{"id":44445,"date":"2026-02-14T07:46:28","date_gmt":"2026-02-14T07:46:28","guid":{"rendered":"https:\/\/naijaglobalnews.org\/?p=44445"},"modified":"2026-02-14T07:46:28","modified_gmt":"2026-02-14T07:46:28","slug":"will-the-epstein-files-tarnish-the-reputation-of-jamie-dimon-americas-banker-jamie-dimon","status":"publish","type":"post","link":"https:\/\/naijaglobalnews.org\/?p=44445","title":{"rendered":"Will the Epstein files tarnish the reputation of Jamie Dimon, America\u2019s banker? | Jamie Dimon"},"content":{"rendered":"<p>\n<\/p>\n<p class=\"dcr-130mj7b\">Jamie Dimon, the longtime chief of JP Morgan Chase, America\u2019s biggest bank, was under oath. The occasion was a May 2023 deposition related to several lawsuits filed against his bank over its history of involvement with the sex trafficker Jeffrey Epstein.<\/p>\n<p class=\"dcr-130mj7b\">The question put to Dimon was straightforward: \u201cWhen did you first learn that Jeffrey Epstein was a customer of JPMorgan?\u201d<\/p>\n<p class=\"dcr-130mj7b\">His answer seemed clear: \u201cI don\u2019t recall knowing anything about Jeffrey Epstein until the stories broke sometime in 2019\u201d \u2013 meaning the stories about Epstein\u2019s arrest by federal authorities in the summer of 2019 and his death a month later in a Manhattan jail cell.<\/p>\n<p class=\"dcr-130mj7b\">Clear, but believable? This exchange can be found in the US justice department\u2019s Epstein files, with the digital \u201cEpstein library\u201d, as it\u2019s called, tabulating 204 \u201cresults\u201d (separate documents, though some duplicative) for Dimon, at current count, and 9,404 for his bank.<\/p>\n<p class=\"dcr-130mj7b\">Epstein was a client of JP Morgan Chase for 15 years, from 1998 to 2013, for the last eight of which Dimon was the bank\u2019s CEO, the position he still holds. And Epstein was not just any client, but a prized one of JPMorgan\u2019s private bank for ultra-wealthy customers. A JP Morgan report, belatedly filed with the treasury department, flagged about 4,700 Epstein-related \u201csuspicious activity\u201d transactions totaling $1.1bn, including payments to women from post-Soviet countries. Through Dimon\u2019s bank, Epstein wired hundreds of millions of dollars to Russian banks.<\/p>\n<p class=\"dcr-130mj7b\">Not only that, a top former JP Morgan executive, Jes Staley, undermined Dimon\u2019s sworn testimony \u2013 claiming to have communicated with Dimon on Epstein years before the 2019 arrest. And a current senior bank executive, Mary Erdoes, often said to be on Dimon\u2019s shortlist of candidates to succeed him as CEO, was also actively involved with the Epstein account and was aware, as documents show, of Epstein\u2019s court-affirmed status as a high-risk sex offender.<\/p>\n<p class=\"dcr-130mj7b\">And back in 2010, two years after Epstein pleaded guilty in Florida to soliciting sex from girls as young as 14, an aide to Epstein asked him in an email whether snacks or a meal should be prepared \u201cfor your evening appointments\u201d with Staley, Dimon and Lord Peter Mandelson, at that time business secretary in Britain\u2019s Labour government. Mandelson apparently aimed to get Dimon to \u201cmildly threaten\u201d Britain\u2019s then chancellor, Alistair Darling, to force a retreat on a proposed supertax on banker bonuses.<\/p>\n<p class=\"dcr-130mj7b\">It is no stretch to call Jamie Dimon a legend: the Voice of Wall Street and its Senior Statesman, easily the most recognized name in American and perhaps even global banking. \u201cJamie\u201d \u2013 the given name is enough to garner a knowing nod in financial, political and media circles \u2013 acquired his legendhood in the 2008-2009 financial crisis, when he worked closely with Washington to stave off a total collapse of the banking system. He was the Last Man Standing, in the title of the financial journalist Duff McDonald\u2019s laudatory biography, published in 2009. The book\u2019s final sentence says it all: \u201cAt a time when true Wall Street leaders seem in desperately short supply, Jamie Dimon has emerged as a moral and managerial compass for both his industry and the country itself.\u201d<\/p>\n<p><span class=\"dcr-1inf02i\"><\/span><span class=\"dcr-1qvd3m6\">Jamie Dimon testifies during a Senate hearing in September 2022.