JPMorgan Chase CEO Jamie Dimon said on Friday he thinks President-elect Donald Trump's administration will do the right thing for the U.S. He just needs time, Dimon said, according to Reuters.
Dimon, speaking with reporters following the bank's fourth-quarter earnings release, said he is comforted that Trump is appointing experienced people to his administration, Reuters reported.
Bank stocks have rallied on expectations that the president-elect will eliminate financial regulations put in place after the 2008 financial crisis.
Following Trump's election victory, the president-elect tapped former Goldman Sachs partner Steven Mnuchin for Treasury secretary. Mnuchin said the Dodd-Frank banking regulations are too complicated and a headwind to lending.
Trump once called Dimon "the worst banker in the United States."
Trump criticized Dimon in 2013 for reaching a $13 billion settlement with the U.S. government over the sale of toxic mortgages instead of fighting the case.
On Friday, JPMorgan's quarterly earnings pushed well past analysts' expectations, helped by double-digit growth in deposits and record credit card sales.
The company on Friday reported fourth-quarter earnings of $1.71 per share on revenue of $24.333 billion. Its stock price edged higher in intraday trading.
"Our results this quarter were a strong end to another record year, reflecting our intense client focus and solid performance across our businesses," Dimon said in a release, citing a U.S. economy that may be building momentum.
—Reuters contributed to this report.