Jamie Dimon reveals why he decided against a presidential run

Jamie Dimon, CEO of JPMorgan Chase, said he would have missed too much time with his family if he had run for president and won. Al Drago/Bloomberg – Getty Images

• Rumors JPMorgan Chase CEO Jamie Dimon was considering a White House run weren’t unfounded. The billionaire banker said he considered a career in politics but on reflection decided his experience, his love for JPMorgan and his family were reasons not to launch a campaign.

In the run-up to the November election, speculation was rife that JPMorgan CEO Jamie Dimon may add his name to the ballot. The murmurs were quickly shut down by America’s biggest bank, but its billionaire boss has confirmed he did give a White House campaign some consideration.

However, Dimon, a father of three and grandfather of seven, said he ultimately didn’t want to spend so much time away from his family.

“Had a run and won, when I was walking into that White House I’d be waving goodbye to my family for four years,” Dimon told the ‘How Leaders Lead’ podcast in an episode aired last week. “They’d be saying ‘See ya, Dad.’”

“I’m not sure my wife would have gone with me there,” he joked.

Dimon and his wife Judy are parents to three daughters: Julia, Laura, and Kara, and seven grandchildren—six girls and a boy.

“And it is subjecting your family to some very tough stuff,” Dimon continued. “And some people are prepared for that, I was unprepared for it at the time.”

Dimon, paid $39 million for his work in 2024, was speaking to podcast host David Novak, the former CEO of PepsiCo and Yum! Brands.

Novak also served on the board of Bank One when Dimon was its CEO, and the pair have stayed in touch ever since. Novak said he personally asked Dimon to run for president while the pair had dinner in a Greek restaurant.

Novak even volunteered to be Dimon’s campaign manager, telling him: “We need you to run for president.”

And it seems 68-year-old Dimon still isn’t fully convinced he wants to let people like Novak down, adding: “I would never rule it out—I’m not making any promise to anyone. If I change my mind I change my mind.

“I think it’s hard … as you know I’ve had a health problem or two, so when you put it together it just didn’t seem like the right thing for me to do.”

The business and political crossover

Alongside the time he would lose with his family, the Harvard Business School alumni also pointed out that he might be starting his political career a little late.

That may not satisfy supporters who could argue that President Trump is 78 and his predecessor, former President Biden, is 82.

But in 2016, in President Trump’s first presidential run, he was 70. Likewise Joe Biden was 77 when he was handed the keys to the Oval Office, but had already spent decades building his political career.

Dimon argues that he would want to gain experience in Washington D.C., before embarking on a campaign for Commander in Chief.

“I do think there are skills that people have in the business world that may translate to the political world, but I think it’s a mistake to automatically think that’s true,” he explained.

“I think working hard, being authentic … is true but there are also these political skills. You’ve seen a lot of business people run that fail, immediately. And I may be better than them but I still don’t have … all those political skills.

“I literally think you should try to have a warm up before you go for president.”

That could be Congress, senate, or government, Dimon added.

“You see people learn those skills before you go for the big enchilada,” Dimon continued—the aforementioned enchilada presumably referencing the White House.

And while the Wall Street veteran is set to have more time on his hands after confirming that the timeline for him to move on from the top job at JP is no longer five years, Dimon shows no signs of being ready to step away entirely.

“I know the world from this position I have, so I think that’s important, but I would’ve had to start earlier,” Dimon added.

“Unlike some other people I have this unbelievable job … and this company I’m just so proud of what it does for 80,000 Americans, 60,000 American companies around the world, our markets, cities, schools, states, hospitals, the community outreach program—I’m damn proud of it.

“I think I add a lot here, and I’d be giving it up for a wild goose chase.”