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		<title>JPMorgan CEO Jamie Dimon annual letter cites risks in geopolitics, AI, private markets</title>
		<link>https://www.ourstoryinsight.com/jpmorgan-ceo-jamie-dimon-annual-letter-cites-risks-in-geopolitics-ai-private-markets/</link>
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		<pubDate>Mon, 06 Apr 2026 14:03:29 +0000</pubDate>
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					<description><![CDATA[<p>JPMorgan Chase CEO Jamie Dimon is calling for a broad recommitment to American ideals as his bank navigates geopolitical uncertainty, a teetering economy and the revolutionary impact of artificial intelligence. Dimon in his annual letter to shareholders, published Monday, noted the country&#8217;s 250th anniversary as &#8220;the perfect time to rededicate ourselves to the values that [&#8230;]</p>
<p>The post <a rel="nofollow" href="https://www.ourstoryinsight.com/jpmorgan-ceo-jamie-dimon-annual-letter-cites-risks-in-geopolitics-ai-private-markets/">JPMorgan CEO Jamie Dimon annual letter cites risks in geopolitics, AI, private markets</a> appeared first on <a rel="nofollow" href="https://www.ourstoryinsight.com">Our Story Insight</a>.</p>
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										<content:encoded><![CDATA[<p><span class="HighlightShare-hidden" style="top:0;left:0"/><span class="InlineVideo-videoButton"/><span/></p>
<p><span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-1">JPMorgan Chase<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><span class="AddToWatchlistButton-addWatchListFromTag"/></span></span></span> CEO Jamie Dimon is calling for a broad recommitment to American ideals as his bank navigates geopolitical uncertainty, a teetering economy and the revolutionary impact of artificial intelligence. </p>
<p>Dimon in his annual letter to shareholders, published Monday, noted the country&#8217;s 250th anniversary as &#8220;the perfect time to rededicate ourselves to the values that made this great nation of ours — freedom, liberty and opportunity.&#8221; </p>
<p>&#8220;The challenges we all face are significant. The list is long but at the top are the terrible ongoing war and violence in Ukraine, the current war in Iran and the broader hostilities in the Middle East, terrorist activity and growing geopolitical tensions, importantly with China,&#8221; Dimon said. &#8220;Even in troubled times, we have confidence that America will do what it has always done — look to the values that have defined our singular nation and sustained our leadership of the free world.&#8221; </p>
<p>Dimon, the longtime leader of the world&#8217;s largest bank by market cap, is among the most outspoken of U.S. corporate leaders. His annual letter offers not only a matter of record for his firm&#8217;s performance, but also sweeping perspectives on the global state of affairs. </p>
<p>In Monday&#8217;s letter, Dimon noted headwinds including global conflicts, persistent inflation, private market upheaval and what he called &#8220;poor bank regulations.&#8221; </p>
<p>Dimon said that while regulations like those put in place after the 2008 financial crisis &#8220;accomplished some good things &#8230; they also created a fragmented, slow-moving system with expensive, overlapping and excessive rules and regulations — some of which made the financial system weaker and reduced productive lending.&#8221;</p>
<p>He specifically cited negative consequences of capital and liquidity requirements, the current construction of the Federal Reserve&#8217;s stress test and a &#8220;badly handled&#8221; process at the Federal Deposit Insurance Corp. </p>
<p>Dimon also said JPMorgan&#8217;s reaction to revised proposals for Basel 3 Endgame and a global systemically important bank, or GSIB, surcharge — issued by U.S. regulators last month — were &#8220;mixed.&#8221; </p>
<p>&#8220;While it was good to see that the recent proposals for the Basel 3 Endgame (B3E) and GSIB attempted to reduce the increase in required capital from the 2023 proposals, there are still some aspects that are frankly nonsensical,&#8221; Dimon said.</p>
<p>The CEO said with the aggregate proposed surcharges of about 5%, the bank would need to hold &#8220;as much as 50% more capital across the vast majority of loans to U.S. consumers and businesses when compared with a large non-GSIB bank for the same set of loans.&#8221;</p>
<p>&#8220;Frankly, it&#8217;s not right, and it&#8217;s un-American,&#8221; he said. </p>
<h2 class="ArticleBody-subtitle">On trade and geopolitics</h2>
<p>Dimon identified geopolitical tensions as the primary risk facing his bank, namely the wars in Ukraine and Iran and their impacts on commodities and global markets — deeming war &#8220;the realm of uncertainty.&#8221;</p>
<p>&#8220;The outcome of current geopolitical events may very well be the defining factor in how the future global economic order unfolds,&#8221; he said. &#8220;Then again, it may not.&#8221;</p>
<p>He also cited a &#8220;realignment of economic relations in the world&#8221; brought on by U.S. trade policy. U.S. President Donald Trump has made tariffs a signature policy of his second term in office, introducing higher duties on dozens of trade partners and import categories. </p>
<p>&#8220;The trade battles are clearly not over, and it should be expected that many nations are analyzing how and with whom they should create trade arrangements,&#8221; Dimon said. &#8220;While some of this is necessary for national security and resiliency, which are paramount, it is hard to figure out what the long-term effects will be.&#8221; </p>
<h2 class="ArticleBody-subtitle">On private markets</h2>
