Jamie Dimon breaks with ‘idiots’ in Democratic Party, saying they ‘have big hearts and little brains’

JPMorgan Chase CEO Jamie Dimon made headlines during a high-profile event in Dublin, Ireland, by sharply criticizing the Democratic Party and its approach to diversity, equity, and inclusion (DEI) initiatives. Speaking at a foreign ministry event, in remarks covered by Bloomberg, Dimon did not mince words, declaring, “I have a lot of friends who are Democrats, and they’re idiots. 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’s remarks may be surprising for their bluntness, and they may cut across his image as a prominent Wall Streeter with ties to Democrats, but Dimon has voiced concerns about the party’s shift toward progressive and populist policies throughout 2024. Dimon has particularly zeroed in on issues he saw as anti-business or impractical. He has also criticized the party’s focus on social issues, arguing that such narratives were misleading and not reflective of economic realities. Over the same period, he has offered measured praise of certain economic policies of Donald Trump, such as tariffs.

Dimon’s DEI Critique

Dimon’s comments extended beyond party politics to the Democrats’ focus on diversity, equity and inclusion, or DEI. He argued that the party “overdid DEI,” prioritizing ideology over practical solutions. While reaffirming JPMorgan’s commitment to engaging with various communities, he insisted that the extent of current DEI efforts has become counterproductive. “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,” he said .

Dimon’s remarks come amid growing tensions within the Democratic Party, especially after the primary victory of New York City mayoral candidate Zohran Mamdani, whom Dimon labeled “more of a Marxist than a socialist.” He warned that Democrats are “falling all over themselves” to support Mamdani’s policies that, in his view, are detached from economic reality, such as rent freezes and city-run grocery stores . He said it showed a continuing lack of seriousness from the party: “There’s the same ideological mush that means nothing in the real world.”

He also criticized the Biden administration for lacking business expertise, stating that former President Joe Biden “didn’t have one businessperson” advising him and expressing disbelief at the administration’s “lack of knowledge.” These echoed comments Dimon made throughout Biden’s tenure that he wasn’t sold on Bidenomics.

Earlier this year, JPMorgan announced it would reduce investment in certain diversity initiatives, reflecting a broader trend among major banks to scale back DEI language and programs in the wake of political and legal shifts in the U.S. At the same time, Dimon described DEI as “good for business” and “morally right.”

Broader Context and Political Backdrop

Rebranding DEI to DOI:

Reduction in Mandatory Training:

Integration of DEI Functions:

Changes in Public Messaging:

Legal and Political Pressures:

Merit-Based Commitment:

Industry and Political Reaction

Dimon’s blunt assessment comes with Democrats in disarray after the 2024 election and locked out of the presidency and both houses of Congress. The primary victory of Mamdani, the New York City-based politician who identifies as a Democratic Socialist, had prompted many business leaders to voice similar concerns about the direction of Democratic policy. Because of Dimon’s previously close ties to the Democrats, his criticism may sting more because he was long seen as a member of the party.