Trump uses JP Morgan chief Jamie Dimon as ‘informal adviser’

Donald Trump has reportedly used JP Morgan Chase boss Jamie Dimon as a “sounding board” for policy ahead of returning to the White House.

The Wall Street veteran has been in regular communication with Trump for months, including after his election victory, The New York Post reported.

The “no-holds-barred conversations” are said to have centred around cutting government spending, banking regulation, taxes and trade.

Spokespeople for Trump’s transition team and JP Morgan declined to comment.

As the longest-serving chief executive on Wall Street, Dimon has became one of the most influential figures in global finance. JP Morgan’s share price has quadrupled during his 19-year tenure, making it the world’s biggest bank by stock market value.

It was repeatedly speculated before the election that Dimon could take a cabinet role as treasury secretary in either Trump or Kamala Harris’ administrations.

While Dimon refused to endorse either candidate, he has been vocal on political issues and had lunch with Harris in March. He has repeatedly played down speculation that he himself might run for the US presidency but has hinted that he would be open to serving in someone else’s administration.

Trump’s views on the billionaire banker have softened in recent times, from calling him a “highly overrated Globalist” last year to saying in June that Dimon was “somebody that I would consider” for treasury secretary.

Trump ultimately appointed Wall Street financier Scott Bessent to the role, writing on his Truth Social account two weeks ago that while he “greatly” respected Dimon, “he will not be invited to be a part of the Trump administration”.

Asked about the comments at an event, Dimon said: “I haven’t had a boss in 25 years and I’m not about ready to start.” He said in a memo to JP Morgan’s staff after the election that the bank “looks forward to engaging the new administration”.

During Trump’s first term, Dimon took a role on a White House council of US business leaders in 2017 but quit alongside its other members later that year over Trump’s response to a white supremacist rally.