<p>Dimon also spoke to recent upheaval in the private markets, as fears around loans made to software firms spur massive redemption requests at private credit funds. </p>
<p>&#8220;By and large, private credit does not tend to have great transparency or rigorous valuation &#8216;marks&#8217; of their loans — this increases the chance that people will sell if they think the environment will get worse — even if actual realized losses barely change,&#8221; Dimon said. </p>
<p>The executive added that actual losses are already higher than they should be relative to the environment.</p>
<p>&#8220;However this plays out, it should be expected that at some point insurance regulators will insist on more rigorous ratings or markdowns, which will likely lead to demands for more capital,&#8221; he said. </p>
<h2 class="ArticleBody-subtitle">On AI</h2>
<p>Dimon reiterated Monday that the pace of AI adoption is unlike any technology that came before it. He said while its implementation will be &#8220;transformational,&#8221; it remains to be seen how the AI revolution will unfold. </p>
<p>&#8220;Overall, the investment in AI is not a speculative bubble; rather, it will deliver significant benefits. However, at this time, we cannot predict the ultimate winners and losers in AI- related industries,&#8221; Dimon said. </p>
<p>&#8220;We will not put our heads in the sand. We will deploy AI, as we deploy all technology, to do a better job for our customers (and employees),&#8221; he wrote.</p>
<p>JPMorgan has been at the forefront of Wall Street firms introducing AI at every level of its business. Last year, JPMorgan Chief Analytics Officer Derek Waldron gave CNBC an early demonstration into how it&#8217;s using agentic AI to speed up work and improve results for customers and shareholders. </p>
<p>In February, Dimon said AI was reshaping JPMorgan&#8217;s workforce and that the bank had &#8220;huge redeployment plans&#8221; for employees. </p>
<p>&#8220;We have focused on some of the &#8216;known and predictable&#8217; and some of the &#8216;known unknown&#8217; events,&#8221; he said. &#8220;But huge technological shifts like AI always have second- and third-order effects as well that can deeply impact society. &#8230; We should be monitoring for this kind of transformation, too.&#8221; </p>
<p>— CNBC&#8217;s Leslie Picker and Ritika Shah contributed to this report. </p>
<p>Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.</p>
<p>The post <a rel="nofollow" href="https://www.ourstoryinsight.com/jpmorgan-ceo-jamie-dimon-annual-letter-cites-risks-in-geopolitics-ai-private-markets/">JPMorgan CEO Jamie Dimon annual letter cites risks in geopolitics, AI, private markets</a> appeared first on <a rel="nofollow" href="https://www.ourstoryinsight.com">Our Story Insight</a>.</p>
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		<title>What happens when CEO Jamie Dimon leaves?</title>
		<link>https://www.ourstoryinsight.com/what-happens-when-ceo-jamie-dimon-leaves/</link>
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		<pubDate>Mon, 12 Jan 2026 22:05:09 +0000</pubDate>
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		<guid isPermaLink="false">https://www.ourstoryinsight.com/?p=12288</guid>

					<description><![CDATA[<p>As Wall Street&#8217;s top bankers huddled in New York last month, preparing to convince Elon Musk&#8217;s SpaceX that they should be chosen to lead its upcoming IPO, one firm wasn&#8217;t letting its star advisor miss the bake-off. Among the squad of JPMorgan Chase investment bankers flying 2,500 miles west to California to pitch SpaceX was [&#8230;]</p>
<p>The post <a rel="nofollow" href="https://www.ourstoryinsight.com/what-happens-when-ceo-jamie-dimon-leaves/">What happens when CEO Jamie Dimon leaves?</a> appeared first on <a rel="nofollow" href="https://www.ourstoryinsight.com">Our Story Insight</a>.</p>
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										<content:encoded><![CDATA[<p><span class="HighlightShare-hidden" style="top:0;left:0"/><span class="InlineVideo-videoButton"/><span/></p>
<p>As Wall Street&#8217;s top bankers huddled in New York last month, preparing to convince Elon Musk&#8217;s SpaceX that they should be chosen to lead its upcoming IPO, one firm wasn&#8217;t letting its star advisor miss the bake-off.</p>
<p>Among the squad of <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-2">JPMorgan Chase<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><span class="AddToWatchlistButton-addWatchListFromTag"/></span></span></span> investment bankers flying 2,500 miles west to California to pitch SpaceX was the lender&#8217;s boss, billionaire CEO Jamie Dimon, people with knowledge of the trip told CNBC.</p>
<p>The morning after that pitch meeting, on Dec. 19, Dimon was already back in his customary early Friday perch: sitting in his bank&#8217;s New York lobby, taking meetings in full view of the thousands of employees streaming through the building&#8217;s turnstiles.</p>
<p>The whirlwind few days highlight the reality of Dimon&#8217;s singular impact on JPMorgan, the world&#8217;s largest bank by market capitalization.</p>
<p>Dimon marks his 20th anniversary as CEO this month and remains deeply involved across the sprawling businesses of JPMorgan, a giant across Wall Street and Main Street with $4.6 trillion in assets. Half a dozen executives across investment banking, asset management and consumer banking echoed that view.</p>
<p>Which makes the inevitable questions surrounding Dimon&#8217;s tenure loom large as he approaches 70 years of age. Dimon has for years maintained, somewhat tongue-in-cheek, that his retirement was perpetually five years away. In 2024, for the first time, he acknowledged that window was shrinking. </p>
<p>Will JPMorgan&#8217;s era of dominance be over when Dimon exits as CEO?</p>
