At this point, there isn't much for JPMorgan Chase's (JPM 2.08%) CEO Jamie Dimon to accomplish in the world of banking.
He's built banks into industry titans, successfully navigated through multiple recessions and come out stronger on the other side, and turned JPMorgan into the largest bank by assets in the U.S. He's easily the most influential CEO in all of banking.
Although Dimon expects to remain as CEO for the foreseeable future, eventually there will be a world in which Dimon no longer runs JPMorgan. Could a political run come next? Let's take a look.
What a career
Dimon has always been poised for greatness. The prodigy attended Tufts University and then Harvard Business School. Instead of joining one of the big financial shops out of business school, Dimon took a job with Sandy Weill, another banking legend who became Dimon's mentor for many years. Dimon and Weill first worked at American Express. The two eventually went on to form one of the first mega banks in the U.S. that combined Smith Barney, Travelers, and Citicorp. Today, this giant is better known as Citigroup.
However, shortly after forming Citigroup, a rift would soon develop between Weill and Dimon that would lead to the firing of Dimon. But that wouldn't end Dimon's ambition. Dimon would eventually become the CEO of Bank One in Chicago, which was acquired by JPMorgan in 2004. Dimon would take over the combined firm and successfully navigate the Great Recession, avoiding excessive subprime mortgage exposure and scooping up Bear Sterns and Washington Mutual along the way.
Since the Great Recession, Dimon has built JPMorgan into the country's largest bank with more than $3.7 trillion in assets and strong businesses in just about every facet of banking. The bank successfully navigated the pandemic and the recent banking crisis in March, this time buying the assets of First Republic. JPMorgan can generate a very strong 17% return on tangible common equity in any economic environment.
Image Source: Getty Images.
A run for office?
Dimon's tenure as CEO of JPMorgan doesn't currently have an expiration date and it appears that the bank's board of directors want him to run the bank so long as he is capable.
But in a world where Dimon eventually moves on, we know that the 67-year-old has no intention of spending his retirement on the golf course. Dimon is the kind of person that would prefer to stay busy and many have speculated that Dimon might be a logical person to eventually run for public office.
When asked during a recent interview on Bloomberg whether or not he would consider a run for office or a cabinet position if offered one, Dimon said, "Obviously, it's crossed my mind because people mention things to you and stuff like that." He added: "I love my country, and maybe one day I'll serve my country in one capacity or another."
This would certainly be the preference of the legendary and influential investor Bill Ackman, the founder of the high-performing fund Pershing Square Capital Management. In a recent tweet, Ackman had nothing but good things to say about Dimon.
"Jamie Dimon is one of the world's most respected business leaders. Politically he is a centrist. He is pro-business and pro-free enterprise, but also supportive of well-designed social programs and rational tax policies that can help the less fortunate. He is extremely smart, thoughtful, and pragmatic, and he knows how to bring opposing parties together. He is highly respected by the Right, the Left, and the Center," Ackman wrote in his tweet.
With the country also facing $32 trillion of debt and massive fiscal deficits, Ackman believes Dimon would be a great person to attack the issue.
Is there political appetite for a candidate like Dimon?
While I think Dimon could appeal to many people, given his stature and record, politicians with his more centrist views seem to have less of a platform in today's national political landscape.
A lot of Democrats do not like the idea of a Wall Street veteran representing their party, while Dimon's social views might irk some Republicans the wrong way.
That said, you never say never in politics and Dimon would likely be able to raise a lot of money, so it would be interesting if he ran for President. Ultimately, a cabinet role might be more realistic, but first, Dimon would have to retire and that still seems like it could be years away.