<\/span> Photograph: Drew Angerer\/Getty Images<\/p>\n<p class=\"dcr-130mj7b\">Yet even legends are flesh-and-blood people who can screw up, to use the blunt language Dimon himself is known for. It\u2019s time, then, to reconsider this icon. One month shy of 70, Dimon is in his Last Act, no more than a few years, he says, from stepping down from his reign as CEO, now in its 21st year. But this final stretch of his career is shaping up as a bumpy one, as Dimon tries to navigate an array of acute challenges that relate more to America\u2019s turbulent political environment \u2013 the raging anti-elite populism of both right and left \u2013 than to the demands he faces as the manager of an enormous company active in just about every corner of the financial universe. With Donald Trump himself now demanding that prosecutors investigate Epstein\u2019s ties to Dimon\u2019s bank, Dimon\u2019s once-sterling legacy stands at risk of being tarnished.<\/p>\n<p class=\"dcr-130mj7b\">\u201cThere\u2019s got to be more accountability from the top on down,\u201d the Democratic senator Ron Wyden, the powerful ranking member of the Senate finance committee, told me. \u201cEpstein was not an anonymous customer with a few thousand bucks in his checking account, he was a high-value, high-profile client of white-glove private banks, and a known criminal. It\u2019s simply not good enough for leaders at those banks to say they never had an inkling that something was off.\u201d<\/p>\n<p class=\"dcr-130mj7b\">Dimon has warm personal ties with some figures in Congress. Ro Khanna, the House Democrat from California, recalled meeting with Dimon, at the banker\u2019s office in New York, to ask for support for the city\u2019s south Asian cab drivers \u2013 Khanna is the son of immigrants from India \u2013 in a bitter dispute with Uber. \u201cI found him empathetic and willing to help,\u201d Khanna told me. But when I asked the congressman, a leader of the drive to compel the justice department to release the Epstein files, whether he was inclined to believe Dimon on not being aware of Epstein until 2019, he demurred. \u201cI will follow the evidence wherever it leads,\u201d he said.<\/p>\n<p class=\"dcr-130mj7b\">\u201cI think what happened to these women is atrocious, and I\u2019m horrified at the amount of human trafficking that takes place,\u201d Dimon said in his 2023 deposition. \u201cAnd I wouldn\u2019t mind personally apologizing to them,\u201d he added, for whatever role his bank could have played to report Epstein\u2019s banking activities to the authorities quicker.<\/p>\n<p class=\"dcr-130mj7b\">After poring over Dimon\u2019s deposition, I did feel somewhat jarred on listening to Dimon, three years earlier, on the Coffee with the Greats podcast of Miles Fisher. In the deposition, asked whether he read the New York Post, for which the Epstein saga was prime tabloid fare, Dimon replied: \u201cI don\u2019t really read the New York Post<em>.\u201d<\/em> But on the podcast, he said, \u201cI read quickly the Daily News<em>\u201d <\/em>at the start of every day and then \u201cquickly the New York Post<em> <\/em>because everyone reads the New York Post\u201d.<\/p>\n<p class=\"dcr-130mj7b\">Simply appearing in the Epstein files does not establish guilt. Individuals may be swept up by a stray reference, an email correspondence or an associate\u2019s empty boast.<\/p>\n<p class=\"dcr-130mj7b\">But Dimon\u2019s professed ignorance of Epstein\u2019s activities as a JPMorgan Chase client is all the more remarkable given his reputation for vacuuming up every stray bit of information in any organization he is leading. \u201cHe will go several layers down,\u201d his longtime friend Hans Morris, who worked alongside Dimon decades ago at the Smith Barney brokerage, told me. \u201cHe likes to know the facts. And whoever did the work does the talking.\u201d Morris, it should be noted, was speaking in general terms, not in response to a particular question on Epstein.<\/p>\n<p class=\"dcr-130mj7b\">Meanwhile, Trump, a tireless stoker of populist flames, ever in search of retribution, is making things personal with Dimon. On 22 January, he sued Dimon, as well as JPMorgan Chase, in state court in Florida, seeking $5bn in civil damages for terminating him as a client after the riot at the US Capitol building on 6 January 2021. Trump alleges that he and family members were put on a \u201cblacklist\u201d as a \u201cresult of political discrimination\u201d. That would be one grievance. Maybe, also, Trump hasn\u2019t forgotten the time, back in 2018, in his first term, when Dimon ranted against him, incautiously declaring: \u201cI\u2019m as tough as he is, I\u2019m smarter than he is.