JPMorgan CEO Jamie Dimon on DOGE efforts: 'Hoping it's quite successful'

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Monday stated that he hopes the Department of Government Efficiency (DOGE) will be "quite successful" in its efforts to reduce spending and enhance efficiency within the federal government.

The federal government is "not very competent" and requires "a lot of work."

It's not just about waste and fraud, it's about results," Dimon said. "Why are we spending our money on these things? Are we getting what we should be getting? What changes should we make? I believe we need to look into those areas.

They have previously attempted to reform the government, and they believe that DOGE "should try."

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Overall, DOGE is aiming to cut $2 trillion in government spending and waste, with Musk telling Stagwell Inc. CEO Mark Penn in early January that it had a "good shot at getting" $1 trillion.

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When you approach a large organization or the government, you'll likely face resistance and pushback on every detail. They'll contest even the smallest aspects. To succeed, you'll need to be resolute. I'm optimistic about the outcome.

The JPMorgan Chase CEO stated that while he hopes DOGE does not go too far, "the courts will step in" should that happen.

"It's still too early to say exactly what it will mean and how it will impact the economy," he said to the publication.

The administration is implementing various diversity, equity, and inclusion initiatives within federal agencies, as well as certain consulting contracts. At the same time, it is canceling leases for federal buildings that are not being fully utilized. The administration is also working to consolidate federal agencies and programs that are duplicating efforts.

It boasts on its website that it has brought a total of $65 billion in estimated savings to date.

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Dimon stated in the interview that "ending fraud and waste and abuse if it brings down the deficit" would be considered a success, but emphasized that it goes beyond that.

we deserve."

It is anticipated that DOGE will complete its cost-cutting measures by early July 2026.

FOX Business' Eric Revel contributed to this report.

JPMorgan CEO Jamie Dimon on DOGE efforts: 'Hoping it's quite successful'