Dimon Calls US-Canada Trade Tensions 'a Bump in the
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- Jamie Dimon called US-Canada trade tensions 'a bump in the road' and said 'there will not be a divorce' on USMCA during a Thursday Globe and Mail interview in Toronto, telling worried executives to 'take a deep breath.'
- JPMorgan's Canadian operations revenue has nearly doubled over five years to more than US$3 billion, part of the bank's US$185.6 billion in total revenue and US$57 billion profit last year.
- Dimon said Trump 'kind of got a little bit of that from me' after the President claimed Canada blocks American banks, but clarified JPMorgan competes freely in commercial banking, investment banking, market making, and payments.
- JPMorgan extended its US$1.5 trillion economic security and resilience initiative to Canada earlier this month, targeting energy, defence, and critical minerals, but won't enter consumer banking or pursue bank acquisitions.
- Canadian law caps ownership stakes in large banks at 10%, which Dimon called at odds with his free-market instincts; he said growth will be '100 per cent organically.'
- Dimon promoted Troy Rohrbaugh and Doug Petno to co-presidents reporting to him, setting one up as his likely successor, though he expects to remain CEO for a few more years before moving to executive chairman.
- Dimon dismissed PM Carney's call for middle powers to band together as 'a fantasy,' saying 'they did that, it's called Europe,' while urging Canada to diversify trade with countries like India and build new export pipelines.
Why it matters: Dimon, one of the few CEOs with direct access to Trump, is publicly lobbying for a USMCA deal while JPMorgan's Canadian franchise — already generating more than US$3 billion in annual revenue — expands into energy, defence, and critical minerals financing. The 10% ownership cap means any further growth runs through lending and deal-making, not acquisitions, giving JPMorgan a direct stake in whether Carney's infrastructure and energy agenda actually materializes.
Ask SkimNews
