President-elect Donald Trump and JPMorgan Chase CEO Jamie Dimon have been talking secretly, through back channels, in recent months with the Wall Street mogul helping Trump on his economic policy agenda before and after the election, according to a new report.
Dimon has been acting as a "sounding board" for Trump, The New York Post reported, quoting four sources close to the incoming president's transition team.
One insider said Trump's inner circle had a series of "no-holds-barred conversations," with Dimon, who at the time had been rumored to be seeking a position with the administration.
"They have been speaking regularly for months," another GOP source told The Post.
Three of the sources said Trump and Dimon were using a secret back channel, with their calls focusing on cuts to government spending, taxes, trade, and banking regulations.
One company insider said Trump's top aides were setting up the calls to create "daylight" between the men in hopes of keeping their conversations from leaking.
Spokespersons for Trump and JPMorgan declined to comment to the Post.
In June, Trump floated Dimon as a potential pick for Treasury secretary, later claiming he won the JPMorgan CEO's endorsement, which Dimon did not confirm publicly.
There was also reportedly some tension between the two men this month when Trump declared on Truth Social that Dimon would not be "invited" to join his Cabinet, leading Dimon to retort, "I haven't had a boss in 25 years and I'm not about ready to start."
The Post reported this year that Dimon ruled himself out of leaving JPMorgan to join a potential Kamala Harris cabinet after her polling numbers tanked.
Dimon did not publicly endorse either Trump or Harris, but after the election, the CEO said Wall Street bankers were "dancing in the street" over Trump's win because of the opportunity for deregulation after years of stringent regulations.
Trump has also been consulting with Blackrock CEO Larry Fink, a major Democratic Party donor, on policy issues, the Post reported on Nov. 22.
Trump in July denied reports that he had considered either Dimon or Fink as Treasury secretary.
Another source reported that Trump "greatly appreciated" it when Dimon told CNBC in January that the then-candidate was "kind of right" with his criticisms of illegal immigration and NATO allies' defense spending.
Two weeks ago, Dimon said that Trump's threats of imposing tariffs on major trading partners like Canada and Mexico will "bring people to the table" if the tariffs are "done wisely."