JPMorgan Chase CEO Jamie Dimon said Wednesday that he disagreed with President Donald Trump’s approach to immigration, offering a rare public rebuke by a U.S. corporate leader of one of Trump’s signature policies.

Dimon, speaking on a panel at the World Economic Forum in Davos, Switzerland, initially praised Trump’s moves to secure the borders of the world’s largest economy. Illegal crossings at the U.S.-Mexico border fell to the lowest level in 50 years for the period from October 2024 to September 2025, the BBC reported citing federal data.

But Dimon, who has long advocated for immigration reform to boost U.S. economic growth, also made an apparent reference to videos of U.S. Immigration and Customs Enforcement officers rounding up people alleged to be undocumented immigrants.

“I don’t like what I’m seeing, five grown men beating up a little old lady,” Dimon said. “So I think we should calm down a little bit on the internal anger about immigration.”

It’s unclear if Dimon was speaking about a specific incident, or more broadly about ICE confrontations.

In the first year of his second term, Trump has overhauled U.S. immigration policy with a focus on mass deportations, tightened asylum access and ramped-up spending for ICE personnel and facilities. Among a torrent of new policies that changed the landscape for seeking American citizenship, the administration also rescinded guidance on where ICE arrests could happen, leading to raids at schools, hospitals and places of worship.

Unlike during Trump’s first term, American CEOs have mostly avoided public criticism of his policies. Wall Street analysts have speculated that business leaders fear retribution from the Trump administration, which has sued media companies, universities and law firms, and instead choose to appeal to the president out of the public spotlight.

On Wednesday, Dimon said that he wanted to know more about who is being swept up in ICE raids: “Are they here legally? Are they criminals? … Did they break American law?”

“We need these people,” Dimon added. “They work in our hospitals and hotels and restaurants and agriculture, and they’re good people .… They should be treated that way.”

For years, in annual shareholder letters and media interviews, Dimon has cited an immigration overhaul as one of the main avenues to unlock higher U.S. economic growth.

The veteran CEO of JPMorgan, the world’s largest bank by market cap, has previously supported a merit-based system for green cards as well as citizenship for people brought to America as children, and pushed back on proposals to limit H-1B visas.

On Wednesday, Dimon urged Trump to allow citizenship “for hardworking people” and “proper asylum” opportunities.”

“I think he can, because he controlled the borders,” Dimon said.

Later in the wide-ranging interview, The Economist Editor-in-Chief Zanny Minton Beddoes, told Dimon that she was surprised at how careful he and other CEOs were in speaking about Trump.

“You are one of the more outspoken business leaders,” Beddoes said. “I’m genuinely struck by the unwillingness of CEOs in America to say anything critical. There is a climate of fear in your country.”

Dimon pushed back, saying that he let his views be known about Trump’s tariffs, immigration policies and stance towards European allies.

“I think they should change their approach to immigration,” Dimon said. “I’ve said it. What the hell else do you want me to say?”

Netflix jumped into the advertising business later than its media peers, but its strategy shift is starting to pay off.

This week Netflix reported its fourth-quarter earnings, which were mostly overshadowed by the company’s recent pursuit to acquire Warner Bros. Discovery’s streaming and studio assets. However, beyond the headlines, metrics like customer engagement, subscriber numbers and advertising revenue paint a promising picture.

The earnings report provided some long-awaited clarity on the progress of Netflix’s advertising strategy, and how it has been factoring into the overall business. On Tuesday Netflix said 2025 advertising revenue exceeded $1.5 billion — about 3% of total full-year revenue for the streaming giant — and is expected to double this year.

Overall company revenue jumped almost 16% percent for 2025, while net income rose 26%.

“We’re making good progress and the opportunity ahead of us is massive,” Co-CEO Greg Peters said on Tuesday’s call with investors.

Wall Street analysts, however, noted that ad revenue disclosure fell short of their previous forecasts, indicating that it could be taking longer than expected to get the ad business off the ground.

“The last couple of years were slower out of the gate than we had estimated. However, advertising revenue growth is hitting its stride and should yield a similar contribution to revenue growth as we had estimated in our pre-4Q forecast,” analysts at Deutsche Bank said in a research note Wednesday.

Robert Fishman of MoffettNathanson noted total ad revenue was lower than the research firm had forecast but welcomed the fresh insights into the company’s ad business.

“At least now we can finally have a better understanding of the contribution from advertising to total growth and can back into core subscription revenues,” Fishman said in a note on Wednesday.

Netflix’s stock fell about 2% on Wednesday.

Advertising has come front and center for media companies after it became clear that a subscription-only streaming model wouldn’t be enough to support profitability.

Advertisers, despite various headwinds, have been eager to find a place on streaming platforms, especially Netflix.

Yet the industry leader was late to the advertising game after leadership long rejected the business model. It launched its cheaper, ad-supported tier in late 2022, coinciding with a brief slowdown in subscriber additions.

Advertising and a crackdown on password sharing were put forth as measures to drive growth. And it has, even if slowly.

Netflix said Tuesday it had 325 million global subscribers at the end of 2025. That marks an increase of roughly 23 million from the end of 2024, when Netflix last disclosed its global paid memberships.

For comparison, Netflix added roughly 41 million subscribers in 2024 and almost 30 million in 2023.

Against a backdrop of consistent price increases for streaming services, companies are increasingly leaning on the belief that consumers will opt for cheaper, ad-supported plans rather than drop out altogether.

Peters said Tuesday that while there remains a gap between average revenue per membership of the company’s standard, no-ads plan subscription and its ad-supported plan, “that gap is narrowing.”

“And while, because there’s a gap, it means we’re under-realizing revenue growth in the near time, it also, therefore, represents an opportunity for us,” Peters said, pointing to upgrading the tech stack and ad capabilities to help drive growth.