WASHINGTON, July 19 (Reuters) - U.S. President Barack Obama's chief of staff, Rahm Emanuel, has declined an invitation to attend a board meeting of JPMorgan Chase & Co , a White House official said on Sunday.
The New York Times reported over the weekend that Emanuel, the president's top aide, had agreed to attend the meeting, which was to be held in Washington on Monday, pending a review by the White House counsel.
No one from the bank was available to comment, and the White House official did not elaborate on Emanuel's decision.
The second-largest U.S. bank is among the nation's healthiest major lenders and reported a 36 percent rise in quarterly profit last week.
The Times said Emanuel's participation would have underscored the sway of Jamie Dimon, the bank's chief executive, in Washington circles as he seeks to improve JPMorgan's government relations.
Dimon is widely regarded as the top banker not to be tarnished by the U.S. financial crisis.
A visit by Emanuel, who told the Times he shared a bond with Dimon since both men rebuilt their respective careers after rough patches, could have been interpreted as favoritism to one financial institution as the Obama administration revamps regulation for the entire banking industry.
The paper said Treasury Secretary Timothy Geithner had declined a similar invitation because of concern about conflicts of interest.
(Reporting by Jeff Mason; Editing Bernard Orr) Keywords: WHITEHOUSE JPMORGAN/ (jeff.mason@thomsonreuters.com; +1 202 898 8392; Reuters Messaging: jeff.mason.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The New York Times reported over the weekend that Emanuel, the president's top aide, had agreed to attend the meeting, which was to be held in Washington on Monday, pending a review by the White House counsel.
No one from the bank was available to comment, and the White House official did not elaborate on Emanuel's decision.
The second-largest U.S. bank is among the nation's healthiest major lenders and reported a 36 percent rise in quarterly profit last week.
The Times said Emanuel's participation would have underscored the sway of Jamie Dimon, the bank's chief executive, in Washington circles as he seeks to improve JPMorgan's government relations.
Dimon is widely regarded as the top banker not to be tarnished by the U.S. financial crisis.
A visit by Emanuel, who told the Times he shared a bond with Dimon since both men rebuilt their respective careers after rough patches, could have been interpreted as favoritism to one financial institution as the Obama administration revamps regulation for the entire banking industry.
The paper said Treasury Secretary Timothy Geithner had declined a similar invitation because of concern about conflicts of interest.
(Reporting by Jeff Mason; Editing Bernard Orr) Keywords: WHITEHOUSE JPMORGAN/ (jeff.mason@thomsonreuters.com; +1 202 898 8392; Reuters Messaging: jeff.mason.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.