\u201d In 2024, Dimon\u2019s wife canvassed door-to-door for Kamala Harris.<\/p>\n<p><span class=\"dcr-1inf02i\"><\/span><span class=\"dcr-1qvd3m6\">Donald Trump shakes hands Dimon in February 2017.<\/span> Photograph: Kevin Lamarque\/Reuters<\/p>\n<p class=\"dcr-130mj7b\">The lawsuit, which the bank says \u201chas no merit\u201d, follows attempts by Dimon to keep things peaceful in Trump\u2019s second turn in office, the occasional barb notwithstanding, as in the banker\u2019s criticism at Davos this year of the heavy-handed tactics of US Immigration and Customers Enforcement Officers. <strong>\u201c<\/strong>I don\u2019t like what I\u2019m seeing, with five grown men beating up little women,\u201d he said. The two have met amicably in the White House to discuss matters like interest rates. Dimon \u201cis not trying to piss off anyone\u201d, a source close to the bank said.<\/p>\n<p class=\"dcr-130mj7b\">The effort to reach a pragmatic understanding with as difficult a figure as Trump is vintage Dimon. He is, at bottom, an accommodator, his remarkable run a testament to the principle that the race is not to the swift but to the adaptable. \u201cIf I was the government, I\u2019d close it down,\u201d he said of cryptocurrencies in 2023. But in a partnership between his bank and Coinbase announced last year, Chase credit card holders will be able to use their cards to buy on Coinbase not only bitcoin but also even nonsense meme tokens like Dogecoin \u2013 and they also will be able to redeem their Chase Ultimate Reward points for the USDC stablecoin.<\/p>\n<p class=\"dcr-130mj7b\">Throughout his career, Dimon has shown a remarkable ability for \u201cthreading the needle\u201d between his personal feelings on a matter and the needs of his bank\u2019s customers, Mike Mayo, the veteran banking industry analyst, now at Wells Fargo Securities, told me. \u201cJamie Dimon can be a bully,\u201d Mayo said, noting an incident when Dimon berated him for, in Dimon\u2019s mind, a bad call on a stock. But he also said that Dimon will sometimes call him, out of the blue, to patch things up. In any event, as not only the CEO of the bank but also the longtime chairman of its board, Dimon does things his own way at the bank, Mayo said, unquestioned by the other directors. \u201cNo one is keeping tabs on Jamie Dimon,\u201d the analyst told me.<\/p>\n<p class=\"dcr-130mj7b\">In the end, Dimon may be judged by the \u201clast act\u201d of his Last Act \u2013 the handoff to a successor. Because JPMorgan Chase has become synonymous with his name and leadership, this won\u2019t be an easy feat, no matter whom he chooses. \u201cI don\u2019t think it\u2019s the case that JPMorgan Chase is going to do well after Jamie Dimon,\u201d Simon Johnson, the Nobel prize-winning MIT economist and sharp critic of banking concentration in the US, told me.<\/p>\n<p><span class=\"dcr-1inf02i\"><\/span><span class=\"dcr-1qvd3m6\">Jamie Dimon sitting in a tall building, undated. <\/span> Photograph: Michael L Abramson\/Getty Images<\/p>\n<p class=\"dcr-130mj7b\">A caricaturist\u2019s drawing would highlight the nose and the ears, both of which are prominent. There\u2019s that gravelly voice in which his upbringing in New York City\u2019s borough of Queens can be detected, and his penchant for speaking in short, punchy sentences, sometimes with profanity (all of which, including the Queens part, can also be said of Trump). Never mind about bankers\u2019 pinstripes: he\u2019s often seen without a tie and in denim. \u201cHe is very approachable,\u201d Thomas Hoenig, a former president of the Federal Reserve Bank of Kansas City and a former vice-chair of the FDIC, told me.<\/p>\n<p class=\"dcr-130mj7b\">For my own efforts to gain face time with Dimon, I began with a congenial 30-minute phone call with Joe Evangelisti, the bank\u2019s head of media relations and a diligent guardian of access to his longtime boss. We exchanged the names of our respective dogs and agreed to try to meet in New York. So we did, several months later, at his office, after I sent Dimon, care of Evangelista, an eight-page list of questions, including Epstein-related ones. Knowing of Dimon\u2019s fondness for reading history, I handed Evangelista a copy of my 2017 book, Madness Rules the Hour<em>,<\/em> on 1860 America on the verge of civil war. \u201cMadness yesterday \u2013 and today?