<p>&#8220;Given his track record, anybody else would be a downgrade,&#8221; said Ben Mackovak, a bank board member and investor through his firm Strategic Value Bank Partners.</p>
<p>&#8220;I&#8217;m sure somebody else could grow into the role and surprise people,&#8221; Mackovak said. &#8220;But on day one, no one is going to be as qualified to run that bank as Jamie.&#8221;</p>
<p>Jamie Dimon, chairman and chief executive officer of JPMorgan Chase &#038; Co., attends the ribbon-cutting ceremony opening the firm’s new headquarters at 270 Park Ave., in New York, Oct. 21, 2025.</p>
<p>Eduardo Munoz | Reuters</p>
<p>In two decades, Dimon took a middle-of-the-pack American lender and, with his unique combination of judgment, paranoia, attention to detail and scope of vision, created a juggernaut of finance that the world hadn&#8217;t seen before.</p>
<p>During calm times, he invested aggressively for the future, and during periods of tumult, like 2008 and 2023, he avoided pitfalls that consumed other banks, allowing him to snap up three failed institutions.</p>
<p>Over the past 20 years, the bank&#8217;s annual net income soared more than 500% to $58.5 billion in 2024. The firm reports full-year 2025 results on Tuesday. </p>
<p>Now, at a market cap of roughly $900 billion, JPMorgan is worth nearly as much as the next three largest U.S. banks combined: <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-6">Bank of America,<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><span class="AddToWatchlistButton-addWatchListFromTag"/></span></span></span> <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-7">Citigroup<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><span class="AddToWatchlistButton-addWatchListFromTag"/></span></span></span> and <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-8">Wells Fargo.<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><span class="AddToWatchlistButton-addWatchListFromTag"/></span></span></span></p>
<p>Besides running JPMorgan, Dimon has taken on an outsized role in global finance as a top voice explaining market gyrations or emerging risks and influencing regulators amid policy shifts. It was Dimon&#8217;s recession warning on a Fox News segment in April that helped convince President Donald Trump to pivot on his trade policy, igniting a historic relief rally.</p>
<p>&#8220;It&#8217;s just the aura he has, the credibility that he&#8217;s built up in the markets,&#8221; said Fitch Ratings analyst Chris Wolfe. &#8220;The minute you step out of that role, it&#8217;s not like you can just hand that over, your successor doesn&#8217;t automatically inherit that. I think that&#8217;s the real challenge.&#8221;</p>
<h2 class="ArticleBody-subtitle">Potential successors</h2>
<p>The question of who could take over for Dimon — who was already a cancer survivor when he nearly died in 2020 from a ruptured aorta — has been openly discussed among investors for more than a decade.</p>
<p>To investors, his most likely successor is currently Marianne Lake, head of the firm&#8217;s giant consumer bank and former CFO of the company, followed by Doug Petno and Troy Rohrbaugh, the co-heads of the firm&#8217;s commercial and investment bank.</p>
<p>Marianne Lake is head of JPMorgan’s consumer banking division.</p>
<p>Source: JPMorgan Chase</p>
<p>Other contenders include asset and wealth management head Mary Erdoes and CFO Jeremy Barnum.</p>
<p>&#8220;If investors were to do a straw poll today, they&#8217;d probably pick Marianne,&#8221; said Truist bank analyst Brian Foran.</p>
<p>&#8220;The running joke is that she&#8217;s a human supercomputer when it comes to banking,&#8221; Foran said. &#8220;Really, the only question mark people have about her is, she&#8217;s so analytical, can she do the kind of &#8216;rah-rah&#8217; stuff to inspire the sales force?&#8221;</p>
<p>Wells Fargo banking analyst Mike Mayo hypothesized that JPMorgan stock could immediately drop 5% if Dimon were to suddenly exit, regardless of the named replacement. (The bank has said Dimon would serve as chairman even after relinquishing the CEO role.)</p>
<p>It&#8217;s a somewhat common occurrence on Wall Street for companies with iconic CEOs: The stock premium shrinks, at least for a period, when their longtime leaders announce their departures. For instance, <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-21">Berkshire Hathaway<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><span class="AddToWatchlistButton-addWatchListFromTag"/></span></span></span> shares trailed the <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-22">S&#038;P 500<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><span class="AddToWatchlistButton-addWatchListFromTag"/></span></span></span> last year after Warren Buffett said he was stepping down as CEO.</p>
<h2 class="ArticleBody-subtitle">&#8216;Never going to quit&#8217; </h2>
<p>When asked about CEO succession, JPMorgan executives say that Dimon is as plugged in as ever and unlikely to step down soon.</p>
<p>Depending on how long he sticks around, that means it&#8217;s not necessarily his current direct reports like Lake, Petno and Rohrbaugh who are in line, but more junior executives now being groomed and evaluated for leadership roles, they told CNBC.</p>
<p>&#8220;There&#8217;s a lot of work going into imagining that day without him,&#8221; said a JPMorgan executive who asked not to be named speaking about his boss. &#8220;If he stays until he&#8217;s 85, it&#8217;s not his direct reports that are going to be next in line, its maybe one or two levels down from today.&#8221;</p>
<p>&#8220;Does he leave a huge vacuum? Yes,&#8221; said the executive. &#8220;It&#8217;s not fatal, though, because we&#8217;ve been planning for it. I think there&#8217;s combinations of people that together can create the same outcome.&#8221;</p>
