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.