\u201d I wrote in my inscription. Evangelista promised to give the book to his boss, but I never got the chance to interview Dimon.<\/p>\n<p class=\"dcr-130mj7b\">Evangelista did, however, answer on the record some of my questions addressed to Dimon. As for Epstein: \u201cWe wish we never worked with him and we didn\u2019t help him commit his heinous crimes,\u201d he said. As for anything new divulged by the Epstein files: \u201cOur CEO never dealt with Epstein or met him, and the files back that up.\u201d With regard, specifically, to the email from Epstein\u2019s assistant, suggesting that Dimon had an evening appointment with Epstein, Evangelista said: \u201cThat information was incorrect. Our CEO was never invited to that meeting or dinner.\u201d On whether Dimon retained confidence in Mary Erdoes, whose name records 272 \u201cresults\u201d in the justice department\u2019s Epstein library \u2013 and whose name still appears to be on JP Morgan\u2019s watchers\u2019 shortlist of successors, Evangelista said: \u201cMary is one of the most respected executives in finance today and is deeply valued by our CEO, her colleagues and clients. Dimon has never announced a \u2018shortlist\u2019 of successors.\u201d<\/p>\n<p class=\"dcr-130mj7b\">On JP Morgan\u2019s embrace of cryptocurrencies: \u201cJamie\u2019s been clear that our customers have the right to buy the assets of their choice,\u201d Evangelista told me. As for the claim the board is not keeping tabs on Dimon: \u201cNot true. The board is completely independent, with Jamie as the only insider.\u201d<\/p>\n<p class=\"dcr-130mj7b\">If you want to know what Dimon thinks directly from the banker\u2019s mouth, it helps, no doubt, to have personal connections. \u201cMy mother is friendly with Dimon\u2019s parents,\u201d Roger Lowenstein, the bestselling author, disclosed in \u201cJamie Dimon: America\u2019s Least-Hated Banker\u201d, his 2010 profile of Dimon for the New York Times<em>, <\/em>which drew on a months-long entr\u00e9e into Dimon\u2019s \u201cinner sanctum\u201d. \u201cDimon sees himself as a patriotic citizen who helped his country in a time of crisis,\u201d Lowenstein writes at the top of the piece, adding at the end: \u201cIt has been a while, of course, since a banker dared to speak of his trade as a public service.\u201d<\/p>\n<p class=\"dcr-130mj7b\">Dimon cultivates his not-just-a-banker image by offering, in his annual Letter to Shareholders, wide-ranging assessments of the global political and economic situation, his Olympian pronouncements retailed by the cliquish New York financial press. After one such letter went out in spring 2024, he sat for a videotaped interview with Emma Tucker, editor in chief of the Wall Street Journal<em>. <\/em>Referring to his musings on the need for \u201crevitalizing our global architecture\u201d, as in a \u201creimagined Bretton Woods\u201d, Tucker told him that this was the \u201ckind of big thinking you don\u2019t often hear from world leaders\u201d.<\/p>\n<p class=\"dcr-130mj7b\">He received similarly gauzy treatment from Lesley Stahl in her profile, last January, for CBS News\u2019<em> <\/em>Sunday Morning. Treating Dimon as an all-purpose American oracle, she asked him to account for the loss of popular faith in national institutions like our courts. Asked to explain his longstanding skepticism towards bitcoin, he replied: \u201cIt\u2019s used heavily by sex traffickers, money launderers.\u201d Sex traffickers? Here was a cue for Stahl to follow up by observing that Dimon\u2019s bank catered to Epstein\u2019s financial needs. Who needs bitcoin if you\u2019ve got an in with JPMorgan Chase? Nope. The Valentine continued to the end without a single tough question on any aspect of Dimon\u2019s stewardship of his bank \u2013 and the same for the extended, 40-minute interview Sunday Morning put online.