(Yahoo! Finance) - JPMorgan Chase (JPM) CEO Jamie Dimon trod carefully on his views of the Trump administration during a Wednesday interview at the World Economic Forum in Davos, Switzerland, but capped his fireside chat by leaning into a prior barb lobbed at the executive by President Trump, declaring: "I'm a globalist."
"I want a stronger NATO, a strong Europe. Some of the things Trump has done are causing that. Some are not. I'm not a tariff guy," Dimon said, adding: "I think they should change their approach to immigration."
Dimon's comments came just hours before Trump's own appearance in Davos, and follow a social media post from Trump over the weekend that said he would sue JPMorgan Chase for "inappropriately debanking" him. Asked about the debanking matter, a JPMorgan spokesperson told Yahoo Finance, "We did not close these accounts because of politics."
After enjoying a bumper 2025 and seeing their share prices soar, big banks have faced headwinds from the Trump administration's economic agenda, notably the President's recent call to cap credit card interest rates at 10% for a year.
"It would be an economic disaster," Dimon said Wednesday of the proposed cap. "I'm not making it up, because it's our business."
Instead of implementing a sweeping national cap on credit card interest rates, Dimon proposed testing the cap across just two states to see what happens. "The people crying the most won't be the credit card companies," Dimon said. "They'll be the restaurants, the retailers, the travel companies, the schools, the municipalities. It would be something else to watch."
Dimon's comments joined a chorus of other bank CEOs and bank lobby groups warning against the proposal, which sent shares of major credit card issuers tumbling. It's not clear how Trump plans to cap card fees. White House economic adviser Kevin Hassett suggested last Friday that legislation might not be needed in a Fox Business interview.
Trump said later Wednesday at the same event that he is asking Congress to cap credit card interest rates.
The administration's credit card cap proposal comes amid a broader effort to focus on affordability. Dimon met with Trump twice over the summer and again in the fall as part of White House dinner where the President sought input for his administration's more recent push on affordability, according to a person familiar with the matter.
Dimon’s roller-coaster relationship with President Trump stretches back many years. In 2023, for instance, Trump described Dimon as a “highly overrated Globalist," though their relationship had shown signs of improvement in recent years.
At Davos in 2024, Dimon said Trump was "kind of right" on some issues. Last year, the executive downplayed some of the inflationary concerns economists and business leaders were raising over the agenda of newly elected President Trump.
Months later, the top banker even appeared to have Trump’s ear, and the president even acknowledged having listened to the major Wall Street figure just hours before announcing a 90-day pause of his "Liberation Day” tariffs in April.
More recently, in addition to Trump's latest legal threats, Dimon has also spoken out against the administration's probe of Fed Chair Jay Powell, saying Wednesday, "I don't like the courts doing stuff like that. I think they should be very thoughtful about when they pick something up like that."
By David Hollerith - Senior Reporter
