President Trump is planning to host a personal dinner Wednesday with a bunch of Wall Road titans, sources advised CBS Information.
Amongst these invited to the White Home occasion are JPMorgan Chase CEO Jamie Dimon and Nasdaq CEO Adena Friedman, Stephen Schwarzman of Blackstone, Ted Choose of Morgan Stanley, BlackRock’s Larry Fink and David Solomon of Goldman Sachs, in keeping with sources conversant in the occasion.
The dinner comes as Mr. Trump seeks to construct stronger ties with the enterprise neighborhood and press them to put money into U.S. manufacturing.
The president hosted greater than a dozen tech business tycoons on the White Home in September, together with the CEOs of Apple, Google, Microsoft and Meta. And he is held one-on-one occasions within the Oval Workplace with a succession of tech and pharmaceutical executives, usually to announce multibillion-dollar manufacturing offers.
Final month, JPMorgan Chase — which is by far the nation’s largest financial institution by way of deposits — introduced plans to speculate $1.5 trillion over the subsequent decade to assist “industries essential to nationwide financial safety and resiliency,” together with essential minerals, protection expertise and synthetic intelligence. That is up from $1 trillion in deliberate investments, the corporate mentioned.
Mr. Trump usually makes use of Wall Road as one barometer for his dealing with of the financial system. In an interview with “60 Minutes” that aired earlier this month, he touted a latest S&P 500 document.
“We’re doing very well, and all people is aware of it,” he mentioned.
Bankers have additionally been pitching the Trump administration on why their firm ought to deal with the preliminary public choices for mortgage giants Fannie Mae and Freddie Mac, in keeping with sources conversant in the matter. The 2 entities have been government-controlled because the 2008 monetary disaster, however Mr. Trump has mentioned returning them to monetary markets for months.
However in some instances, parts of the enterprise neighborhood have chafed on the president’s insurance policies. Shares plunged in April when Mr. Trump unveiled hefty tariffs on dozens of nations. Although markets have recovered since then, many economists fear the tariffs may result in greater costs and slower financial development.
His stress on the Federal Reserve to chop rates of interest may additionally conflict with Wall Road’s sturdy desire for an impartial Fed, and Mr. Trump has confronted pushback from the pro-business Chamber of Commerce over a plan to cost hefty charges for high-skilled employee visas.
Mr. Trump’s relationship with Dimon, who has helmed JPMorgan Chase since earlier than the 2008 monetary disaster, has oscillated for years. The president referred to as Dimon a “Extremely overrated Globalist” in 2023, after he talked up Mr. Trump’s GOP major rival, Nikki Haley. The next 12 months, Mr. Trump advised Bloomberg Businessweek he had “a variety of respect for Jamie Dimon.”
Dimon cautioned in April that Mr. Trump’s tariffs may sluggish financial development, however advised CNBC three months later that the tariffs had been “enormously moderated.” He additionally supported the tax provisions within the Trump-backed One Large Stunning Invoice Act.
In the meantime, Mr. Trump signed an govt order earlier this 12 months directing federal regulators to fight alleged “debanking” of conservatives by monetary establishments. JPMorgan Chase reported this month that it was “responding to requests from authorities authorities” concerning its inner insurance policies.
Earlier this 12 months, Dimon advised “60 Minutes” he understood why Mr. Trump received in 2024, and believed folks had “legit considerations” about points like immigration.
“Folks had been offended at no matter they referred to as the state – the ‘swamp.’ Ineffective authorities. That individuals needed type of extra pro-growth and pro-business insurance policies, that they did not need to be lectured to on social insurance policies constantly,” he mentioned.