<p>The CEO of a commercial bank and former JPMorgan executive, who described Dimon as a mentor, also said he didn&#8217;t think Dimon would step down soon.</p>
<p>&#8220;Jamie&#8217;s never going to quit,&#8221; said the CEO, who asked for anonymity to speak candidly. &#8220;What else would he do where he&#8217;s as important as he is now? His friends are all people from work. He loves it.&#8221;</p>
<p>Still, beyond the day-to-day management of a company with 318,000 employees, Dimon seems intent on setting up JPMorgan for a future without him.</p>
<h2 class="ArticleBody-subtitle">Legacy values </h2>
<p>In recent months, Dimon oversaw the completion of the bank&#8217;s new $3 billion headquarters in midtown Manhattan and announced a $1.5 trillion initiative to bolster industries crucial to U.S. interests.</p>
<p>And, perhaps most crucially, he continues to instill his values into the firm&#8217;s management team.</p>
<p>Last year, at a conference for JPMorgan&#8217;s top 400 executives, Dimon rattled off a list of once-great companies that died though mismanagement. Finance is especially prone to this threat, because of the temptation to manipulate numbers for short-term gain, he said.</p>
<p>&#8220;Travelers blew up. Citi blew up, twice. Bear Stearns failed, Lehman failed, I&#8217;m here because Bank One screwed up a bunch of businesses,&#8221; Dimon said, referring to a predecessor firm to JPMorgan.</p>
<p>&#8220;If you look at these things, it&#8217;s complacency, it&#8217;s bureaucracy, it&#8217;s arrogance. A lot of it is dishonest numbers. Failure to set standards,&#8221; Dimon said. &#8220;These are the cancers that kill companies.&#8221;</p>
<p>Nobody knows when Dimon&#8217;s last day as CEO will come, except to know that it is approaching. After adjusting his standard five-year retirement answer to hint at a sooner departure, Dimon hasn&#8217;t advanced that clock any further.</p>
<p>&#8220;As great as he is, he can&#8217;t do this forever,&#8221; said Barclays banking analyst Jason Goldberg. &#8220;Every day that passes, you&#8217;re a day closer to the end.&#8221;</p>
<p>— CNBC&#8217;s Gabriel Cortes contributed to this report. </p>
<p>The post <a rel="nofollow" href="https://www.ourstoryinsight.com/what-happens-when-ceo-jamie-dimon-leaves/">What happens when CEO Jamie Dimon leaves?</a> appeared first on <a rel="nofollow" href="https://www.ourstoryinsight.com">Our Story Insight</a>.</p>
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		<title>JPMorgan CEO Jamie Dimon hosts birthday bash for King Charles III at bank&#8217;s NYC headquarters</title>
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		<pubDate>Sat, 22 Nov 2025 02:48:57 +0000</pubDate>
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		<guid isPermaLink="false">https://www.ourstoryinsight.com/?p=11014</guid>

					<description><![CDATA[<p>JPMorgan Chase CEO Jamie Dimon hosted an extravagant party to celebrate King Charles’ 77th birthday on Thursday in the bank’s shiny new Manhattan skyscraper. It was an all-out birthday bash – what Brits might call a bit of a “knees-up” – complete with a huge projection of the Union Jack on the side of JPMorgan’s [&#8230;]</p>
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										<content:encoded><![CDATA[<p>JPMorgan Chase CEO Jamie Dimon hosted an extravagant party to celebrate King Charles’ 77th birthday on Thursday in the bank’s shiny new Manhattan skyscraper.</p>
<p>It was an all-out birthday bash – what Brits might call a bit of a “knees-up” – complete with a huge projection of the Union Jack on the side of JPMorgan’s new $3 billion headquarters.</p>
<p>Though the king himself was not there, members of the British Consulate and celebrities like actor Brian Cox and former Prime Minister Tony Blair stopped by to cheer “Long live the king” – after first cheering for President Trump, according to The Wall Street Journal.</p>
<p>JPMorgan CEO Jamie Dimon hosted an extravagant party in honor of King Charles’ 77th birthday. <span class="credit">REUTERS</span></p>
<p>Charles celebrated his birthday on Nov. 14 after a spate of health issues including a cancer diagnosis. The palace has not specified what kind of cancer the king has.</p>
<p>The event in the new Lord Norman Foster-designed building featured classic British nosh like Yorkshire pudding and beef pie with Stilton cheese, in a room decked out with photos of the royal family and former President Reagan and Trump, according to The Journal.</p>
<p>There were also tables with sushi and nigiri sushi for those adverse to British pub grub.</p>
<p>A photo of the Union Jack projected on the side of JPMorgan’s new headquarters in Manhattan. <span class="credit">Reddit/GirlyPopTart</span></p>
<p>Members of Parliament and British nobles wearing kilts chatted with reality TV stars like Ubah Hassan from “The Real Housewives of New York City” and Mary Holland Nader from “Love Thy Nader,” The Journal reported.</p>
<p>The belated birthday party might have seemed unusual for a number of reasons – not only was Charles thousands of miles away; the festivities took place in a country readying to celebrate 250 years of independence from the Brits. </p>
<p>But it wasn’t such an unexpected move for Dimon, who has been growing closer with British Prime Minister Keir Starmer’s government and is friendly with French President Emmanuel Macron. He met the king during a global investment summit in the UK in 2023.</p>
<p>Dimon used the event to spread his goal of bringing the US and Europe closer together, warning of the dangers of a weakened trans-Atlantic alliance as he thanked the British for their help in countering Nazism. </p>
