JPMorgan Chase CEO Jamie Dimon isn’t a fan of ‘Bidenomics’

By Elisabeth Buchwald, CNN

New York (CNN) — Jamie Dimon isn’t sold on “Bidenomics.”

“I’d be careful about that,” said Dimon, CEO of JPMorgan Chase, in reference to president Joe Biden’s economic theory that rejects “trickle-down” policies in favor of focusing on the middle class.

The president claims that middle-class focus is the driving force behind the US economy’s success, but Dimon’s not convinced. “It’s a tough question to answer,” said the head of the nation’s largest bank, when asked if Bidenomics is as successful as the president makes it out to be.

In an interview with The Economist released Tuesday, Dimon classified Bidenomics largely as industrial policy – a strategy that specifically encourages or subsidizes particular industries, such as manufacturing. He said he’s in favor of some industrial policy lately, for the first time in his life, but only as it relates to national security and competitiveness.

“There shouldn’t be social policy around that,” he said adding that “it shouldn’t be political it should be purely economic.”

And the $5 trillion of stimulus the government authorized, including Biden’s $1.9 trillion American Rescue Plan, to counter the economic effects of Covid, was excessive and is “causing inflation,” Dimon said.

What would Dimonomics look like?

Although Dimon said he’s worried about a possible second Donald Trump presidential term, he said he doesn’t intend to run for office. A cabinet position, he said, could be in the cards “one day.”

But if Dimon had the opportunity to shape the country’s economic policy he said he’d institute free-enterprise “growth policies.”

The country hasn’t been expanding as much as it should over the past two decades in part because of bad policies with regard to immigration, taxation, healthcare and housing, Dimon said.

At least for now, though, the “big storm clouds” Dimon warned about last year only “partially hit,” he said. But he isn’t ruling out a recession in the next six months.

‘I don’t mind getting rid of it’ Dimon says on working from home

As many companies still struggle to get workers to commute into office, Dimon said 60% of JPMorgan’s workforce – including all managing directors – are working in person five days a week. But he’d like that share to go even higher.

Around 10% of JPMorgan’s workforce, he said, was working from home even before the pandemic. The other 30% typically work three days in the office.

“I do not believe you can be a leader and not be accessible to your people,” he said.

Working from home doesn’t work for interns and people at early stages of their careers, he said, adding that “it doesn’t really work for creativity and spontaneity” and “management teams.”

“To the extent it works, I’m okay with it,” Dimon said. “If it doesn’t work, I don’t mind getting rid of it either.”

But he conceded, “we’re not going to make that decision, because we’re pandering to employees.”

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