By Alex Sherman and MacKenzie Sigalos -
CNBC
Global business leaders may be in the snowy hills of Switzerland, but their conversations keep coming back to Washington DC
The topic of Donald Trump has dominated dinners and parties in Davos, with many attendees of the World Economic Forum reflecting on the former president's possible return to the White House, after his resounding victory in the Iowa elections.
Several business executives have touched on one topic in their private conversations during the summit: American industry leaders
appear unconcerned
with a second Trump term, while foreign chief executives
are terrified
, particularly by restrictions on immigration and possible global conflicts.
Former President Donald Trump, during a campaign event in Portsmouth, New Hampshire, on January 17, 2024. Matt Rourke / AP
A prominent American business executive, who asked not to be named because his conversations with foreign leaders were private, said some of the fear may be due to a lack of understanding of checks and balances in the US government.
"I'm not sure Europeans understand how weak executive orders are," he explained.
"We have a judicial system. Congress will probably be divided. It's right to be cautious, but it won't be the end of the world."
[The judge threatens Trump with expulsion for not remaining silent in the trial for defaming the writer E. Jean Carroll]
Another CEO of a US bank privately expressed annoyance at the media hype about the threat of a Trump presidency, stressing that it is "all bark and no bite."
The bank chief also dismissed Trump's refusal to accept the 2020 election results as smoke.
"He is going to win the presidency," the CEO predicted.
"Many of his policies were correct
. "
Predictions about 2024
Jamie Dimon, CEO of JPMorgan Chase.
Michael Cappetta/NBC News
Although JPMorgan Chase CEO Jamie Dimon did not predict a Trump victory, he echoed his colleague's comments, also the bank's CEO, in an interview Wednesday on CNBC's Squawk Box.
"You just have to step back and be honest. He was kind of right about NATO. He was kind of right about immigration. He grew the economy pretty well. Trade and tax reform worked. He was right about China," Dimon said.
"
I don't like the way he said things about Mexico
, but he wasn't wrong on some of these critical issues. And that's why they voted for him."
Still, although Dimon also echoed that an apocalypse is unlikely, he did note that he hopes "the country survives" with the re-election of President Joe Biden or the return of Trump to the White House, even as some fear that democracy American would be threatened by his return.
"I will be prepared for both, we will deal with both, my company will survive and thrive in both cases," Dimon said.
A partner at a large global private equity firm said privately that
he has been surprised by the lack of concern
among US executives given Trump's refusal to accept his 2020 election defeat, and the subsequent assault on the US Capitol on January 6, 2021.
[Trump returns to court for the case of sexual assault and defamation of the writer E. Jean Carroll]
Another former Trump administration official said there is more reason to worry this time because many of the people who kept Trump's harmful impulses at bay will not work with him if he returns to office.
Stephen Schwarzman, CEO of Blackstone.
Markus Schreiber / AP file
Blackstone CEO Stephen Schwarzman commented on another common theme among executives: that both Trump and Biden are wrong choices.
"I think we have an interesting presidential election now, where there are very negative [indicators] for both candidates," Schwarzman said, adding that he is waiting to see how things develop.
"I'm still not in the hypothetical world as much as I would like. We'll see what happens.
There are always surprises in these elections
."
Ben Smith, co-founder of the business news outlet Semafor, told CNBC on Thursday that he has heard from many in Davos that Trump is likely to win, but given Davos' poor track record of predictions in previous years, that may actually be a indicator for Biden.
Smith and several other Davos attendees noted that predictions made at the World Economic Forum have historically proven false, including past comments about recession prospects and the likelihood of Trump winning the presidency in 2016.
"This year there is absolute faith in the fact that Donald Trump will be elected president of the United States, which I think
is great news for Joe Biden
," Smith commented in an interview on Squawk Box.
across the country
As Wall Street executives were open and preparing for a Trump victory in 2024, several tech leaders
declined to comment on the former president
or downplayed what others saw as a potential threat to the U.S. government.
"Obviously, the U.S. government is a big Salesforce customer, and depending on who's in office it creates quite a stir," Salesforce CEO Marc Benioff said in an interview Tuesday with Bloomberg's Brad Stone.
"But the reality is that we are the same company, regardless of when the elections are held and regardless of who that president is."
Marc Benioff, CEO of Salesforce.com.
Jason Alden/Bloomberg via Getty Images
OpenAI CEO Sam Altman, who also spoke with Stone, expressed similar sentiments.
"
I think elections are big business
. I think America is going to be fine," Altman declared.
"Whatever happens in these elections," he said.
Adena Friedman, chief executive of Nasdaq, said it's simply too early to focus on what Trump may or may not mean for the country this time around.
"Honestly, I think they need to see how the primary plays out," Friedman said.