<p>“There’s a whiskey bar back there,” he said on a less serious note to roughly 400 guests as he took to the stage. “Thank God, mostly Scottish whiskey.”</p>
<p>Varun Chandra, Starmer’s special adviser on business and investment, made a speech that flopped with a string of “very cringeworthy and overused Dad jokes” about the differences between Britain and the US, an attendee said.</p>
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<p>Guests told The Post that Chandra’s speech made passing references to how Britons pronounce “z” as “zed” and how Americans don’t really understand “football” — what is known as soccer on this side of the Atlantic.</p>
<p>“Nobody laughed. Everyone was just waiting for him to finish,” said an insider who was among the 400 or so onlookers. </p>
<p>Dimon was surrounded all night by people angling to take photographs with the exec – staying behind with a drink in hand for more than two hours after many JPMorgan execs had already left, according to The Journal.</p>
<p>A major history buff, Dimon nodded to JPMorgan’s British ties during his speech. </p>
<p>King Charles III celebrated his 77th birthday on Nov. 14. <span class="credit">Tayfun Salci/ZUMA Press Wire / SplashNews.com</span></p>
<p>Founder J. Pierpont Morgan came from a family of English merchants, and his son, Jack Morgan, was good friends with King George VI – Charles’ grandfather. </p>
<p>But representatives of the British Consulate didn’t skim over the event’s blatant irony.</p>
<p>“We’re just about to begin the celebrations for 250 years of American independence from the British monarch, and here we stand in this temple of American freedom and prosperity to celebrate the birthday of the British monarch,” Chandra said during his speech.</p>
<p>Back in the 1600s, King Charles II ousted the Dutch from New Amsterdam and gave the territory to his brother, the Duke of York – renaming it New York in his honor.</p>
<p>JPMorgan did not immediately respond to The Post’s request for comment.</p>
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		<title>Jamie Dimon takes thinly veiled swipe at Zohran Mamdani&#8217;s &#8216;anti-business agenda: &#8216;It will backfire&#8217;</title>
		<link>https://www.ourstoryinsight.com/jamie-dimon-takes-thinly-veiled-swipe-at-zohran-mamdanis-anti-business-agenda-it-will-backfire/</link>
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		<pubDate>Thu, 06 Nov 2025 21:11:03 +0000</pubDate>
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					<description><![CDATA[<p>Jamie Dimon took a thinly veiled swipe at “anti-business” Mayor-elect Zohran Mamdani — warning that the left-wing pol’s tax-and-spend agenda could “backfire” and drive big taxpayers and major companies out of the city. The JPMorgan Chase CEO didn’t mention Mamdani by name in his Thursday remarks at a conference in Miami, but made several pointed [&#8230;]</p>
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										<content:encoded><![CDATA[<p>Jamie Dimon took a thinly veiled swipe at “anti-business” Mayor-elect Zohran Mamdani — warning that the left-wing pol’s tax-and-spend agenda could “backfire” and drive big taxpayers and major companies out of the city.</p>
<p>The JPMorgan Chase CEO didn’t mention Mamdani by name in his Thursday remarks at a conference in Miami, but made several pointed references to the hard-left ideas espoused during his campaign. Those include free childcare and free buses — and pledges to soak the rich to foot the bill. </p>
<p>“This notion of somehow being anti-business is going to help average American citizens, even the lower paid,” he told an audience at the American Business Forum, a Saudi Arabia-backed summit in Miami. “I don’t agree with the concept.”</p>
<p>JPMorgan CEO Jamie Dimon took a not-too-subtle swipe at hard-left NYC mayoral election winner Zohran Mamdani during an appearance at a Saudi-backed business forum in Miami, Florida. <span class="credit">Getty Images for America Business Forum</span></p>
<p>The 69-year-old Wall Street titan likewise warned that “beating up business as a way to fix things” — whether it’s crime, education or the cost of living — could shrink the city’s tax base as financiers and corporations relocate to lower-tax states. The bank itself has just opened a swanky new Park Avenue HQ.</p>
<p>“Everyone has to compete,” Dimon said, citing how Florida and Texas were tempting Wall Street firms to move out of the Big Apple. “It’s competitive between countries, between states, and between cities. A bunch of these states that are driving business out — it will backfire.</p>
<p>“A lot of those cities do things in the name of good, which create bad,” he added. “All of these bad policies, in my view, usually hurt the lower-paid people more.”</p>
<p>Dimon reportedly tried to reach Mamdani by phone on Wednesday but was unable to connect. The Post has approached a JPMorgan spokesman for comment.</p>
<p>The Queens native previously called Mamdani a “Marxist” this past summer, but recently offered to advise the 34-year-old mayor-elect on the challenges that come with the role of managing the city’s $115 billion budget. </p>
<p>Dimon said Democrat-led cities such as New York should reduce what he called “blue tape” — excessive regulations that stifle growth and hurt workers and consumers alike.</p>
<p>During a conference in Dublin, Ireland, earlier this summer, Dimon had labelled Mamdani as a “Marxist” but has since offered to help the inexperienced failed rapper as he takes on one of the biggest political jobs in the United States <span class="credit">ZUMAPRESS.com</span></p>
<p>“We’d better start fixing these things. Because in 30 years, if we don’t, we are going the way of Europe,” he said, pointing to the continent’s ever-shrinking share of global GDP.</p>
