JP Morgan chief executive Jamie Dimon is reported to have been approached by a member of Donald Trump’s transition team as the president-elect tries to calm Wall Street nerves.
However, the banker – and lifelong Democrat – is set to reject Trump’s advances, Reuters reports.
Trump’s team also favours former Goldman Sachs banker Steven Mnuchin and Republican Jeb Hensarling.
Dimon has said several times in the lead up to the election that he would not be interested in the role, but his position has not been reconfirmed following Trump’s win this week.
Hensarling has issued a statement saying he is not interested in the role, saying that he has no interest in serving in Trump’s cabinet. However, he said he was looking forward to repealing the Dodd-Frank act.
Reuters reports it is unusual to reject a presidential request to join cabinet, but argued Dimon was still likely to say no.
Dimon also spoke out against Brexit in the lead up to June’s referendum, warning that as many as 4,000 of its UK-based staff could lose their jobs if the UK voted to leave the European Union.