Donald Trump's relationship with Jamie Dimon, the head of JP Morgan, has imploded over a multi-million dollar lawsuit. The pair were once close allies, but have now turned against each other.
In 2016, Dimon joined a group of business leaders advising Trump on his pro-growth policies. His presence was a boon for the then-populist politician's nascent credibility. As one of America's biggest bank bosses, Dimon was feted for steering JP Morgan through the 2008 financial crisis and into success.
However, tensions between the pair began to rise in early 2017 when Dimon said he had disagreed with Trump's decision to pull out of the Paris climate agreement but tolerated it. The situation escalated after a white supremacist rally in Charlottesville, Virginia, where Trump failed to condemn extremist groups. Dimon condemned the event and stated that leaders should bring people together, not tear them apart.
The economic advisory council, which counted big-name bosses like General Motors' Mary Barra and Disney's Bob Iger among its members, quickly disbanded after the incident. Since then, Dimon has been a vocal critic of Trump's policies, particularly those affecting JP Morgan's profits.
Dimon expressed concerns about lower interest rates, including one proposed by Trump that could cap credit card interest at 10%. He warned that such measures would be "an economic disaster." Dimon also questioned the impact of AI on civil unrest and suggested the US had become less reliable under Trump.
The situation reached a boiling point when Trump launched a $5 billion lawsuit against JP Morgan and Dimon, claiming his bank accounts were closed due to political reasons after the 6 January Capitol riots in 2021. JP Morgan has denied the allegations, stating they have "no merit."
The ongoing feud highlights the deepening divide between two men who once had close ties but now see each other as adversaries.
In 2016, Dimon joined a group of business leaders advising Trump on his pro-growth policies. His presence was a boon for the then-populist politician's nascent credibility. As one of America's biggest bank bosses, Dimon was feted for steering JP Morgan through the 2008 financial crisis and into success.
However, tensions between the pair began to rise in early 2017 when Dimon said he had disagreed with Trump's decision to pull out of the Paris climate agreement but tolerated it. The situation escalated after a white supremacist rally in Charlottesville, Virginia, where Trump failed to condemn extremist groups. Dimon condemned the event and stated that leaders should bring people together, not tear them apart.
The economic advisory council, which counted big-name bosses like General Motors' Mary Barra and Disney's Bob Iger among its members, quickly disbanded after the incident. Since then, Dimon has been a vocal critic of Trump's policies, particularly those affecting JP Morgan's profits.
Dimon expressed concerns about lower interest rates, including one proposed by Trump that could cap credit card interest at 10%. He warned that such measures would be "an economic disaster." Dimon also questioned the impact of AI on civil unrest and suggested the US had become less reliable under Trump.
The situation reached a boiling point when Trump launched a $5 billion lawsuit against JP Morgan and Dimon, claiming his bank accounts were closed due to political reasons after the 6 January Capitol riots in 2021. JP Morgan has denied the allegations, stating they have "no merit."
The ongoing feud highlights the deepening divide between two men who once had close ties but now see each other as adversaries.
I'm not surprised about this latest drama between Trump and Dimon... it's like they're two sides of a coin that can't agree on anything anymore 
. You'd think after all the times Dimon went against Trump's decisions, he'd be worried about being taken out by him, but nope 
. Trump always seems to find new ways to stir up trouble and make enemies for himself.
. It's not like he's some yes-man who'd blindly follow Trump without questioning him 
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. In the meantime, I'm just over here shaking my head and wondering what's next...
. Like, didn't they agree to work together towards some common goals? Now it seems like they're just trying to one-up each other 
. It's so messy. And what's with the whole credit card interest thing? I get that JP Morgan might be worried about profits, but a $10 cap sounds pretty reasonable to me 
. Anyway, this whole situation is like a bad math problem - it just keeps getting more complicated and harder to solve 
. Can't they just agree to disagree and move on? 
.
. It's like we're living in some kind of alternate universe where people are actually afraid to speak up anymore 
. Anyway, I guess we'll just have to wait and see what happens next in this drama-filled saga 
. This whole situation is just so... messy 
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. I'm not surprised though, Trump's always been more about himself than his buddies. The fact that JP Morgan's denying the lawsuit is just a formality at this point 
. And to add insult to injury, the whole thing started after that Charlottesville rally... like, what even is going on anymore? 
. Can't we all just get along? 
. $5 billion is some serious cash, and it'll be interesting to see how JP Morgan handles this. Dimon has been vocal about his concerns over Trump's policies, but I'm not sure he was ready for a full-blown assault 
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. Let this be a lesson to us all: never underestimate the power of a good financial advisor 
anyway i feel bad for dimon he's just trying to do his job and be a good banker but trump is just being dramatic as usual 
. He joined that pro-growth council in 2016 and thought he was gonna get along with Trump, but nope! Now they're enemies and I'm not surprised 
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. What was the point of having a group of business leaders advising Trump in the first place if it's just gonna all go up in flames like this? I mean, you're both big shot bankers, can't you just have a chill conversation instead of going nuclear 
. Dimon's concerns about lower interest rates and AI are valid, though. Trump's policies have been all over the place lately... no wonder people are divided 
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. I mean, Dimon was all about supporting Trump's growth policies back in 2016, but things got sour after Charlottesville 
It's gonna be interesting to see how this drama plays out in the end. Will JP Morgan come out on top or will Trump's lawsuit sink them? 
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. Trump's all like "my bank accounts were closed" and JP Morgan's all like "nope, that's not a thing" 
. And now they're going at it with a multi-million dollar lawsuit 
Anyway, Dimon's got some solid points about those interest rates and AI. It's wild how one side of the aisle can just keep going against each other