<p>On Wednesday, Dimon told CNN Mamdani should consult with outgoing Detroit Mayor Mike Duggan, who has been credited with reviving his city after bankruptcy. Dimon cited Duggan’s execution and practical governance, noting that enthusiasm alone does not guarantee success.</p>
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<p>Big Apple power broker Kathryn Wylde, the CEO of Partnership of New York, told The Post that the assemblyman “has demonstrated that he is a good listener and he is willing to accept that there are other ways to achieve his goals besides actions that hurt the economy.”</p>
<p>“What he has said to our members, he is going to pursue his goal of reducing costs, whether it’s rent, groceries, or childcare, and he won’t compromise on them,” she added. “But Mamdani is wide open on how to get there, to the extent that he is willing to accept advice from the business community.”</p>
<p>JPMorgan’s Dimon told CNN on Wednesday that Zohran Mamdani should reach out to Detroit Mayor Mike Duggan, who has turned around Motor City’s economic fortunes since taking up the job in 2014. <span class="credit">Getty Images</span></p>
<p>Dimon, who earned $39 million last year according to filings, has become increasingly vocal on political issues ranging from U.S. support for Ukraine to global competition with China. </p>
<p>The Post’s Charlie Gasparino reported in June that Dimon has not yet fully closed the door on a possible run for the White House. Sources close to the JPMorgan CEO have always downplayed his chances of winning a Democratic primary, but never ruled out a tilt at America’s top job.</p>
<p>He has hinted at retirement within the next few years. Potential successors include Marianne Lake, CEO of consumer and community banking; Troy Rohrbaugh, co-head of commercial and investment banking; and Mary Erdoes, CEO of asset and wealth management.</p>
<p>In 2021, the JPMorgan board granted Dimon a special award of 1.5 million stock options that vest in 2026, giving him an incentive to stay on through that year.</p>
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		<title>JPMorgan&#8217;s Jamie Dimon calls on US to stockpile bullets, rare earth instead of bitcoin</title>
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		<pubDate>Sat, 31 May 2025 01:12:04 +0000</pubDate>
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		<guid isPermaLink="false">https://www.ourstoryinsight.com/?p=7335</guid>

					<description><![CDATA[<p>The United States should stockpile guns, ammunition and drones instead of bitcoin, JPMorgan Chase CEO Jamie Dimon said Friday at the inaugural Reagan National Economic Forum in California.  “We shouldn’t be stockpiling bitcoins,” Dimon said when asked about how industrial policy is entwined with national security policies during a panel. “We should stockpiling guns, bullets, tanks, planes, drones, you [&#8230;]</p>
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]]></description>
										<content:encoded><![CDATA[<p>The United States should stockpile guns, ammunition and drones instead of bitcoin, JPMorgan Chase CEO Jamie Dimon said Friday at the inaugural Reagan National Economic Forum in California. </p>
<p>“We shouldn’t be stockpiling bitcoins,” Dimon said when asked about how industrial policy is entwined with national security policies during a panel. </p>
<p>“We should stockpiling guns, bullets, tanks, planes, drones, you know, rare earths. We know we need to do it. It’s not a mystery.” </p>
<p>Bitcoin is a decentralized digital currency that operates outside of banking or government authority.</p>
<p>President Donald Trump signed an executive order in March establishing a Bitcoin reserve, which he described as “a virtual Fort Knox for digital gold.” </p>
<p><strong>“</strong>We should be stockpiling bullets,” he continued. </p>
<p>“Like, you know, the military guys tell you that, you know, if there’s a war in the South China Sea, we have missiles for seven days. Okay, come on. I mean, we can’t say that with a straight face and think that’s okay. So we know what to do. We just got to now go about doing it. Get the people together, roll up our sleeves, you know, have the debates.” </p>
<p>Dimon joined a fireside chat during the Reagan National Economic Forum in Simi Valley, California, at the Reagan Presidential Library Friday for a sweeping discussion on the economy and how the world’s “tectonic plates are shifting” in geopolitics in the form of wars, proxy terrorists and the potential proliferation of nuclear weapons. </p>
<p>At the inaugural Reagan National Economic Forum in California, JPMorgan Chase CEO Jamie Dimon said the United States should stockpile guns, ammunition, and drones instead of bitcoin. <span class="credit">POOL/AFP via Getty Images</span></p>
<p>Dimon underscored during his address that he does not view China as America’s top adversary, and instead pointed his attention to the “enemy within” that could lead to the U.S.’ status as the world’s leader crater. </p>
<p>“I’m not as worried about China,” Dimon said. </p>
<p>“China is a potential adversary. They’re doing a lot of things well, they have a lot of problems. But what I really worry about is us. Can we get our own act together, our own values, our own capability, our own management?”</p>
<p>Dimon specifically said, “We should stockpiling guns, bullets, tanks, planes, drones, you know, rare earths. We know we need to do it. It’s not a mystery.” <span class="credit">Milan – stock.adobe.com</span></p>
<p>“I always get asked this question: Are we going to be the reserve currency?” he said. </p>
<p>“No. You know, if we are not the preeminent military and the preeminent economy in 40 years, we will not be the reserve currency. That’s a fact. Just read history.” </p>
