The Post-Don ‘Dimon Doctrine’
JPMorgan’s CEO has written a 48-page manifesto for post-governmental America. Europe should read it as a warning.
Grüezi!
Jamie Dimon’s 2026 shareholder letter isn’t really a shareholder letter. It’s a 48-page policy manifesto from a man who is running – and who wants you to know it.
The letter tells you less about where JPMorgan is headed than about a model of American power that’s taking shape: one where its largest private financial institution becomes a branch of the national security apparatus, whilst demanding the state get out of its way.
It’s also a document about what America can no longer do by government alone – and about the price of that admission.
1. The Shadow State of the Union
Jamie Dimon’s annual letter to JPMorgan shareholders landed three months short of the republic’s 250th anniversary.
It covers military policy, immigration reform, education, trade architecture, European grand strategy, the Iran war, AI, housing, the Earned Income Tax Credit, and the moral foundations of American democracy.
It runs to 48 pages. It quotes the Declaration of Independence, Rudyard Kipling and John F. Kennedy. It proposes a comprehensive transatlantic free trade agreement. It calls for doubling a federal tax credit. It endorses “Trump Accounts” by name.
At no point does it appear to notice that shareholder letters are not the conventional vehicle for redesigning the Western alliance or an ancient .
When the CEO of the world’s largest bank by market capitalisation writes a document that reads like a presidential address – policy specifics, geopolitical threat assessments, appeals to national values – he is not overreaching.
He is describing the distribution of power in 2026 America as it actually exists. And also, what a Dimon presidency might stand for.
