JPMorgan Chase CEO Jamie Dimon publicly backed Elon Musk’s leadership of the newly created Department of Government Efficiency (DOGE) today.
talking to CNBC On January 22, Jimmy called Elon an “Einstein” and said the billionaire businessman was the right person to address inefficiency in the federal government. Jamie added that he and JPMorgan stand ready to support Elon’s efforts in any way we can.
Jamie’s comments come after President Donald Trump signed an executive order creating the DOGE division. According to Elon, the initiative will modernize outdated federal IT systems and reform the way Washington operates.
Jimmy described the government as bloated and in need of accountability, saying: “No one believes that sending another trillion dollars to Washington is the solution. “We need results, and we need them fast.”
But legal problems are already taking their toll on the administration. Lawsuits have been filed alleging that DOGE violates Federal Advisory Committee rules. But Elon said he didn’t care one bit.
Jimmy defends tariffs amid global trade tensions
While discussing Elon and DOGE, Jamie also addressed President Trump’s tariff plans. He is preparing customs tariffs of 10% on China and 25% on Mexico and Canada.
Speaking at the World Economic Forum in Davos, Switzerland, Jimmy defended tariffs as a tool to protect American interests. “If it’s a bit bloated but good for national security, so be it. Get over it,” Jimmy said.
Meanwhile, Goldman Sachs CEO David Solomon described the tariffs as part of a broader strategy to rebalance trade agreements, saying: “If used thoughtfully, they could boost US growth over time.” The tariffs are scheduled to take effect on February 1, according to President Trump.
Jamie also spoke about the US stock market, which has seen consecutive annual gains of more than 20% in 2023 and 2024. The performance of the S&P 500 index is the first time in more than 25 years that such consecutive gains have been achieved.
“Asset prices are in the top 10% or 15% of historical valuations,” he said. He noted that parts of the bond market, including sovereign debt, also reached record levels. Jimmy warned that these inflated prices could lead to surprises if economic results are less than expected.
Global risks are another concern for him. He pointed to the ongoing war in Ukraine, tensions in the Middle East, and the growing threat from China as factors that could shape the global economy in the next century. “It’s all interconnected, and that’s what made me anxious,” Jamie said.
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