Bank of America and JPMorgan Chase are denying that political affiliation has any bearing on the customers who do business at the banks after President Trump alleged at Davos that BofA had refused to do business with some conservatives.

The JPMorgan Chase chief executive, who had warned of the negative effect of tariffs, said they could be justified for national security reasons.

Jamie Dimon reaffirmed JPMorgan's DEI commitments after pressure from an activist shareholder.

Dimon's comments Wednesday come as Trump has threatened to impose a 25 percent tariff on products from Mexico and Canada by February 1 and a 10 percent tariff on Chinese imports. Earlier Wednesday, Trump also teased the notion of imposing "taxes, tariffs, and sanctions" on Russia if it doesn't end its war against Ukraine.

JPMorgan had sued Tesla in 2021, kicking off a drawn-out dispute that was at least in part tied to Musk’s infamous 2018 tweet where he said he had “funding secured” to take the

JPMorgan Chase CEO Jamie Dimon wished Elon Musk the best with DOGE and said he'd "love to be helpful" with the government efficiency effort.

At the World Economic Forum in Davos, Switzerland on Wednesday, JPMorgan Chase CEO Jamie Dimon cautioned investors on the risks of increased deficit spending, sticky inflation and geopolitical

FILE PHOTO: Jamie Dimon, Chairman and Chief Executive officer (CEO) of JPMorgan Chase & Co. (JPM) speaks to the Economic Club of New York in Manhattan in New York City, U.S., April 23, 2024. REUTERS/Mike Segar/File Photo

Some of the other senior executives at the bank also saw their compensation rising by between 4% and 21% in 2024.

Jamie Dimon was awarded an 8.3% pay raise following a year of record profitability at JPMorgan and amid questions about who might succeed him as CEO.

JPMorgan Chase said Thursday that long-serving CEO Jamie Dimon’s 2024 pay package climbed about 8.3% to $39 million after the bank posted a record profit amid a revival in dealmaking and fundraising activities. His compensation included a base salary of $1.5 million and $37.5 million in incentives.