Jamie Dimon, the CEO of JPMorgan Chase, publicly backed Elon Musk’s leadership of the newly created Department of Government Efficiency (D.O.G.E) today.
Speaking to CNBC on January 22, Jamie called Elon “our Einstein” and said the billionaire entrepreneur is the right person to tackle inefficiency in the federal government. Jamie added that he and JPMorgan are ready to support Elon’s efforts in any way they can.
Jamie’s comments come after President Donald Trump signed an executive order creating the D.O.G.E department. According to Elon, the initiative will modernize outdated federal IT systems and overhaul the way Washington operates.
Jamie described the government as bloated and in need of accountability, saying, “Nobody thinks sending another trillion dollars to Washington is the answer. We need outcomes, and we need them fast.”
Legal troubles, however, are already casting a shadow over the department. Lawsuits have been filed alleging that the D.O.G.E department violates federal advisory committee laws. But Elon has said he doesn’t care one bit.
Jamie defends tariffs amid global trade tensions
While discussing Elon and D.O.G.E, Jamie also addressed President Trump’s tariff plans. He is preparing 10% tariffs on China and 25% on Mexico and Canada.
Jamie, speaking from the World Economic Forum in Davos, Switzerland, defended the tariffs as a tool to protect American interests. “If it’s a little inflationary but it’s good for national security, so be it. Get over it,” Jamie said.
Meanwhile, Goldman Sachs CEO David Solomon described the tariffs as part of a broader strategy to rebalance trade agreements, saying, “Used thoughtfully, this could boost U.S. growth over time.” The tariffs are set to take effect on February 1, according to President Trump.
Jamie also addressed the U.S. stock market, which has seen back-to-back annual gains of more than 20% in 2023 and 2024. The S&P 500’s performance is the first time in over 25 years that such consecutive gains have been achieved.
“Asset prices are in the top 10% or 15% of historical valuations,” he said. He pointed out that parts of the bond market, including sovereign debt, are also at record highs. These inflated prices, Jamie warned, could lead to surprises if economic outcomes fall short of expectations.
Global risks are another concern for him. He cited the ongoing war in Ukraine, tensions in the Middle East, and the growing threat from China as factors that could shape the global economy for the next century. “It’s all interconnected, and it’s got me worried,” Jamie said.
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