JPMorgan Chase CEO Jamie Dimon privately backs Kamala Harris for president, a New York Times investigation has revealed.
The chief executive has reportedly not made his stance known publicly because he is afraid that Donald Trump will retaliate against people and companies who opposed his run if he is elected next month.
Dimon, who is a registered Democrat, has been uncharacteristically quiet about his political leanings in recent months.
This had led some watchers to speculate whether he had switched his allegiance to the Republican candidate.
In January, he faced fierce backlash after he said at the World Economic Forum in Davos, Switzerland, that Trump had been 'kind of right' about some economic issues such as tax cuts.
Dimon felt trapped and hurt to be tied to the Trump agenda, according to the New York Times, and tried to go back on the statement by saying it reflected his respect for Americans who voted for the former president.
Dimon was then forced to publicly deny that he had endorsed Trump earlier this month, after the presidential candidate made the false claim on his social media site Truth Social.
'I'm not endorsing anyone at this time. I spend more of my time on policy. What's the policy we need that can really help both the world, foreign policy, and domestically?', Dimon said via a spokesperson at the time.
In private, however, the 68-year-old has made it clear that he supports Vice President Harris.
He would also reportedly consider a role, perhaps Treasury secretary, in her administration.
The banker, who has an estimated net worth of around $2.4 billion, has allegedly told his associates that he considers Trump's 2020 election denialism close to a disqualifying factor.
The New York Times spoke to 'colleagues, friends, associates and rivals' of Dimon for the report.
His public quiet when it comes to the election has been noticed both in Washington and on Wall Street, according to the report.
Dimon, who has been chief of the largest bank in the US for nearly two decades, has typically been vocal on many topics - including immigration and economic inequality.
'With Jamie, it's interesting because he styles himself as a major leader transcending his own business needs,' Robert Reich, former secretary of labor in the Clinton administration, told the New York Times.
'If he were really concerned about the nation and all of the values that he says he's concerned about, not only would he not be supporting Trump - he'd be vocally and angrily and with all of his might making sure that Trump did not get another crack at the White House.'
Both the Trump and Harris campaigns have reportedly sought Dimon's public support. But neither responded to the New York Times' requests for comment.
In 2012, Dimon had a dispute with Harris, then attorney general of California, amid negotiations with a group of states over big bank foreclosure abuses. Harris later recounted in her autobiography that the pair were like 'dogs in a fight.'
But she has reportedly called him this summer to hear his views on issues such as economic inequality.
Two anonymous people told the New York Times that Dimon has also flirted with the idea of running for office himself - reportedly discussing it with JPMorgan subordinates and family members.
In private conversations with executives supportive of Harris, he has allegedly said that he has a duty to JPMorgan shareholders to protect the company from potential political retaliation, two people told the outlet.
Dimon refused to be interviewed for the article.
Joseph Evangelisti, a JPMorgan spokesman, said in an statement that the chief executive 'has never publicly endorsed a presidential candidate, but he speaks out forcefully and often on policies to help strengthen our country and lift up communities.
'His comments are often weaponized by the left or right when he weighs in on politics or politicians, which is not constructive to helping solve our country's biggest problems.'
