America’s billionaires are turning their back on Trump

October 4, 2026 — 11:00am

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Among the titans of global finance, none are more powerful and influential than Jamie Dimon, the chief executive of JPMorgan Chase. So when he turns against Donald Trump and criticises the 47th US president’s repudiation of the old, multilateral, rules-based order, we should sit up and take notice.

The more so in that Dimon’s intervention comes just a month before the congressional midterms, where the Republicans are expected to receive a hammering.

A lifelong Democrat, Dimon has admittedly never been part of Trump’s inner circle and in the past year, relations between the two have deteriorated precipitously.

He played no part in the undignified and fawning scramble for presidential favours after Trump’s election two years ago. According to accounts, he wisely rebuffed soundings on serving in Trump’s second administration as Treasury secretary.

In January, moreover, Trump launched a $5bn lawsuit against Dimon and JPMorgan for allegedly de-banking him. The bank says the president’s suit “has no merit”.

For his part, Dimon has been highly critical of Trump’s mooted plan to cap credit card interest rates at 10 per cent and he has refused to help fund Trump’s White House ballroom.

But he’s also been careful not to overstep the mark and to give credit where he thinks it is due.

“Take a step back, be honest,” Dimon said in the run-up to Trump’s second stab at the presidency. He “was kind of right about NATO, kind of right on immigration. He grew the economy quite well. Tax reform worked. He was right about some of China. He wasn’t wrong about some of these critical issues”.

Dimon’s remarks played a key role in rehabilitating Trump among the general run of US business........

© WA Today