JPMorgan setting up a 'war room' to keep up with Trump's policy changes
Financial giant JPMorgan is implementing a "war room" to keep up with the immense policy changes the Trump administration is implementing, which they believe will unleash America’s "animal spirits"
"At JPMorgan, we have a war room set up to analyze and evaluate each and every one of these, so they’ve been up all night and are working on it," Chief Executive Officer of JPMorganChase's Asset & Wealth Management line of business Mary Erdoes, told the crowd at the Davos World Economic Forum.
"It’s our regular practice to analyze the impacts of any policy proposal on our business and the impact on our clients and the communities in which we operate. So naturally, there’s a team reviewing these new developments," a JPMorgan spokesperson told Fox News Digital.
President Donald Trump began his second term with an avalanche of executive orders, undoing 80 Biden-era orders. Trump campaigned on introducing tariffs on foreign goods, lowering the corporate tax rate and extending the tax cuts past during his first term in office.
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"The last 24 hours are showing there's going to be a lot of changes we all have to digest," Erdoes said.
Erdoes told the crowd of international business leaders and politicians that it appears that Trump is setting up a "very pro-business environment" in the United States.
"Time will tell but a lot of this is exactly what you would do to have a very pro-business environment," she added.
Trump’s inauguration saw numerous business leaders in attendance, including Meta's Mark Zuckerberg, Tesla and SpaceX CEO Elon Musk, Amazon founder Jeff Bezos and UFC chief Dana White.
The JPMorgan executive claimed that the U.S. economy is in "go mode" and that America’s "animal spirits" are finally being unleashed. She also praised Trump for ordering federal employees to show up to the office to work, ending work-from-home policies.
"Thank God the U.S. government has done it, and hopefully that’ll keep us ahead of other governments in the world so we can continue to compete."
Erdoes went on to bash the Biden administration’s endless red tape for "stifling" business activity in the US.
"If you look at the last administration and the number of new, significant regulations, it was eight times the number of significant new regulations versus the prior Trump administration," she said. "With that comes multiple millions of man-hours of paperwork. Work that clogs up the system and stops the economy from continuing to have that very healthy flywheel. So we’re really looking forward to that."