- Jamie Dimon said that while he “would never rule it out,” running for president is tough.
- The JPMorgan CEO said in a podcast that being president would mean being away from his family.
- “Some people are prepared for that, I was unprepared for it at the time,” Dimon said.
Jamie Dimon, the CEO of JPMorgan Chase, said his family was one reason he did not run for president.
“I tell people, had I run and won, when I was walking into that White House, I’d be waving goodbye to my family for four years. They’d be saying, ‘See ya, dad,'” Dimon told David Novak on the latest episode of the “How Leaders Lead” podcast, which aired on January 30. “I’m not sure my wife would have gone with me, there.”
Dimon added that the presidency means “subjecting your family to some very tough stuff.”
“Some people are prepared for that, I was unprepared for it at the time,” Dimon said.
Dimon said that while he “would never rule it out,” running for president would be difficult for him because of other reasons, too.
“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,” Dimon said, adding that he didn’t think he had the necessary political skills to make the transition.
That’s on top of the experience one should accrue from smaller political appointments before gunning for the presidency, Dimon told Novak.
“I literally think you should kind of have a warm-up before you go for president. A warm-up could be Congress, or Senate, or governor,” Dimon said. “You have seen people learn those skills before you go for the big enchilada.”
Running for president would also mean having to give up his job at JPMorgan, which he enjoys, Dimon said.
“I’m damn proud of it so — I think I add a lot here. I’d be giving that up for kind of a wild goose chase,” Dimon said.
Dimon’s age and health were also factors in his decision.
“I think it’s hard. I’m 68 years old. As you know, I have 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,” Dimon said.
In 2014, JPMorgan said Dimon had been diagnosed with throat cancer, though it went into remission after treatment. In 2020, Dimon had another health scare — he was rushed to the hospital for emergency heart surgery.
Representatives for Dimon at JPMorgan did not respond to a request for comment from Business Insider.
This isn’t the first time Dimon has been asked about his political ambitions. The 68-year-old banker said at an investors meeting in May that his retirement timeline was “not five years anymore,” and that a plan to name his successor was “well on its way.”
Then, in October, Dimon told analysts in an earnings call that he had no plans to join President Donald Trump’s second administration if he was offered a role.
“I think the chance of that is almost nil, and probably I’m not going to do it,” Dimon said.
“I intend to be doing what I’m doing — I almost guarantee I’ll be doing this — for a long period of time, or at least until the board kicks me out,” he added.
