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JPMorgan ‘War Room’ Examining First Days of Trump Presidency

(Bloomberg) — JPMorgan Chase & Co. has deployed teams working overtime to analyze the impact of the early outlines of the policy shift under President Donald Trump, according to Mary Erdoes, chief of the asset and wealth management arm of America’s largest bank.

“At JPMorgan, we have a war room set up to analyze and evaluate each and every one of these [policies],” Erdoes said, speaking on a panel at the World Economic Forum in Davos. “So they’ve been up all night and are working on it. Time will tell.”

Trump began his second term on Monday after a successful election campaign that promised steep tariffs on trading partners ranging from China to Mexico and Canada. He has also positioned himself as the most business-friendly of presidents even as companies, corporate leaders and investors adjust to his shifting priorities and brace for a potential period of market turbulence.

Signs were that the Trump administration was creating a “very pro-business environment” and that the US economy was in “go mode” at present, Erdoes said.

“Hopefully that will keep us ahead of other governments in the world so we can continue to compete,” said Erdoes. 

She added that developments in artificial intelligence were unlikely to lead to job cuts at the bank and that the focus would be on the re-skilling of employees and eliminating “no joy” tasks. Erdoes said that 200,000 JPMorgan workers were already active daily users of AI.

Separately Filippo Gori, the firm’s co-head of global banking, said there was a “euphoria” among clients, partly because of the pro-business attitude of the new administration and partly due to a backlog of activity. 

“M&A, for sure I think, IPOs as well will come back,” he told Bloomberg Television, noting the encouraging performance of stocks that debuted last year. “At the beginning of December, 60% of the IPO class was trading above issue price, they have done well. I think that will drag on into 2025 and that will propel more companies going public.”

Some Asian companies are thinking about listing in the US in light of the Trump election, he added, with firms “looking at the US as a beacon for economic growth.”

–With assistance from Joumanna Bercetche.

(Adds comments from Filippo Gori from seventh paragraph.)

©2025 Bloomberg L.P.

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