Jamie Dimon, the CEO of America's largest bank, has long been a lifelong Democrat and never belonged to Trump's inner circle. According to accounts, he rebuffed overtures about serving as Treasury secretary in Trump's second administration. Relations between the two deteriorated further in January, when Trump launched a $5bn lawsuit against Dimon and JPMorgan for allegedly de-banking him. The bank has said the suit "has no merit."
Dimon's criticism of the president comes at a politically sensitive time. With the midterms just a month away, Republicans are expected to face a significant backlash. Dimon's remarks carry weight because of his position atop JPMorgan Chase, one of the world's most influential financial institutions.
The widening rift between Trump and some of America's wealthiest business figures signals a potential erosion of the coalition that helped propel him to the presidency two years ago. Dimon's decision to speak out publicly, rather than remain silent or seek favour, represents a notable departure from the scramble for presidential favours that followed Trump's 2024 election victory.
It remains unclear how many other billionaires will follow Dimon's lead. However, the combination of a personal lawsuit and policy differences over trade and the rules-based international order appears to have driven the JPMorgan chief into open opposition.