Tags: tariffs | jpmorgan | doge | donald trump | jamie dimon | elon musk

JPMorgan CEO Dimon: Hope DOGE Is 'Quite Successful'

By    |   Monday, 24 February 2025 04:57 PM EST

JPMorgan CEO Jamie Dimon said Monday that he's hoping President Donald Trump's Department of Government Efficiency is "quite successful" in streamlining the federal government by eliminating waste and fraud.

"Here's what I support, OK?" Dimon told CNBC from the company's Global Leveraged Finance Conference in Miami. "The government — and most of all, everybody would know — the government is inefficient, not very competent, and it needs a lot of work. It is not just waste and fraud, it's outcomes. 

"Why are we spending the money on these things? Are we getting what we deserve? What should we change? Doing that needs to be done.

"You have to understand that whenever you go into any big institution or government, the bureaucracy pushes back on everything, and [we] will hear every little thing they're going to push back on. So you have to be strong if you're going to do it. 

"I'm hoping it's quite successful. If there's overreach, the things they're doing which are not legal, the courts should stop it, but I'm hoping that's not the case."

Dimon said it's too early to tell what effect DOGE's efforts will have on the economy and reducing the federal deficit, adding that DOGE is more about achieving "the government we deserve."

"Ending fraud, waste, and abuse, if it brings down the deficit, yes," he said. "Some of [DOGE's efforts] may actually cost money in the short run, but it will save a lot of money in the long run. … We have to learn to do the thing right. It's not just about the deficit, it's about building the right policies, procedures, and the government we deserve."

Meanwhile, Dimon said he is taking a wait-and-see approach as to whether Trump's proposed tariffs, tighter immigration laws, and DOGE's cost-cutting efforts will weigh on the economy.

"Could they? Yes, of course," he said. "The economy is like this huge ship of state, and these things [that] are at the margin may not change that ship of state. And also, it really depends on the quality of what [is being done]. More effective government, more efficient, isn't bad. It's actually a good thing. … 

"Tariffs properly used — if they are overused, you know, if there's retaliation, yeah, they could be bad for the economy. But they're just making up for use for negotiations, making up for unfair trade. So I'm more on the wait-and-see attitude about how this all plays out."

He also reaffirmed his company's commitment to reaching out to minority communities amid a broader corporate retreat from diversity, equity, and inclusion initiatives.

"We look at our policies all the time … saying, Why are we doing that?" he said. "And it could be in any subject. We've been the same in DEI a little bit. So it's things like trainings that don't work or too many of them, meetings that don't work. 

"People are hiring outside consultants for meetings and events. I don't like a whole bunch of stuff like that."

"We're still going to reach out to the Black, Hispanic, LGBT, veteran, disabled communities. We're not changing that. In our community branches and most of the places I go, governors and mayors, both Republicans and Democrats, they like what we do locally. 

"We lift up the country and stuff like that. We have great training programs. We recruited more [from historically Black colleges and universities], but if we did something wrong, we're going to fix it."

Michael Katz

Michael Katz is a Newsmax reporter with more than 30 years of experience reporting and editing on news, culture, and politics.

© 2025 Newsmax. All rights reserved.


Politics
JPMorgan CEO Jamie Dimon said Monday that he's hoping President Donald Trump's Department of Government Efficiency is "quite successful" in streamlining the federal government by eliminating waste and fraud.
tariffs, jpmorgan, doge, donald trump, jamie dimon, elon musk
573
2025-57-24
Monday, 24 February 2025 04:57 PM
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