<\/p>\n<p class=\"dcr-130mj7b\">Big-time global banking, it can be noted, is less \u201cpublic service\u201d than a perpetual battle for dominance between turf-obsessed rhinos. Dimon is served well by his strategic patience. As he took over as JP Morgan Chase\u2019s CEO, at the start of 2006, a boom in the US housing market was cresting, with large financial institutions of all types loaded up with securitized subprime mortgages and other exotic products. Dimon notably acted with restraint compared with Wall Street peers like Bear Stearns and Lehman Brothers in not permitting the investment side of his bank to gorge on securities that, in the end, proved highly toxic. In March, 2008, he worked with the Fed and Treasury to acquire Bear Stearns, which was, shockingly, at risk of bankruptcy. \u201cAll hail Jamie Dimon!\u201d Barron\u2019s wrote, saluting \u201cThe Deal \u2013 Rhymes with Steal \u2013 of a Lifetime\u201d.<\/p>\n<p class=\"dcr-130mj7b\">The \u201csteal\u201d was that the US Federal Reserve, not Dimon\u2019s bank, purchased some $30bn worth of Bear Stearns\u2019 most toxic assets. JPMorgan Chase, like a number of other big banks, eventually received a multibillion-dollar capital infusion \u2013 a federal government lifeline \u2013 as part of Washington\u2019s Troubled Asset Relief Program, known as Tarp.<\/p>\n<p class=\"dcr-130mj7b\">JPMorgan Chase repaid the $25bn it received in Tarp assistance \u201cin full and with dividends to US taxpayers\u201d, as Dimon said at the time. Still, Tarp and the handling of the financial crisis gave birth to the rightwing, populist Tea Party movement, as many Americans wondered why a bank like Dimon\u2019s got rescued while their retirement plans did not, and the Tea Party morphed into Maga.<\/p>\n<p class=\"dcr-130mj7b\">The left was angry, too. In 2011, in the heat of the Occupy Wall Street protests, protesters surrounded a Seattle hotel in which Dimon was giving a speech, their aim to flush him outside and administer a \u201ccitizen\u2019s arrest\u201d. Police in riot gear dispersed the crowd with pepper spray. But in his speech inside the Sheraton, the banker offered sympathy for the protesters. \u201cThey\u2019re right,\u201d he said. \u201cIn general, these big institutions of America let them down.\u201d<\/p>\n<p><span class=\"dcr-1inf02i\"><\/span><span class=\"dcr-1qvd3m6\">Demonstrators from the Occupy Seattle movement protest outside the Sheraton hotel where Dimon in November 2011.<\/span> Photograph: Stuart Isset\/Bloomberg via Getty Images<\/p>\n<p class=\"dcr-130mj7b\">Seventeen years after the crisis, the numbers attest to Dimon\u2019s success at, not merely steering his bank through the treacherous waters of that time, but using the crisis to inaugurate an era of accelerated growth. Size definitely matters in banking. JPMorgan Chase, with a network of about 5,000 branches extending to every state of the continental US, has an industry-leading market share of about 16% of the total deposits in US banks, up from about 10% before he became CEO. Domestic assets alone are on the order of $3tn. Worldwide, more than 300,000 employees toil under Dimon, compared to a headcount of about 170,000 when he took charge as CEO. About 10,000 of them work at the bank\u2019s new global headquarters at 270 Park Ave, a freshly constructed sixty-story Manhattan skyscraper, designed by Foster + Partners with the close involvement of Dimon \u2013 a glass-and-steel monument to his towering stature.<\/p>\n<p class=\"dcr-130mj7b\">Dimon prides himself on his bank\u2019s bigness, its \u201cfortress balance sheet\u201d, as he likes to say, as proof of its strength. He also vigorously contests the idea that JPMorgan Chase, in banking parlance, is \u201ctoo big to fail\u201d \u2013 that is, so big that if it ever is at risk of foundering, Washington will bail it out with taxpayer money. \u201cThe term \u2018too big to fail\u2019 must be excised from our vocabulary,\u201d he once wrote in an op-ed for The Washington Post.<\/p>\n<p class=\"dcr-130mj7b\">But this is wishful thinking. There is a virtual consensus among financial experts that \u201ctoo big to fail\u201d remains alive and well \u2013 despite legislation enacted by Congress in the wake of the financial crisis to snuff the market\u2019s belief in this guarantee. And JPMorgan Chase, as the biggest of the biggest, is viewed as the epitome of a \u201ctoo big to fail\u201d bank. \u201cToo big to fail is a fact. It is present. It is real and it will be retained as far as I can see forward,\u201d Hoenig, the former Fed and FDIC official, told me.