Several tweets yesterday afternoon from Maria Bartiromo of Fox Business Network pegged Jamie Dimon, CEO of JPMorgan Chase & Co. (NYSE:JPM), as the next U.S. Treasury Secretary, which coincided with a dip in JPM stock.
Initially announcing that Dimon was set to be named as the Treasury Secretary, Bartiromo then backed off from her assertion, but still had Dimon as one of the two options being considered.
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Hearing @jpmorgan ceo jamie Dimon will get treasury secy job. Big meeting tomorrow @MorningsMaria @FoxBusiness will discuss tmrw
— Maria Bartiromo (@MariaBartiromo) November 16, 2016
We will have to wait & see there is a decision meeting tmrw we will discuss @MorningsMaria @FoxBusiness
— Maria Bartiromo (@MariaBartiromo) November 16, 2016
down to jamie Dimon & Steve Mnuchin. will be decided tmrw for Friday announcement…they’ve now shut down info @MorningsMaria @FoxBusiness
— Maria Bartiromo (@MariaBartiromo) November 16, 2016
This coincided with JPM stock taking a small hit right around the time she tweeted, capping off a 2.5% decline for the day. This marks the first real drop off for JPMorgan since Donald Trump’s victory in the U.S. presidential election, which sent many bank stocks soaring. JPM stock reached its all-time high this Monday.
It’s hard to say whether the dip was due to Bartiromo’s tweets or other market activity. The dip was small, although it was the sharpest today.
Dimon, for his part, has repeatedly stated that he does not have any interest in the position, but that has hardly curbed speculation. He just recently returned following treatment for throat cancer, which leads some to believe that he has no wish to get mired in D.C. politics. (Source: “JP Morgan Chase’s Dimon Resists Treasury Role (JPM),” Investopedia, November 15, 2016.)
Another note of interest is that Dimon is a long-time Democrat. He does, however, take issue with the Dodd-Frank legislation, and many in the business community would like to see the man appointed as Secretary of the Treasury.
