JPMorgan Chase & Co. (NYSE:JPM) CEO Jamie Dimon criticized the Democratic Party‘s approach to diversity, equity, and inclusion (DEI) initiatives, calling them “idiots” with “big hearts and little brains.”
What Happened: Dimon, a prominent figure on Wall Street with ties to the Democratic Party, did not hold back in his criticism of the party’s DEI policies. He made these remarks at a foreign ministry event in Dublin, Ireland, according to a Fortune report.
“I have a lot of friends who are Democrats, and they’re idiots. I always say they have big hearts and little brains. They do not understand how the real world works. Almost every single policy rolled out failed,” Dimon said.
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Dimon’s comments may come as a surprise given his previous ties to the Democrats. However, he has been vocal about his concerns regarding the party’s shift towards progressive and populist policies, particularly those he sees as anti-business or impractical.
Dimon also criticized the party’s focus on social issues, arguing that these narratives were misleading and not reflective of economic realities. His comments on DEI initiatives extended to the party’s prioritization of ideology over practical solutions, which he believes has become counterproductive.
Why It Matters: Dimon’s blunt criticism of the Democratic Party’s DEI policies comes at a time when the party is facing internal tensions, especially after the primary victory of New York City mayoral candidate Zohran Mamdani, whom Dimon labeled “more of a Marxist than a socialist.”
Dimon’s remarks also reflect a broader trend among major banks to scale back DEI language and programs in response to political and legal shifts in the U.S. Earlier this year, JPMorgan announced a reduction in investment in certain diversity initiatives, citing the need to comply with “current laws and regulations” as a key reason for the shift.
Dimon’s criticism of the Democratic Party’s DEI policies follows his previous comments on the party’s ideological drift. In 2024, Dimon voiced concerns about the party’s shift towards progressive and populist policies, particularly those he saw as anti-business or impractical.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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