<\/p>\n<p class=\"dcr-130mj7b\">As a result, \u201cmoral hazard\u201d, another pet phrase in the banking world, also remains. That means an enormous bank like JPMorgan Chase might be induced to take more risks with its capital on the bet that Washington, no matter what, won\u2019t let the bank go down. That might apply, say, to the risks that Dimon is now taking with his bank\u2019s activities in the private credit market. Or to the perils of big banks like his, as primary dealers, buying ever larger amounts of US treasuries to meet the federal government\u2019s insatiable need to finance its mounting debt. Should investors come to question the credit-worthiness of the government, the value of the Treasuries held by Dimon\u2019s bank could plummet.<\/p>\n<p class=\"dcr-130mj7b\">How worried is Dimon about a next financial crisis? \u201cWe are always on the watch and preparing,\u201d bank spokesman Evangelista told me.<\/p>\n<p class=\"dcr-130mj7b\">In the meantime, Washington has the expectation that Dimon, as Wall Street\u2019s crisis-tested banker, is on 24\/7 call to help out as needed, as he did once again in 2023, with his bank\u2019s rescue of the foundering First Republic Bank. He embraces this savior role, a throwback to John Pierpont Morgan, the namesake for Dimon\u2019s bank, and why wouldn\u2019t he? With a 1994 anti-banking concentration law enacted by Congress still peskily on the books, banks that hold 10% or more of total US deposits, as his does, are not permitted to grow by acquiring other banks \u2013 except in the case of swallowing failed banks.<\/p>\n<p class=\"dcr-130mj7b\">\u201cI feel like we\u2019re guardians of the financial system,\u201d he told Stahl on CBS<em>\u2019 <\/em>Sunday Morning. That\u2019s one way to look at it. Another is that, better than any of his peers, he has cannily figured out how to make the financial system work to his bank\u2019s advantage. \u201cHis role is a reflection of the pathologies of the system,\u201d economist Johnson told me, while offering a tip of the cap: \u201cMr Dimon is a brilliant player of the power game around finance.\u201d<\/p>\n<p><span class=\"dcr-1inf02i\"><\/span><span class=\"dcr-1qvd3m6\">JPMorgan Chase &amp; Co celebrates the grand opening of its new megatower at 270 Park Avenue in Midtown Manhattan in October 2025.<\/span> Photograph: Victor J. Blue\/Bloomberg\/Getty<\/p>\n<p class=\"dcr-130mj7b\">It might be wondered whether Dimon missed his calling in making banking his sole profession on graduating from Harvard Business School in 1982. After Barack Obama\u2019s re-election to a second term, in 2012, Warren Buffett touted Dimon for treasury secretary. \u201cIf we did run into problems in markets, I think he\u2019d actually be the best person you could have in the job,\u201d the financier told the television host Charlie Rose.<\/p>\n<p class=\"dcr-130mj7b\">Perhaps, should a Democrat win the White House in 2028, there\u2019s still time: having survived throat cancer as well as a life-threatening heart condition, Dimon surely has the stamina for the job. But his nomination would be sure to revive awkward questions about his bank\u2019s dealings with Epstein \u2013 and what he knew of them. The likelihood, as he has said, is that he will stay on as chairman of the board for a time after handing the reins to a successor as CEO.<\/p>\n<p class=\"dcr-130mj7b\">After reading his Letters to Shareholders over the years and listening to hours of him in varied interview settings, I came to believe that Dimon genuinely thought that what was good for JPMorgan Chase was good for America. And the other way around, too, per the famous 1950s declaration of Charles Wilson as the head of the nation\u2019s biggest manufacturer of automobiles: \u201cFor years I thought what was good for the country was good for General Motors, and vice versa.\u201d<\/p>\n<p class=\"dcr-130mj7b\">But here\u2019s the real bottom line: he beat the market. On the last trading day of December 2005, just before Dimon took over as CEO, JPM shares closed at 39.69. On the fourth Friday of this January, they closed 7.5 times higher, at 297.72, compared with 5.5 times higher over this same time span for the S&amp;P 500 index fund.