<p>He referred to the U.S. government as a “Leviathan” that is too weak to carry out policies, while simultaneously imposing “things on the American public that they’re getting sick of.” </p>
<p>Bitcoin operates outside of the current banking and government authority in the U.S. and is seen as a is a decentralized digital currency, though President Trump signed an executive order in March establishing a Bitcoin reserve. <span class="credit">ARTFULLY-79 – stock.adobe.com</span></p>
<p>Dimon argued that instead, the U.S. needs to celebrate its long-held values.</p>
<p>“Celebrate our virtues: freedom of speech, freedom of religion, freedom of enterprise, equal opportunity, family, God, country,” he said. </p>
<p>“You know, and you can acknowledge the flaws that we have, which are extraordinary — what we did the Black population for years. Don’t denigrate the great things of this country, because those are two different things.”</p>
<p>“We don’t talk that much to each other — deal with our policies — this is the enemy within,” he continued.</p>
<p>“We’ve got to fix our permitting our regulations our immigration our taxation, which I, I think they’re on their way. We have to fix our inner city schools, our health care system.” </p>
<p>The Reagan National Economic forum kicked off Friday, and includes panels featuring Secretary of Energy Chris Wright, lawmakers such as Sens. Mike Rounds and Bill Cassidy, and leaders from the private sector, such as the CEO of Booz Allen Hamilton, Horacio Rozanski. </p>
<p>The bipartisan event works to promote “President Reagan’s enduring belief in the power of the free market and individual opportunity to drive national prosperity,” according to forum organizers. </p>
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		<title>This is why Jamie Dimon is so gloomy on the economy</title>
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		<pubDate>Fri, 30 May 2025 18:10:58 +0000</pubDate>
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					<description><![CDATA[<p>Jamie Dimon, CEO of JPMorgan Chase, testifies during the Senate Banking, Housing and Urban Affairs Committee hearing titled Annual Oversight of Wall Street Firms, in the Hart Building on Dec. 6, 2023. Tom Williams &#124; Cq-roll Call, Inc. &#124; Getty Images The more Jamie Dimon worries, the better his bank seems to do. As JPMorgan [&#8230;]</p>
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										<content:encoded><![CDATA[<p><span class="HighlightShare-hidden" style="top:0;left:0"/></p>
<p>Jamie Dimon, CEO of JPMorgan Chase, testifies during the Senate Banking, Housing and Urban Affairs Committee hearing titled Annual Oversight of Wall Street Firms, in the Hart Building on Dec. 6, 2023.</p>
<p>Tom Williams | Cq-roll Call, Inc. | Getty Images</p>
<p>The more Jamie Dimon worries, the better his bank seems to do.</p>
<p>As <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-2">JPMorgan Chase<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><span class="AddToWatchlistButton-addWatchListFromTag"/></span></span></span> has grown larger, more profitable and increasingly more crucial to the U.S. economy in recent years, its star CEO has grown more vocal about what could go wrong — all while things keep going right for his bank.</p>
<p>In the best of times and in the worst of times, Dimon&#8217;s public outlook is grim.</p>
<p>Whether it&#8217;s his 2022 forecast for a &#8220;hurricane&#8221; hitting the U.S. economy, his concerns over the fraying post-WWII world order or his caution about America getting hit by a one-two punch of recession and inflation, Dimon seems to lace every earnings report, TV appearance and investor event with another dire warning.</p>
<p>&#8220;His track record of leading the bank is incredible,&#8221; said Ben Mackovak, a board member of four banks and investor through his firm Strategic Value Bank Partner. &#8220;His track record of making economic-calamity predictions, not as good.&#8221;</p>
<p>Over his two decades running JPMorgan, Dimon, 69, has helped build a financial institution unlike any the world has seen.</p>
<p>A sprawling giant in both Main Street banking and Wall Street high finance, Dimon&#8217;s bank is, in his own words, an end-game winner when it comes to money. It has more branches, deposits and online users than any peer and is a leading credit card and small business franchise. It has a top market share in both trading and investment banking, and more than $10 trillion moves over its global payment rails daily.</p>
<h2 class="ArticleBody-subtitle">&#8216;Warning shot&#8217;</h2>
<p>A review of 20 years of Dimon&#8217;s annual investor letters and his public statements show a distinct evolution. He became CEO in 2006, and his first decade at the helm of JPMorgan was consumed by the U.S. housing bubble, the 2008 financial crisis and its long aftermath, including the acquisition of two failed rivals, Bear Stearns and Washington Mutual.</p>
<p>By the time he began his second decade leading JPMorgan, however, just as the legal hangover from the mortgage crisis began to fade, Dimon began seeing new storm clouds on the horizon.</p>
<p>&#8220;There will be another crisis,&#8221; he wrote in his April 2015 CEO letter, musing on potential triggers and pointing out that recent gyrations in U.S. debt were a &#8220;warning shot&#8221; for markets.</p>
<p>That passage marked the start of more frequent financial warnings from Dimon, including worries of a recession — which didn&#8217;t happen until the 2020 pandemic triggered a two-month contraction — as well as concerns around market meltdowns and the ballooning U.S. deficit.</p>
