Dimon & The Prez - The 'Bromance' Has Soured

The bromance between President Obama and King (Jamie) Dimon has, it appears, somewhat soured.

The JPMorgan Chase boss, only fairly recently dubbed 'President Obama's favourite banker' by The New York Times, is apparently now being given the cold shoulder (no recent state dinner invites), as the Prez is thought to be miffed that Jamie's love for him wasn't unconditional.

While Obama was busy whipping up a torrent of banker hatred aimed mainly at his rivals, Dimon was happy to give the new President his full support, basking in the glow of publicity that came with helping to save the financial system (and picking up some decent businesses at bargain basement prices in the process).

But things changed when the Obama administration started to take indiscriminate aim at the banking industry, and began to push hard for financial reforms which our Jamie found rather unpalatable. And, as The New Republic reports, the love affair between these convenient bedfellows has now cooled.

Statements from Dimon like: 'The incessant broad-based vilification of the banking industry isn't fair and it is damaging' (The Wall Street Journal) and, 'It's never fair to punish everybody regardless of behaviour. There are good banks and bad banks, just like there are good politicians and bad politicians, and I'm not going to sit here and accept that somehow it's OK', haven't endeared him to Obama, and the bank boss has now found himself out in the rain with the Lloyd Blankfeins of this world.

One banker told Here Is The City: 'It wasn't a real bromance, just a temporary marriage of convenience. Both men have moved on now, and old alliances have reformed. From now on, it will be business as usual'.

JefferiesAnd the Best Place to Work in the global financial markets 2017 is...

Register for Financial Markets News Alerts