<strong> <\/strong>The bank recorded profits of $57bn last year. According to a calculation done by The New York Times,<em> <\/em>Dimon himself pulled in $770m in 2025 counting salary as well as bonuses, stock grants and other sources of compensation. His spokesman, however, contests that figure. \u201cThis number is nonsensical \u2013 it seems to be combining paper gains on restricted stock options and 20+ years of equity, more than half of which he purchased on his own,\u201d Evangelista told me. \u201cIf you\u2019re talking about what he was awarded in 2025, it would be about $39m.\u201d<\/p>\n<p class=\"dcr-130mj7b\">Dimon is on his fourth president as his bank\u2019s CEO, and he could be in that chair long enough to welcome a fifth, after the 2028 election. Once known as Obama\u2019s \u201cfavorite banker\u201d, he won\u2019t win that accolade from Trump, even though the ever pragmatic banker has repositioned his bank to match the Trumpian vibe, not only by giving way for his bank to embrace crypto but also by toning down the bank\u2019s commitment to diversity, equity and inclusion, known as DEI.<\/p>\n<p><span class=\"dcr-1inf02i\"><\/span><span class=\"dcr-1qvd3m6\">Dimon in Buenos Aires, Argentina, in October 2025.<\/span> Photograph: Tomas Cuesta\/Bloomberg via Getty Images<\/p>\n<p class=\"dcr-130mj7b\">After the murder of George Floyd in 2020 Dimon said: \u201cThe black community has been left behind for a long time and a lot of it was structural: jobs, education, stuff like that.\u201d He even took a knee at a local bank branch, seemingly in support of the protests that followed Floyd\u2019s death. But now that Trump and his allies have cowed US businesses into dropping the diversity, equity and inclusion initiatives that blossomed after Floyd, Dimon is sending a different message to his workforce. \u201cI was never a firm believer in bias training,\u201d he told staff last year, according to Bloomberg.<\/p>\n<p class=\"dcr-130mj7b\">The only issue on which Dimon has consistently pushed back on Trump is on the need for an independent Fed. And on that matter, Dimon is simply joining a large chorus: virtually everyone on Wall Street, along with the economics profession and prominent Republicans, not just Democrats, has resisted Trump\u2019s typically nasty bid to undermine Jerome Powell to get the Fed chair to lower interest rates. On the much more controversial issue of tariffs, he notes that they could cause inflation but, but folks should just \u201cget over it\u201d, as he said last year as Trump was retaking office.<\/p>\n<p class=\"dcr-130mj7b\">\u201cGet over it\u201d also seems to be his message, implicitly, to those who dwell on his bank\u2019s deep ties to Epstein. Whatever he personally knew about his bank\u2019s involvement with the sex trafficker, he set the tone and the standards for his senior executives, who cultivated Epstein\u2019s lucrative business for years. \u201cJamie\u201d didn\u2019t act as a \u201cmoral compass\u201d \u2013 and this wasn\u2019t banking as a \u201cpublic service\u201d.<\/p>\n<p class=\"dcr-130mj7b\"><em>Paul Starobin is the former Moscow bureau chief of <\/em>Business Week <em>and the author of four non<\/em><em>fiction books. paul.starobin@gmail.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Jamie Dimon, the longtime chief of JP Morgan Chase, America\u2019s biggest bank, was under oath. The occasion was a May 2023 deposition related to several lawsuits filed against his bank over its history of involvement with the sex trafficker Jeffrey Epstein. The question put to Dimon was straightforward: \u201cWhen did you first learn that Jeffrey<\/p>\n","protected":false},"author":1,"featured_media":44446,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[1378,5619,22369,3703,3093,13801,23070,23069],"class_list":{"0":"post-44445","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-americas","9":"tag-banker","10":"tag-dimon","11":"tag-epstein","12":"tag-files","13":"tag-jamie","14":"tag-reputation","15":"tag-tarnish"},"_links":{"self":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts\/44445","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=44445"}],"version-history":[{"count":0,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts\/44445\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/media\/44446"}],"wp:attachment":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=44445"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=44445"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=44445"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}