JPMorgan Chase (NYSE:JPM) CEO Jamie Dimon has voiced criticism over the efficiency of the U.S. government and shown support for the Department of Government Efficiency (DOGE) overseen by Elon Musk.
What Happened: In an interview with CNBC‘s Leslie Picker on Monday, Dimon labeled the government as “inefficient” and “not very competent,” implying that it “needs a lot of work.” Although he didn’t provide a clear-cut response about his stance on DOGE’s initiatives, his remarks suggested a general endorsement.
Dimon also mentioned the Trump administration’s initiatives to cut spending and closely examine federal agencies, stating such actions “need to be done.” He underscored the need for building appropriate policies and procedures and questioned the benefits derived from government spending.
While Dimon expressed support for DOGE’s cost-cutting initiatives, he also cautioned against any potential overreach or illegal activities, stating that “the courts will stop it.” Nevertheless, Dimon added, “I’m hoping it’s quite successful.”
Why It Matters: Dimon’s comments come in the backdrop of his recent reconciliation with Elon Musk, CEO of Tesla Inc. (NASDAQ:TSLA). In late January, Dimon referred to Musk as ‘Our Einstein’ after years of public feuds and legal disputes. The two reportedly “hugged it out” and settled their differences at a tech summit.
The JPMorgan CEO has also expressed his support for President Donald Trump‘s tariff policy, previously. In January, he had told CNBC, that the upcoming tariffs by the Trump administration could be seen in a positive light. “If it’s a little inflationary but it’s good for national security, so be it. I mean, get over it,” Dimon had said.
Jamie Dimon recently courted controversy after he condemned remote work, arguing that it hinders creativity and negatively impacts the social and professional development of younger employees.
Notably, while the JPMorgan CEO has voiced his support for Musk’s DOGE initiative, several others have criticized the transparency and working of DOGE. A recent analysis by WSJ also revealed that the savings mentioned on the DOGE website could be overstated.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
