NEW YORK/WASHINGTON--Conflicting information on whether JPMorgan Chase & Co Chief Executive Jamie Dimon could become U.S. Treasury secretary as part of President-elect Donald Trump's Cabinet cast a cloud of uncertainty over the nation's largest bank on Wednesday.
Tweets from Fox Business News reporters on Wednesday were the latest indication that Dimon was still in the running for the job. But initial word from anchor Maria Bartiromo that he would "get" the job was quickly knocked down.
JPMorgan spokespeople have declined to make any official comment about the idea of Dimon joining the Trump administration since Nov. 10, when reports first surfaced that he was a contender for Treasury secretary. Dimon declined to comment through a representative on Wednesday.
A Trump transition team source told Reuters that Dimon is "pitching hard" for the Treasury role. However, two other sources indicated that he is not interested. One said Dimon has told colleagues since Nov. 8, when Trump won the election, that he would not take the role. The three sources spoke on the condition of anonymity.
Bartiromo cited a meeting on Thursday where a decision will be made on either Dimon or Steve Mnuchin, who was Trump's campaign finance manager, as Treasury secretary. Her colleague Charles Gasparino said Dimon would only be willing to play an advisory role. Fortune reported later that Dimon has already said no.
Whatever the outcome, speculation about his departure from JPMorgan rattled some investors. Dimon has run JPMorgan for a decade and is viewed as a torchbearer for Wall Street. He does not have a clear successor.
"He is one of the best CEOs in the industry and corporate America, so if there were to be a quick departure that would be troubling," said Walter Todd, chief investment officer at Greenwood Capital Management, which owns JPMorgan shares. "It is very difficult to replace someone like him."
