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JPMorgan Chase’s CEO, Jamie Dimon, expressed concerns regarding the efficiency of the U.S. government during a recent conversation with CNBC’s Leslie Picker. His remarks come at a time when the Trump administration is undertaking significant layoffs of federal employees and proposing significant changes to agencies like the Consumer Financial Protection Bureau.
When questioned about his stance on an initiative led by Elon Musk’s Department of Government Efficiency, Dimon opted not to give a straightforward answer but did convey support for the broader goals of the effort.
“The government exhibits inefficiency and lacks competence, indicating a pressing need for improvement,” Dimon stated. He emphasized that the issues go beyond mere waste and fraud, focusing on the results that are being achieved. “It’s not just about eliminating waste; it’s about delivering better outcomes,” he added.
Dimon acknowledged that the Trump administration’s initiatives aimed at controlling government spending and reviewing agency effectiveness are necessary. “We need to ask ourselves: why are we allocating funds to these areas? Are we achieving what is expected? What changes need to be made?”
He highlighted the importance of not only addressing the federal deficit but also ensuring the establishment of effective policies and frameworks that benefit the government and, by extension, the citizens. “We need to develop the structures that provide us with the governance we deserve,” he remarked.
While discussing the potential consequences of the Department of Government Efficiency (DOGE) if it were to exceed its mandate or engage in illegal activities, Dimon expressed confidence in the judicial system’s ability to intervene if necessary. “Should they overreach, I trust that the courts will intervene,” he said, hoping for the initiative’s success.
In the interview, Dimon also covered various topics including his bank’s preference for in-person work, the ongoing conflict in Ukraine, trade tariffs, and the resilience of the U.S. consumer.
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