JPMorgan Shares Drop as Trump Considers Jamie Dimon for Treasury Secretary

JPMorgan Chase & Co. (NYSE:JPM), the biggest U.S. bank by assets, saw its shares tumble Wednesday as Fox Business Network reporter tweeted that its CEO Jamie Dimon is being floated by Donald Trump as possible future Treasury Department secretary.

The news sent the banking giant’s shares to a session low of $76.88, closing the session down by 2.5 percent at $77.40.

Sources told Fox reporter Maria Bartiromo that the banking executive will meet the President-elect tomorrow and that he could be named to the government post when Trump moves into the White House in January.

Having a Wall Street exec as America’s Treasury Department is not a new idea. The department’s current secretary under President Barack Obama Jacob Lew served previously as Chief Operating Officer at Citigroup.

Dimon, who is well-respected in the banking industry, has been CEO of JPMorgan for more than 10 years and has chaired its board of directors since the end of 2006. Earlier in September, the Wall Street heavyweight said in an interview that he would not be interested in becoming treasury secretary.

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *