As the dust settled on Donald Trump’s shock election victory in 2016, corporate America scrambled to enter the new president’s orbit. Among them was Jamie Dimon, the powerful chief executive of JP Morgan Chase, who joined an advisory council to help shape the incoming administration’s pro-business policies.
However, a decade on, the once-cosy relationship between the two powerful figures has hit rock bottom. On Thursday, Trump launched a $5 billion lawsuit against JP Morgan and Dimon, accusing the bank of unfairly closing his accounts for political reasons after the January 6th Capitol riots.
The lawsuit follows a steady rise in tensions between the two men. While Dimon initially expressed optimism about the new president, he soon drew a line after Trump failed to condemn white supremacists involved in the deadly Charlottesville rally in 2017. Dimon publicly criticised the president, leading to the swift dissolution of the advisory council.
Personal barbs have also escalated, with Dimon claiming he could beat Trump in an election, citing his own business acumen. Trump hit back, dismissing Dimon as “highly overrated” and a “poor public speaker.”
The feud has also spilled over into policy, with Dimon publicly backing Federal Reserve chair Jerome Powell, whom Trump has repeatedly attacked. Dimon has warned that the president’s efforts to undermine the Fed’s independence could have dire consequences, while also criticising Trump’s proposed cap on credit card interest rates.
At this week’s World Economic Forum in Davos, Dimon further stoked tensions, suggesting the US had become less reliable under Trump’s leadership. A day later, the former president launched his bombshell lawsuit.
The bitter breakdown in the relationship between these two titans of American business and politics is a stark reminder of the deep divisions that have come to define the Trump era. As the 2024 election looms, the feud between the billionaire and the banking behemoth is set to reverberate through the political landscape.
