Plus: Sesame Street back in control of Elmo X account after hack; Target grapples with brand identity loss. Jamie Dimon, chief executive of JPMorgan Chase, is one of the most powerful men in the world. Nearly every word the banker publicly speaks makes headlines around the world. And even the president of the United States often pays attention.
That’s why it’s notable when Dimon speaks out to oppose President Donald Trump – and it’s worth examining how he does it.
Speaking after his company earnings call this week, Dimon cautioned against interference with Federal Reserve Chair Jerome Powell. Trump has repeatedly criticized Powell for not lowering interest rates and has threatened the chief’s job both directly and indirectly. Most recently, the Trump administration has attacked Powell for a $2.5 billion renovation of the Fed’s headquarters.
“I think the independence of the Fed is absolutely critical,” Dimon said after the earnings announcement. “Playing around with the Fed can have adverse consequences, the absolute opposite of what you might be hoping for.”
It’s a mild statement that addresses Trump without naming him. This is a tactic that Dimon has used in the past, most notably in his annual investor letter earlier this year, where he warned about the impending consequences of tariffs.
“Whatever you think of the legitimate reasons for the newly announced tariffs — and, of course, there are some — or the long-term effect, good or bad, there are likely to be important short-term effects,” Dimon said in the letter. His strategy of obliquely praising the president while also warning of what could happen if he continues down his current road walks a balancing act between scolding and encouraging.
Why it matters: Your chief executive probably doesn’t have the stature and status Dimon has. Let’s get that right out of the way.
But he got to be who he is, in part, by being careful with his words (and smart with his comms team). Dimon understands that he’s communicating to an audience of one and handles the psychology of that audience with care. He understands that coming in too hot and critical risks Trump tuning out entirely, while he also understands that his words carry weight – and that his position may protect him from some of Trump’s ire if he angers the mercurial president.
Communicators can learn from this psychological dance. Dimon understands what motivates Trump: he wants the economy to boom. That’s why he wants the rate cut in the first place. So emphasizing that he understands the president’s motivations and intentions are good can help soften the less flattering message that follows.
Whether your organization is also trying to sway Trump or you’re speaking to a more general audience, the combination of complimenting, noting good intentions and offering constructive feedback can be a beneficial one.
Editor’s Top Reads:
- Sesame Street is back in control of the beloved Elmo X account after the Muppet was hacked. The Elmo account was compromised and spewed hateful, often antisemitic content in addition to slinging conspiracy theories about the Epstein files. “On Sunday, Elmo’s X account was briefly hacked by an outside party, in spite of the security measures in place,” the account wrote in a statement that dropped the usual toddler-ish Elmo voice for a more typical corporate tone. “We strongly condemn the abhorrent antisemitic and racist content, and the account has since been secured. These posts in no way reflect the values of Sesame Workshop or Sesame Street, and no one at the organization was involved.” While the statement references “security measures in place,” it’s a good reminder to double-check your own security measures and ensure everything is up-to-date and as locked down as possible. And it’s a reminder to have a hacking crisis plan in place. This should incorporate not only comms statements, but information on who can help recover accounts in the event an account is compromised. The best offense is a good defense.
- Target’s revenue has steadily dropped over the past four years despite a brief spike in sales during COVID. The retailer has struggled to keep its customer base more recently with the fallout from its changing DEI policies amid political pressure. Former employees told CNBC that Target “has lost its identity” as stores seem to have fewer attentive employees and less product on the shelves. Despite this, Target CEO Brian Cornell, who has committed to three more years in the role before he retires, told CNBC that the company is “’built for long-term, profitable growth,’ boosted by its store fleet, growing digital business and brand partnerships.” It’s not surprising that Target leaders are trying to be optimistic in their messaging, but the numbers don’t lie, and the company hasn’t addressed how they’re going to reinstate loyalty or set themselves apart, something Target’s customers previously praised them for. Political challenges and financial downturns are crises that comms pros should be prepared to manage by taking control of the narrative and addressing customer and employee concerns in order to maintain trust. Brand identity loss is another challenge that can greatly affect organizations. Brands would be better served by acknowledging their shortcomings while reinforcing confidence in how they’re going to move forward with transparency. Failing to do so will perpetuate the loss of identity.
- Way back in 2010, Domino’s Pizza (before they rebranded as just Domino’s) attempted to relaunch themselves with a campaign that admitted their “pizza was the worst.” It was a coy method to regain loyalty, and it worked out pretty well. In the same vein, KFC recently pleaded for its customers to give them another chance after losing its crown as the top chicken fast food chain. In a press release this week, KFC’s Catherine Tan-Gillespie, president of KFC U.S said: “We’re well aware of the latest fried chicken rankings and I’m fired up to launch a bold Kentucky Fried Comeback and remind America exactly who we are. If people can give their ex a million second chances, I hope our fans can give us one. By listening to our customers and addressing feedback, we’ll reclaim our rightful place in the fried chicken game we started. Come back and give us a shot—your first bucket’s on us.” The restaurant recognizes it needs to play to a younger crowd, hence the giving-your-ex-another-chance thing. No longer can it rely on the Reba McEntire generation (a celeb once tapped to promote its chicken), they have to think about appealing and understanding a new audience. The messaging is playful but it feels genuine in that KFC is acknowledging it has a problem, it can read the room and it’s committed to changing the way it operates. Transparency can go a long way when a company doesn’t pretend things have been perfect all along. Offering a free bucket of chicken can also help get people in the door and hopefully keep them there. Like a crafty ex-partner, when organizations understand their core audience, acknowledge their failures and genuinely appeal to their customers, it can spark a renewed and lasting relationship.
Allison Carter is editorial director of PR Daily and Ragan.com. Follow her on LinkedIn.
Courtney Blackann is a communications reporter. Connect with her on LinkedIn or email her at courtneyb@ragan.com.
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