JP Morgan Chase (NYSE:JPM)
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By Emily Glazer and Mengqi Sun
JPMorgan Chase & Co. Chief Executive James Dimon sounded off on President Donald Trump at a bank event on Wednesday, saying he could prevail over Mr. Trump in a presidential contest.
"I think I could beat Trump," he said at an event about JPMorgan's new $500 million initiative to boost economic growth in U.S. cities. "I can't beat the liberal side of the Democratic Party," he added, in a reference to his status as a top Wall Street banker.
Mr. Dimon went on to say Wednesday that he's "as tough as [Trump] is, I'm smarter than he is." He also took a shot at Mr. Trump's wealth, saying "this wealthy New Yorker actually earned his money. It wasn't a gift from Daddy."
After the event concluded, Mr. Dimon backtracked. "I should not have said it. I'm not running for President. Proves I wouldn't make a good politician. I get frustrated because I want all sides to come together to help solve big problems," he said in an emailed statement through a JPMorgan spokesman.
Mr. Dimon's political ambitions are the subject of frequent speculation, especially on Wall Street. In the past, Mr. Dimon said he'd "love to have the job, but I'm not going to run."
Mr. Dimon -- who, following Goldman Sachs Group Inc. CEO Lloyd Blankfein's retirement at the end of the month, will be the lone CEO from the six largest U.S. banks who has led his firm since the financial crisis -- served on President Trump's business advisory council until it disbanded in August 2017. He's become more involved in policy debates after being named chairman in December 2016 of corporate lobbying group the Business Roundtable.
At the Wednesday event to unveil JPMorgan's "AdvancingCities" initiative, Mr. Dimon reiterated prior comments on the need for infrastructure investment, education reform and immigration reform.
The five-year initiative includes a competition for funding. JPMorgan plans to invest, through public-private partnerships, in places where it can address employment barriers, financial insecurity and neighborhood disinvestment. It plans to announce winners in the spring.
Write to Emily Glazer at email@example.com
(END) Dow Jones Newswires
September 12, 2018 12:46 ET (16:46 GMT)
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