JPMorgan Chase CEO Says, "I Could Beat Trump," Then Backtracks

JPMorgan Chase CEO, Jamie Dimon predicted Wednesday that he could defeat President Donald Trump in a presidential election.

"I think I could beat Trump," said Dimon, who had led the country's largest bank for more than a decade. "I'm as tough as he is, I'm smarter than he is.

"He could punch me all he wants. It wouldn't work with me. I'd fight right back," Dimon said at an event announcing a new $500 million JPMorgan Chase philanthropic initiative.

But, Dimon said, his wife wouldn't let him run and "I can't beat the liberal side of the Democratic Party."

Shortly after, as the comments circulated on social media, Dimon backtracked.

"I should not have said it. I'm not running for President," he said in a statement. "Proves I wouldn't make a good politician. I get frustrated because I want all sides to come together to help solve big problems."

But earlier, he had fiery words for the current president, a fellow New Yorker who once called him "the worst banker in the United States."

"And by the way this wealthy New Yorker actually earned his money. It wasn't a gift from daddy," Dimon said, pointing to himself and noting that he grew up in the "poorer part of Queens."

Dimon is currently worth more than $1 billion and made $28 million as chief executive of JPMorgan Chase last year. He also holds a substantial amount of JPMorgan stock, which has risen in price by 25 percent over the last year and doubled during the last five years.

Since Trump's election, Dimon has emerged as one of Wall Street's most prominent voices in Washington as chairman of the powerful Business Roundtable. The usually affable Dimon leads the largest bank in the country with more than $2 trillion in assets and what Dimon has described as a "fortress" balance sheet.

He has previously vented his frustration with gridlock in Washington, saying last year: "It's almost embarrassing being an American citizen . . . and listening to the stupid [expletive] we have to deal with in this country."

On Wednesday, Dimon announced that JPMorgan would spent $500 million for a new program to boost growth in several cities, including Detroit, Chicago and Washington. The program, AdvancingCities, is expected to attract $1 billion in outside capital, according to the bank.

"Opportunity is not shared equally across neighborhoods," Dimon said a statement . "Businesses can and must step up to help change the status quo by creating a better future for all, no matter where they live. It is in our best interest and the right thing to do."