‘I don’t like what I’m seeing’

JPMorgan Chase CEO Jamie Dimon said Wednesday he disagrees with President Donald Trump’s approach to immigration, a U.S. corporate leader publicly rebuking one of Trump’s signature policies.

Speaking at a panel at the World Economic Forum in Davos, Switzerland, Dimon initially praised Trump’s moves to protect the borders of the world’s largest economy. Illegal crossings at the US-Mexico border dropped to the lowest level The BBC reported the 50-year level, which covers the period from October 2024 to September 2025, based on federal data.

But Dimon, who has long advocated for immigration reform to boost U.S. economic growth, also explicitly referenced videos of U.S. Immigration and Customs Enforcement officers rounding up alleged undocumented immigrants.

““I didn’t like what I saw, five grown men beating up a little old woman,” Dimon said. “So I think we need to calm some of the domestic anger about immigration.”

It’s unclear whether Dimon was referring to a specific incident or more generally About ICE conflicts.

In the first year of his second term, Trump overhauled U.S. immigration policy, focusing on mass deportations, tightening asylum access and increasing spending for ICE personnel and facilities. In addition to a series of new policies that changed the landscape for seeking American citizenship, the administration also rescinded guidance on where ICE arrests could occur, prompting raids on schools, hospitals and places of worship.

Unlike Trump’s first term, American CEOs have mostly avoided public criticism of his policies. Wall Street analysts suggested business leaders feared retribution from the Trump administration, which has sued media companies, universities and law firms, and instead opted to appeal to the president outside the public spotlight.

On Wednesday, Dimon said he wanted to know more about who was seized in ICE raids: “Are they here legally? Are they criminals? … Did they break American laws?”

“We need these people,” Dimon added. “They work in our hospitals, hotels, restaurants and agriculture, and they are good people… They should be treated that way.”

annually for years shareholder letters and in media interviews, Dimon has stated that immigration overhaul is one of the main ways to unlock higher economic growth in the United States.

The senior CEO of JPMorgan, the world’s largest bank by market value, has previously supported a merit-based system for green cards and citizenship for people brought to America as children and has pushed back on proposals to limit H-1B visas.

On Wednesday, Dimon called on Trump to allow citizenship and “appropriate asylum” opportunities “for hard-working people.”

“I think he could because he was controlling the borders,” Dimon said.

Later in the wide-ranging interview, The Economist Editor-in-Chief Zanny Minton BeddoesHe told Dimon he was surprised at how careful he and other CEOs were when talking about Trump.

“You are one of the most outspoken leaders in business,” Beddoes said. “I am truly surprised by the reluctance of CEOs in America to say anything critical. There is a climate of fear in your country.”

Dimon pushed back, saying Trump had allowed his views on tariffs, immigration policies and his stance toward European allies to be known.

“I think they need to change their approach on immigration,” Dimon said. “I said it. What else do you want me to say?”