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As President-elect Donald Trump finalizes some high-level roles in his incoming administration, JPMorgan Chase (JPM+0.37%) chief Jamie Dimon is not in the running.
“I respect Jamie Dimon, of JPMorgan Chase, greatly, but he will not be invited to be a part of the Trump Administration,” Trump said Thursday in a post on his social media platform, Truth Social. “I thank Jamie for his outstanding service to our Country!”
Trump had previously floated Dimon as a potential candidate for Treasury Secretary after the pair met at a CEO meeting in June. The 68-year-old executive is among the most respected U.S. bankers, having helmed America’s largest bank for the better part of two decades.
For the Treasury role, the president-elect is reportedly considering a slate of current and former finance industry executives, including former Soros Fund Management chief investment officer Scott Bessent, John Paulson, a hedge-fund billionaire and founder of investment manager Paulson & Co., and Howard Lutnick, CEO of investment giant Cantor Fitzgerald and Trump transition team co-chair.
Paulson removed himself from the running for Treasury pick in a statement to The Wall Street Journal (NWSA+0.90%) Tuesday. The investor cited “complex financial obligations” preventing him from holding an official role, but said that he intends to remain “actively involved with the President’s economic team and helping in the implementation of President Trump’s outstanding policy proposals.”
Bessent currently appears to be the leading contender. Over the past few months, the hedge-fund manager has become Trump’s “go-to economic adviser,” earning Trump’s ear on a number of matters, according to the Journal. Bessent has built friendly relationships with Trump family members and Vice President-elect J.D. Vance and was one of the few to recommend Vance as his running mate, according to the publication.
In a speech last month, Trump called Bessent “one of the top analysts on Wall Street.” Bessent is also being backed by several key Trump advisers, Bloomberg reported.
For his part, Dimon has repeatedly denied having government ambitions — but has never fully ruled out the possibility of serving in office if the timing is right. Most recently, Dimon said on a call with analysts last month that the chance of being tapped by the next administration “is almost nil and probably I’m not going to do it, but I’ve always reserved the right.”
“I love what I do,” he said. “I intend to be doing what I’m doing. I almost guarantee I’ll be doing this for a long period of time, or at least until the board kicks me out.”
Although he didn’t publicly endorse either candidate, Dimon reportedly privately expressed support for Vice President and Democratic presidential candidate Kamala Harris and had said he would consider serving as Treasury Secretary in her administration had she been elected. Dimon’s wife, Judith Kent, also canvassed for Harris in Michigan.
