JPMorgan Chase CEO Blasts 'Idiots' in Democratic Party Focused on Ideology

Olivia Fletcher, Bloomberg News on Jul 10, 2025

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JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said the Democratic Party went too far in its focus on diversity, equity and inclusion, prioritizing ideology over practical solutions.

“I have a lot of friends who are Democrats, and they’re idiots,” Dimon said Thursday at a foreign-ministry event in Dublin. “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.”

Dimon has said previously that U.S. companies were overly concerned with DEI, and that JPMorgan would scale back spending on some diversity initiatives that he sees as a waste of money while reiterating the bank’s commitment to working with Black, Hispanic and LGBTQ communities. On Thursday, he went after the Democratic Party directly.

“They overdid DEI,” said Dimon, who has described himself in the past as “barely a Democrat.” “We all were devoted to reaching out to the Black community, Hispanic, the LGBT community, the disabled — we do all of that. But the extent, they gotta stop it. And they gotta go back to being more practical. They’re very ideological.”

Dimon also said that former President Joe Biden “didn’t have one business person” advising him and that he was “speechless about the lack of knowledge” in the administration.

The JPMorgan CEO’s criticism of the Democratic Party extended to the mayoral race in New York, where his bank is based. Zohran Mamdani, a 33-year-old assemblyman and democratic socialist, won the Democratic primary after vowing to freeze rents, make city buses free and create city-owned grocery stores.

“This guy just got elected — he’s more of a Marxist than a socialist, and now you see these Democrats falling all over themselves saying, ‘Well, he’s pointing out some real problems, affordable housing and grocery prices.’ OK, maybe,” Dimon said. “There’s the same ideological mush that means nothing in the real world.”

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(With assistance from Hannah Levitt.)