The Trump transition team’s draft-Dimon effort will need to look for a new pick.
Fortune has learned that Jamie Dimon, CEO of J.P. Morgan Chase (JPM), has formally told the Trump transition team that he has no interest in being the next Treasury Secretary of the United States.
According to sources familiar with the situation, the Trump transition team approached Dimon about taking the job, and spread word that the J.P. Morgan CEO was likely to accept. On Wednesday, Fox Business anchor Maria Bartiromo tweeted that Dimon “will get” the Treasury Secretary position.
But Dimon has told the suitors that he’s declining, and will remain at the nation’s largest bank, measured on both market cap and assets. Surprisingly, Dimon feels he’s not suited to serving as the nation’s top ranking economic official, according to sources familiar with the situation. It may be that he had reckoned that serving in the Administration would require curbing the blunt, outspoken style that has served him so well in the financial world. J.P. Morgan shareholders will be relieved; the bank’s shares dropped 2.5% on the rumor.