"I should not have said it", he said in a statement.
Dimon said that he didn't think Trump would get elected: "I mean, I've said this before Trump was elected".
'I should not have said it.
Dimon also took aim at Trump's wealth, saying of himself: "This wealthy New Yorker actually earned his money".
"It wasn't a gift from Daddy", Dimon said, according to CNBC, in another jab at the president. The JPMorgan chieftain said his statements are proof that he wouldn't make a good politician.
Dimon, 62, has said publicly in the past he will not run for president and does not have the temperament for the job.
Shortly after, Dimon addressed the uproar caused by his comments: "I should not have said it. I am part of the elite".
"It would be a little bit....remember that show 'The Nanny" with Fran Drescher?
He served on Trump's Strategic and Policy Forum, where he came under fire for not stepping down as fellow executives did in the wake of Trump controversies. He is likely not as smart as he thinks he is if he believes either political party would ever back a Wall Street investment banker for president, a profession that is viewed extremely negatively by the voting public.
Trump disbanded the board after he was criticized for failing to sufficiently condemn white supremacists in the aftermath of Charlottesville's rally last August.
JPMorgan is the biggest bank in the United States by assets.
Aside from Wednesday's comments, Dimon has previously offered high praise of President Trump's pro-growth economic policies and once vowed to help the administration because he was a "patriot".