President-elect Donald Trump has announced that Jamie Dimon, CEO of JPMorgan Chase, will not join his Cabinet.

Trump said Dimon, a registered Democrat who has supported some Republicans in recent years, “would not be invited” to join his administration in a post for Truth Social on Thursday.

“I greatly respect Jamie Dimon of JPMorgan Chase, but he will not be invited to join the Trump administration,” Trump wrote. “I thank Jamie for his outstanding service to our country!”

While there was speculation that Dimon could be considered Trump’s pick for Treasury secretary, Reuters reported last week that the CEO had no plans to take on a potential role in the government.

David Axelrod, a former top adviser to ex-President Barack Obama, described Trump’s decision to announce Dimon’s non-appointment as “bizarre” in a post on X, formerly Twitter.

“One strange aspect of a nomination process that has become increasingly bizarre over the past 36 hours is that Trump seems to take great pleasure in announcing who will NOT be invited to join his administration,” Axelrod wrote. “This time Jamie Dimon from JPMorgan Chase.”

A JPMorgan Chase spokesperson declined Newsweeks asked for comment Thursday.

Dimon has previously defended Trump and accused some Democrats of “essentially scapegoating” the former and future president while discussing the MAGA movement in a January appearance on CNBC. Squawbox.

The CEO also said Trump “wasn’t wrong” about certain financial policies, credited him with growing the economy “pretty well” during his first term and argued he was “more or less right” about NATO , immigration and China.

Early last month, Trump shared a screenshot on Truth Social falsely claiming that Dimon had endorsed him in this year’s presidential election, after rumors surfaced in conservative circles on social media.

A spokesperson for Dimon later denied the rumors and Dimon publicly said he would not support Trump or any other candidate.

A report published by The New York Times claimed on October 22 that Dimon “privately” supported Vice President Kamala Harris and disliked Trump, but would not say so publicly for fear of “backlash”.

The president-elect criticized Dimon last year after the CEO urged his fellow business leaders to “help” former U.S. Ambassador to the United Nations Nikki Haley defeat Trump in the Republican Party presidential primaries .

“Highly overrated globalist Jamie Dimon, the CEO of JPMORGAN, is quietly pushing for another non-MAGA person, Nikki Haley, to become president,” Trump wrote on Truth Social. “I’ve never been a big fan of Jamie Dimon, but I had to live with this man when he came to the White House begging. I guess I don’t have to live with him anymore, and that’s a very good thing.”

Update 11/14/24, 9:49 PM: This article has been updated with additional information.