Why Jamie Dimon Is Unlikely to Be Trump's Treasury Secretary

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WASHINGTON — After a divisive campaign in which Donald Trump fiercely criticized his rival's ties to Wall Street, the president-elect appears to be considering JPMorgan Chief Executive Jamie Dimon as Treasury secretary.

Trump advisers have mentioned Dimon has a potential candidate for the post, though there are signs that Dimon doesn't want the job, according to CNBC, citing two people familiar with the matter.

Previous reports suggested that Steven Mnuchin, a former Godman Sachs executive, could be tapped to lead Treasury.

The banking industry is likely to celebrate if Dimon is selected.

"He obviously would be very qualified for that role," said David Lucking, a partner at Allen & Overy. "Trump certainly has said he wants to surround himself with the best."

But such a nomination is unlikely to happen. For one, confirming Dimon would also be a huge political lift, as Democrats like Sen. Elizabeth Warren, D-Mass., would lead a charge against him.

Even Dimon recognized in an interview earlier this year that a possible confirmation would be unlikely.

"I don't think I'm suited for it. I don't think you could have a banker serving in a major role in Washington in the next 10 years," he told Bloomberg. "I just don't think it's going to happen — it's just not politically feasible — so I don't spend much time thinking about it. Do I think I could do a good job? Maybe. It's possible."

Moreover, a Dimon nomination would undermine Trump's frequent attacks on economic elites and advocates of free trade. In a statement on its website, the Trump campaign criticized big banks as well as the government's response to the crisis.

"The big banks got bigger while community financial institutions have disappeared at a rate of one per day, and taxpayers remain on the hook for bailing out financial firms deemed 'too big to fail,'" the campaign said. "Both Wall Street and Washington should be held accountable." 

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