Banking, finance, and taxes
JPMorgan's Dimon New Head of Business Roundtable
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Banker Jamie Dimon, chairman and CEO of JPMorgan Chase & Co. (NYSE: JPM), was named Wednesday to succeed Caterpillar Inc. (NYSE: CAT) chairman and CEO Doug Oberhelman as chairman of the Business Roundtable. Dimon will serve a two-year term beginning January 1, 2017.
The Business Roundtable is an association of 192 U.S. company CEOs crossing all sectors of the economy. Dimon joined in 2009 and currently serves on the group’s executive committee as well as the education and workforce, smart regulation, and tax and fiscal policy committees.
In announcing the selection, outgoing chairman Oberhelman said:
Jamie is one of the most accomplished business leaders in America. He is a strong and positive force for sound economic policies and the need for a diverse and skilled workforce. His depth of understanding and optimistic vision of America’s future make him exactly the right person to lead the Business Roundtable to work with the new Administration and Congress.
Dimon has already agreed to become one of 16 business leaders to join President-elect Donald Trump’s “President’s Strategic and Policy Forum.” Dimon was also reportedly under consideration to become Secretary of the Treasury, but officially squashed those rumors in mid-November.
In the statement announcing his appointment Dimon said:
The results of the U.S. election reflected in some part the frustration that so many people have with the lack of economic opportunity and the challenges they face. By helping to bridge the divide between political parties and working collaboratively to find solutions, Business Roundtable can play a key role in fostering economic mobility and sustained growth. Working together, the business community and government can foster a healthy and vibrant business climate that creates opportunity for everyone in this country.
In other bank news, the European Union on Wednesday said that JPMorgan was a part of a seven-member group that colluded between September 2005 and May 2008 to distort the Euribor interest rate that is widely used in international money markets. The bank was fined €337.2 million ($362.5 million) but said it would “vigorously” defend itself against the allegation, including possible appeals in European courts.
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