Davos

JPMorgan, Jamie Dimon critical of Ice: 'I don't like what I see'

The CEO of the US bank speaks at the World Economic Forum on Trump's anti-immigration policies and the proposed 10% cap on credit cards

22 January 2026

L’intervento del ceo di JPMorgan Chase & Co. al World Economic Forum di Davos abbraccia le politiche anti immigrazione di Trump

2' min read

Translated by AI

Versione italiana

2' min read

Translated by AI

Versione italiana

For JPMorgan Chase & Co. CEO Jamie Dimon, President Donald Trump's proposal to cap credit card interest rates would cause an "economic disaster" for the United States, forcing banks to withdraw credit lines from many Americans.

Speaking at the World Economic Forum in Davos, the manager said that his company would provide the government with a "real analysis" of the proposal.JPMorgan has already expressed some thoughts on the idea, "but not many," Dimon said.

In recent days, Trump called for a 10 per cent cap on credit card rates for one year, taking effect on 20 January, a deadline that has passed without any noticeable change in the industry. The president said his proposal was part of a broader initiative to reduce costs for Americans. With few specific details, banks and payment companies tried to prepare for any further details that might come from the administration.

Lenders argue that a cap on interest rates would force them to drastically reduce the amount of credit granted to consumers, leading them to turn to more expensive and less reliable sources, such as short-term repayment lenders and pawnbrokers. The proposal received some support from Democratic officials, who promoted similar measures in proposed legislation.

"Our business, you know, would still survive," Dimon stated. "In the worst case scenario, there would have to be a drastic reduction in the credit card business."

In the lengthy interview, Dimon also addressed the topic of the growing disagreements between Europe and the US, amid fears that a new world order could undermine the alliance. Dimon said he would be "more polite" than the Trump administration in criticising Europe.

While the president's tough stance on immigration sparked a national debate, Dimon said he was angry at the Biden administration for leaving policies too lax and failing to ensure border security.

"Trump comes, boom, it's closed. God bless him," Dimon said. "Countries have to control their borders or they will cause huge problems."

But the CEO questioned the procedures followed by the Ice, the US Immigration and Customs Enforcement Agency, which, after the cold-blooded murder of Renee Good, triggered widespread demonstrations.

"I don't like what I see, five grown men beating up petite women," Dimon said. "I think we should calm down some of the internal anger about immigration."