JPMorgan, JPM, CEO Jamie Dimon has said the Democratic Party went too far in its focus on diversity, equity and inclusion, prioritizing ideology over practical solutions

JPMorgan Chase CEO Jamie Dimon stirred controversy during a high-profile event in Dublin, Ireland, where he took aim at the Democratic Party and its embrace of diversity, equity, and inclusion (DEI) initiatives. Speaking at a foreign ministry gathering—remarks later reported by Bloomberg—Dimon delivered a blunt critique, saying: “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.”

Though Dimon is often seen as a major Wall Street figure with long-standing ties to Democrats, his recent commentary aligns with concerns he’s raised throughout 2024 about the party’s progressive and populist shift. He has taken issue with policies he views as anti-business or impractical and has voiced frustration with what he considers an overemphasis on social messaging disconnected from economic fundamentals. At the same time, Dimon has offered selective praise for some of Donald Trump’s economic policies—particularly tariffs—for their perceived strategic value.

Criticism of DEI Priorities

Dimon’s criticism extended to the Democratic Party’s DEI agenda, which he argued had strayed too far into ideological territory at the expense of practicality. “We all were devoted to reaching out to the Black community, Hispanic, the LGBT community, the disabled — we do all of that,” he said. “But the extent, they gotta stop it. And they gotta go back to being more practical. They’re very ideological.”

While reaffirming JPMorgan’s commitment to inclusion and outreach, Dimon maintained that current DEI efforts had grown excessive, suggesting they were becoming counterproductive.

Broader Political Concerns

Dimon’s remarks come amid rising internal tensions in the Democratic Party, particularly following the primary win of New York City mayoral candidate Zohran Mamdani, whom Dimon described as “more of a Marxist than a socialist.” He warned that Democrats are “falling all over themselves” to back Mamdani’s agenda—policies like rent freezes and city-run grocery stores—which he dismissed as economically unworkable. “There’s the same ideological mush that means nothing in the real world,” he said.

He also took a swipe at the Biden administration, criticizing its lack of business expertise. “He didn’t have one businessperson” in his inner circle, Dimon said, referring to President Biden, adding that he was stunned by the administration’s “lack of knowledge.” The critique mirrors earlier comments from Dimon over the course of Biden’s presidency, where he repeatedly expressed doubts about “Bidenomics.”