JPMorgan CEO Jamie Dimon: Why Democrats have no chance in 2020

JPMorgan Chase (NYSE:JPM) CEO Jamie Dimon famously said Donald Trump would be a one-term president last November during a speech at The Economic Club of Chicago. While he regrets those remarks, he isn’t so hot on the Democratic party these days, either.

“The thing about the Democrats is they will not have a chance, in my opinion. They don’t have a strong centrist, pro-business, pro-free enterprise person. The American public is not clamoring for more government. They were angry about the Great Recession, they blamed banks, they blamed Washington, but they’re also angry about the bureaucracy,” he said during an interview with Maria Bartiromo on FOX Business’ Wall Street Week.

Dimon is not interested in running for president, but he is spending more time in Washington these days, working closely with the administration on tax reform. As chairman of the Business Roundtable, which represents the CEOs of America’s biggest companies, he is aiming to improve economic policy for businesses and make America more of a global competitor.

With the passage of Trump’s tax package, this week, Walmart (NYSE:WMT) became the latest company to boost hourly pay and dole out one-time bonus payments of $1,000 to longtime employees. Over 2 million Americans are set to receive similar perks. Dimon says he is mulling over ways to reward the bank’s 240,00 employees.

“We’re going to consider a whole bunch of different things, but also around helping accelerated growth in America, like small businesses, branches, like affordable housing. Things like that which I think have a double effect. So we’re thinking through a bunch of ideas how we can spend some of this money,” he said.

On Friday JPMorgan, the nation’s largest bank, reported quarterly earnings of $1.76 per share, beating Wall Street’s expectations. Shares hit an all-time high and have gained over 28% during the past 12 months.