Mexico’s Finance Minister Engages with JPMorgan and BlackRock Executives Amid Economic Shifts

Rogelio Ramirez de la O, Mexico‘s Finance Minister, held separate meetings with the Chief Executive Officers of JPMorgan Chase & Co. and BlackRock Inc. in New York on Thursday. These discussions occurred with Jamie Dimon from JPMorgan and Larry Fink from BlackRock, as confirmed by sources familiar with the engagements who are not permitted to speak publicly on the matter.

Both JPMorgan and BlackRock have refrained from commenting on the meetings. Likewise, Mexico’s Finance Ministry did not immediately respond to inquiries about the dialogue.

The meetings happened amidst an ongoing transition of government under President Claudia Sheinbaum. The new administration perceives the change as a strategic opportunity to invigorate investment in the country. Investor confidence in Mexico has been unsettled following a decisive victory by the ruling party coalition in Congress, which grants it the capacity to implement constitutional changes.

Recent legislative actions have involved restructuring the judiciary, strengthening military influence by integrating the National Guard, and endorsing minimum wage hikes. A significant energy reform is currently underway.

Previously, in November, Jamie Dimon expressed his perspective on Mexico’s economic landscape, describing it as a “huge” opportunity due to a surge in nearshoring, a strategy where companies establish factories closer to key markets like the United States.

Earlier that same day, JPMorgan strategists downgraded a long-standing optimistic forecast for the Mexican peso, citing concerns linked to an unpredictable upcoming U.S. presidential election.

Larry Fink has had repeated interactions with Mexico’s political figures, previously engaging with Sheinbaum’s predecessor, Andres Manuel Lopez Obrador, amid some challenging relations with local billionaires. In February, during Sheinbaum’s candidacy, Fink underscored BlackRock’s dedication to Mexico, where the firm markets financial products to pension funds and, in 2018, acquired the asset management division of Citigroup’s Citibanamex.

JPMorgan had previously ceased its private banking operations in Mexico in 2021 but signaled its reinforced commitment by increasing capital investment in the country last year, according to comments made by Dimon.