JPMorgan CEO Jamie Dimon: 'I'm a patriot' so I'll help Trump
JPMorgan Chase (NYSE: JPM) Chairman and CEO Jamie Dimon highlighted several critical issues confronting the United States during the bank's annual shareholder meeting Tuesday and urged the business community and the Trump administration to come together to find meaningful solutions to these problems.
During Q&A with shareholders, Dimon was asked multiple questions related to his willingness to support President Trump . The CEO is on Trump's Strategic and Policy Forum.
In the answer to a question related to Trump's tighter immigration policy, Dimon took a moment to address the elephant in the room that kept coming up.
"He is the President of the United States. I believe he is the pilot flying our airplane," Dimon said, "I would try to help any President of the United States because I'm a patriot."
Dimon emphasized the areas he believes are in serious need of fixing, including education, infrastructure, and tax reform.
"Our corporate tax system is driving capital and brains overseas and excessive regulation is reducing growth and business formation particularly for small businesses."
Dimon also added that it doesn't mean he supports all of the policies that the administration comes up with.
Dimon, who became JPMorgan Chase's chairman on Dec. 31, 2006 and has been CEO and president since Dec. 31, 2005 also reiterated his position on the need to roll back some of the regulation of the big banks.
"We are not looking to throw out the entirety of Dodd-Frank or other rules, it is however appropriate to open up the rulebook in the light of day and rework the rules and regulations that don't work well or are unnecessary," Dimon said. "We believe that changes can and should be made to preserve the safety and soundness of the financial system".
Dimon also highlighted JPMorgan Chase's "breakout year" despite operating in a period of "profound political and economic change" around the world. JPM has delivered record results in six of the last seven years, with 2016 being no exception, earning $24.7 billion in net income on revenue of $99.1 billion.
The CEO was optimistic on the growth continuing with the "underlying growth of the U.S. and the global economy" providing the necessary fuel to drive the future growth of JPMorgan.
The bank's shareholder meeting was held in Delaware, where JPM is the largest private employer in the state and is also home to the company's credit card business.
Shareholders voted to reelect all twelve of the directors, with no director receiving less than 96% of the votes cast.
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