JPMorgan CEO Jamie Dimon released his annual letter to shareholders on Tuesday, and seemed to give some of the credit for his bank’s soaring stock price to the possibility of regulatory and policy shifts under President Donald Trump.

Dimon said that recent changes in attitudes from government towards business and regulation have helped boost JPMorgan’s stock.

Trump has repeatedly said that he wants to roll back regulations. Recently, he signed an executive order asking the Treasury department to take a look at the Dodd-Frank banking regulations that were passed following the financial crisis.

Additionally, a number of surveys from consumers to CEOs to investors have indicated that expectations for a more “business friendly environment” under the new administration have soared.

From Dimon’s letter (emphasis added):

“Whether looking back over five years, 10 years or since the Bank One/JPMorgan Chase merger (approximately 12 years ago), our stock has significantly outperformed the Standard & Poor’s (S&P) 500 and the S&P Financials Index. And this is during a time of unprecedented challenges for banks — both the Great Recession and the extraordinarily difficult legal, regulatory and political environments that followed. We have long contended that these factors explained why bank stock price/earnings ratios were appropriately depressed. And we believe the anticipated reversal of many negatives and the expectation of a more business-friendly environment, coupled with our sustained, strong business results, are among the reasons our stock price has done so well this past year.”

Trump told a town hall meeting with various CEOs on Tuesday that he wants to give a “major haircut to Dodd-Frank.”

Since the election, JPMorgan has seen its stock price jump 25%, and the financial sector has been one of the best performing industries following Trump’s win.

You can read Dimon’s full letter here (pdf)»

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