CEO of JP Morgan Chase Jamie Dimon said Friday that he thinks President-elect Donald Trump will do the right thing for the United States.
After discussing the bank’s fourth quarter earnings, Dimon told reporters that he is comforted by the fact that Trump is appointing experienced people to his cabinet. Dimon joined Trump’s economic advisory team in December, 2016. “I am a patriot — I want to help my country and help it grow,” Dimon said after Trump made the announcement.
The move by Trump to bring on Dimon raised more than a few eyebrows, given his statements about Dimon in 2013. “I’m not Jamie Dimon, who pays $13 billion to settle a case and then pays $11 billion to settle a case and who I think is the worst banker in the United States,” Trump told reporters.
Stocks in the banking and financial sectors have skyrocketed in recent weeks, as banks and investors believe the president-elect will usher in a new era of deregulation and lower taxes. Banks earning reports gave a significant boost to the S&P 500 and NASDAQ indexes Friday. (RELATED: A Comprehensive Look At Donald Trump’s Tax Plan)
After defeating former Secretary of State Hillary Clinton, Trump tapped former Goldman Sachs executive Steve Mnuchin for Treasury secretary. Mnuchin has since made public statements expressing his distaste for the 2,300 page Dodd-Frank Act, a view that has many investors elated.
The former Goldman banker also wants to privatize Fannie Mae and Freddie Mac, two of the largest names in the U.S. mortgage market. (RELATED: Mnuchin Wants To Privatize Fannie Mae And Freddie Mac)
JP Morgan’s quarterly earnings report was well past what analysts expected, showing quarterly revenue of over $24 billion.
“Our results this quarter were a strong end to another record year, reflecting our intense client focus and solid performance across our businesses,” Dimon said in a Friday press release.
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