with Dimon publicly backing Federal Reserve Chair Jerome Powell against Trump's efforts to reduce interest rates and loosen financial regulations. Dimon has also expressed concerns over the potential impact of a 10% cap on US credit card interest rates, which could harm JPMorgan's profits.
Trump has responded by calling Dimon "a bad Fed person" who is "doing a bad job." He has also suggested that Dimon makes more money because he wants higher interest rates. In a shocking move, Trump launched a $5 billion lawsuit against JPMorgan Chase and Jamie Dimon, alleging that the bank had unfairly closed his accounts following the 2021 Capitol riots.
The dispute is reminiscent of a similar case between UK bank NatWest and its former CEO Alison Rose, who was ousted after criticizing the bank's policies. The situation with Trump and Dimon has left many wondering if their relationship can be salvaged, but it seems unlikely that they will reconcile anytime soon.
just read about Jamie Dimon and Donald Trump going at it over like a million things... I think Dimon is totally justified in speaking out against Trump's crazy decisions, especially after Charlottesville 
. It's not cool when leaders just tear people apart instead of trying to bring them together. Anyway, this whole situation with JPMorgan Chase and the $5 billion lawsuit is wild 
. I'm no expert but it seems like Dimon might be in for a tough time... anyone got any insight on how this is gonna play out? 
- the drama between Trump and Jamie Dimon! I feel like they're from different worlds, you know? One guy's all about "winning" and the other's like "let's just keep it civil" 
. The Charlottesville incident was like a tipping point for me, too. I mean, come on, dude - it's not that hard to unite people! 
And now they're going at it over credit card interest rates? 
Like, can't we all just get along? 
. Anyway, I think Dimon's got this one in the bag. He's not going to back down from Trump just because their friendship has soured. 
I mean come on, 5 billion dollars lawsuit? It's just a bank account situation, not the end of the world! Dimon's got some major backbone going on too, standing up to Trump like that 
. Dimon just wants to bring people together, not tear them apart, but Trump is all about stirring up trouble 
. And now he's going after Jamie's wallet with a $5 billion lawsuit 
. I guess you can't make this stuff up, folks 
. Guess that's what happens when you're all about the Benjamins 