Jamie Dimon says he feels tremendous pressure to guard over the economy and make society better
In times of crisis many on Wall Street will look to Jamie Dimon for guidance and assurance—whether they work for his bank, JPMorgan, or not.
But the pressure of advising world leaders and policymakers on their economic concerns, paired with the task of leading America’s biggest bank, has amounted to an extraordinary amount of responsibility for the man at the top.
Luckily in Dimon’s near-20-year tenure as the boss at JPMorgan, the bank has managed to survive various economic crises and downturns, and still rake in a record-breaking profit in 2023.
And while delivering such results for clients and shareholders is a priority, Dimon said he also wants to make sure he’s doing good for his nation as a whole.
Dimon is, after all, a self-professed “patriotic” CEO who has often advocated the benefits of America’s leadership and principles on a global stage—and said he sees it as part of his role to improve the lives of U.S. citizens.
“I feel a tremendous amount of pressure to do—obviously my family comes first—but to do a great job for my company and our clients,” Dimon told Bloomberg’s Emily Chang on ‘The Circuit’ podcast.
“I also feel a huge burden to do a good job for my country … We talk all the time to senators and regulators [and say] ‘What can we do to make the system better to lift up the country? To lift up inner cities?’”
He added: “We’re trying to figure out how to make society better and I do consider that part of our job.”
JPMorgan’s role in policies
Dimon’s outlook has led many to suggest the CEO should make a run for the White House if he ever left Wall Street.
But the Harvard alumni, who has described himself as “barely a Democrat” but also said Trump had been “kind of right” on a couple of issues, has ruled that out.
While a presidential run is not on the cards, that hasn’t stopped Dimon from expressing opinions on social and economic policy.
Schools, for example, should be measured on job occupancy instead of college admission rates, in his opinion.
Likewise, the dean of Wall Street has said taxing the rich more to help support the poor is “as much of a no-brainer policy as I have ever seen,” adding: “There are so many tax breaks out there that shouldn’t be there.”
Dimon—paid $36 million for his work in 2023—also has some thoughts on U.S. fiscal policy, saying Washington faces a global market “rebellion” if it doesn’t get a better handle on its $34 trillion national debt bundle.
But how does Dimon form these outlooks, which have massive sway across the world?
“Sometimes I think I’m just riding the bronco and just hanging on for dear life,” he joked. “I love what I do—I try to talk to everyone, I try to keep my mind open. One of the benefits of traveling the world … you learn a lot and you try to make sure that you’re doing a proper assessment of the world, that you’re looking at the options.
“I look at it as part of our job to try to help countries do the best they can for their citizens.”
Family man
While Wall Street may have many names for Dimon: legend, CEO, veteran, leader—his role as ‘dad’ and ‘grandfather’ come first.
Dimon is a father to three daughters: Julia, Laura and Kara aged 38, 36 and 34. He and his wide Judith Kent now also have seven grandchildren—six girls and a boy—who he revealed he regularly hosts for sleepovers.
The Queens native said he had a “binary life” when his daughters were young, keeping a strict divide between work and family.
“You didn’t see me in black tie and red carpets and very rarely stuff like that,” Dimon told Chang. “Big family life,” he added.
In a departure from his usual insights into economic and corporate policy, Dimon also revealed some parenting advice: “Just love them.”
Now his kids have grown up, he said, they enjoy traveling together, listening to music, barbecuing and drinking wine.
But it seems there are a handful of people who aren’t afraid to wind up the custodian of Wall Street: “They like finding me wrong on something,” Dimon laughed.
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