JP Morgan CEO Jamie Dimon: The US government is "inefficient," and Musk's DOGE is "inevitable"
Dimon was asked whether he supports the measures taken by the government efficiency department (DOGE) led by Musk. He did not make a clear statement of "support" or "opposition," but made comments that generally support the approach. He stated that the (U.S.) government is inefficient, lacks capability, and has a lot of work to do. The issue is not just waste and fraud, but also its consequences
Amid the Trump administration's sweeping layoffs of thousands of U.S. federal government employees and efforts to dismantle the Consumer Financial Protection Bureau and other federal agencies, JPMorgan CEO Jamie Dimon stated on Monday that the U.S. government is inefficient and needs reform.
In an interview with CNBC, Dimon was asked whether he supports the initiatives taken by Elon Musk's Department of Government Efficiency (DOGE). Dimon did not explicitly state "support" or "oppose," but made comments generally supporting the approach.
Dimon recently stated:
The (U.S.) government is inefficient, underperforming, and there is a lot of work to be done. The issues are not just about waste and fraud, but also their consequences.
The Trump administration's measures to control spending and review federal agencies are "imperative."
Why are we spending money on these things? Are we really getting the returns we deserve? What changes should be made?
This is not just about the fiscal deficit, but about establishing appropriate policies, procedures, and a government that meets public expectations.
Dimon also added that if DOGE oversteps its authority or engages in illegal activities while cutting costs, the courts will intervene. "I hope it succeeds."
In the interview, Dimon also discussed JPMorgan's policy requiring most employees to return to the office five days a week, as well as his views on the Russia-Ukraine conflict, tariffs, and the U.S. consumer market.
Dimon insisted that employees must return to the office five days a week. Previously, in response to a petition signed by over 1,200 employees questioning whether returning to the office would affect work-life balance, Dimon was recorded in an internal meeting saying, "Don't waste time on that, I don't care how many people signed that damn petition."