JPMorgan's Dimon says Trump likely to be a one-term president

Reuters  |  CHICAGO/NEW YORK 

By Richa Naidu and David Henry

CHICAGO/NEW YORK (Reuters) - Jamie Dimon, chief executive officer of Chase & Co , on Wednesday said he expects to see a new U.S. president in 2021 and advised the Democratic party to come up with a "pro-free enterprise" agenda for jobs and economic growth instead.

Asked at a luncheon hosted by The Economic Club of how many years Republican President Donald Trump will be in office, said, "If I had to bet, I'd bet three and half. But the Democrats have to come up with a reasonable candidate ... or Trump will win again."

Dimon, who in the past has described himself as "barely" a Democrat, has been going to Washington more often since the 2016 elections to lobby lawmakers on issues including changes in corporate taxes, immigration policies and mortgage finance.

In December, became chairman of the Business Roundtable, an association of CEOs who take their views to government policymakers.

Dimon, 61, touched on wide range of topics, from America's political climate to racial discrimination to the effects of the U.K. leaving the European Union.

He also commented on foreign affairs, saying, for example, "We should never be rude to a neighbour like Mexico" and cautioning that the political weakness of German Chancellor Angela Merkel "is bad for all of us." Talks on forming a governing coalition including Merkel's Christian Democratic Union collapsed earlier this week, casting doubt on her future after 12 years in power.

spoke for several minutes about discrimination over gender and race which he said is not acknowledged enough in the United States.

"If you're white, paint yourself black and walk down the street one day, and you'll probably have a little more empathy for how some of these folks get treated," said. "We need to make a special effort because this is a special problem."

gave his own bank a mixed review on diversity. His direct reports include people who identify as lesbian, gay, bisexual or transgender (LGBT), and half are women as are 30 percent of the top 200 executives, he said.

Now in his 12th year as JPMorgan's CEO, also reflected a bit on his own role.

"I basically love my job," said. "I mean, it's tiring; it's exhausting. I have to go down to Washington all the time and it's a big pain in the ass, but I basically love my job."

(Reporting by Richa Naidu in and David Henry in New York. Editing by Jonathan Oatis and Clive McKeef)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, November 23 2017. 03:35 IST