US president’s $5bn lawsuit against JP Morgan and Jamie Dimon follows a steady rise in tensions between the two men
Weeks after Donald Trump’s first shock election win, bosses from across corporate America were scrambling to enter the president’s orbit.
Business leaders ranging from the General Motors boss, Mary Barra, to Disney’s chief, Bob Iger, quickly signed up to a new advisory council in 2016 to help shape the aggressively pro-growth policies of this new populist politician. Among them was the head of America’s largest bank: Jamie Dimon, the chair and chief executive of JP Morgan.
Dimon’s name alone was a boon to Trump’s nascent political credibility. Easily the biggest name on Wall Street, Dimon – now 69 and paid $43m last year – was feted for steering JP Morgan through the 2008 banking crisis and on to enviable financial success.
Rumours were also swirling that the executive would be tapped to serve in Trump’s administration. And while Dimon, a lifelong Democrat, reportedly turned down an offer to lead the US Treasury department, the pair continued to be on surprisingly good terms. “I’d try to help any president of the US because I’m a patriot,” Dimon told shareholders. Even Vanity Fair commented on Dimon’s “unbridled optimism” despite the new president’s growing list of gaffes.