<p>But it also marked a decade in which JPMorgan&#8217;s performance began lapping rivals. After leveling out at roughly $20 billion in annual profit for a few years, the sprawling machine that Dimon oversaw began to truly hit its stride.</p>
<p>JPMorgan generated seven record annual profits from 2015 to 2024, over twice as many as in Dimon&#8217;s first decade as CEO. JPMorgan is now the world&#8217;s most valuable publicly traded financial firm and is spending $18 billion annually on technology, including artificial intelligence, to stay that way.</p>
<p>While Dimon seems perpetually worried about the economy and rising geopolitical turmoil, the U.S. economy keeps chugging along. That means unemployment and consumer spending has been more resilient than expected, allowing JPMorgan to churn out record profits.</p>
<p>In 2022, Dimon told a roomful of professional investors to prepare for an economic storm: &#8220;Right now, it&#8217;s kind of sunny, things are doing fine, everyone thinks the Fed can handle this,&#8221; Dimon said, referring to the Federal Reserve managing the post-pandemic economy.</p>
<p>&#8220;That hurricane is right out there, down the road, coming our way,&#8221; he said.</p>
<p>&#8220;This may be the most dangerous time the world has seen in decades,&#8221; Dimon said the following year in an earnings release.</p>
<p>But investors who listened to Dimon and made their portfolios more conservative would&#8217;ve missed out on the best two-year run for the <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-14">S&#038;P 500<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><span class="AddToWatchlistButton-addWatchListFromTag"/></span></span></span> in decades.</p>
<h2 class="ArticleBody-subtitle">&#8216;You look stupid&#8217;</h2>
<p>&#8220;It&#8217;s an interesting contradiction, no doubt,&#8221; Mackovak said about Dimon&#8217;s downbeat remarks and his bank&#8217;s performance.</p>
<p>&#8220;Part of it could just be the brand-building of Jamie Dimon,&#8221; the investor said. &#8220;Or having a win-win narrative where if something goes bad, you can say, &#8216;Oh, I called it,&#8217; and if doesn&#8217;t, well your bank&#8217;s still chugging along.&#8221;</p>
<p>According to the former president of a top five U.S. financial institution, bankers know that it&#8217;s wiser to broadcast caution than optimism. Former <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-15">Citigroup<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><span class="AddToWatchlistButton-addWatchListFromTag"/></span></span></span> CEO Chuck Prince, for example, is best known for his ill-fated comment in 2007 about the mortgage business that &#8220;as long as the music is playing, you&#8217;ve got to get up and dance.&#8221;</p>
<p>&#8220;One learns that there&#8217;s a lot more downside to your reputation if you are overly optimistic and things go wrong,&#8221; said this former executive, who asked to remain anonymous to discuss Dimon. &#8220;It&#8217;s damaging to your bank, and you look stupid, whereas the other way around, you just look like you&#8217;re being a very cautious, thoughtful banker.&#8221;</p>
<p>Banking is ultimately a business of calculated risks, and its CEOs have to be attuned to the downside, to the possibility that they don&#8217;t get repaid on their loans, said banking analyst Mike Mayo of <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-17">Wells Fargo<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><span class="AddToWatchlistButton-addWatchListFromTag"/></span></span></span>.</p>
<p>&#8220;It&#8217;s the old cliché that a good banker carries an umbrella when the sun is shining; they&#8217;re always looking around the corner, always aware of what could go wrong,&#8221; Mayo said.</p>
<p>But other longtime Dimon watchers see something else.</p>
<p>Dimon has an &#8220;ulterior motive&#8221; for his public comments, according to Portales Partners analyst Charles Peabody.</p>
<p>&#8220;I think this rhetoric is to keep his management team focused on future risks, whether they happen or not,&#8221; Peabody said. &#8220;With a high-performing, high-growth franchise, he&#8217;s trying to prevent them from becoming complacent, so I think he&#8217;s ingrained in their culture a constant war room-type atmosphere.&#8221;</p>
<p>Dimon has no shortage of things to worry about these days, despite the fact that his bank generated a record $58.5 billion in profit last year. Conflicts in Ukraine and Gaza rage on, the U.S. national debt grows and President Donald Trump&#8217;s trade policies continue to jolt adversaries and allies alike.</p>
<h2 class="ArticleBody-subtitle">Graveyard of bank logos</h2>
<p>&#8220;It&#8217;s fair to observe that he&#8217;s not omniscient and not everything he says comes true,&#8221; said Truist bank analyst Brian Foran. &#8220;He comes at it more from a perspective that you need to be prepared for X, as opposed to we&#8217;re convinced X is going to happen.&#8221;</p>
<p>JPMorgan was better positioned for higher interest rates than most of its peers were in 2023, when rates surged and punished those who held low-yielding long-term bonds, Foran noted.</p>
<p>&#8220;For many years, he said &#8216;Be prepared for the 10 year at 5%, and we all thought he was crazy, because it was like 1% at the time,&#8221; Foran said. &#8220;Turns out that being prepared was not a bad thing.&#8221;</p>
<p>Perhaps the best explanation for Dimon&#8217;s dour outlook is that, no matter how big and powerful JPMorgan is, financial companies can be fragile. The history of finance is one of the rise and fall of institutions, sometimes when managers become complacent or greedy.</p>
<p>In fact, the graveyard of bank logos that are no longer used includes three — Bear Stearns, Washington Mutual and First Republic — that have been subsumed by JPMorgan.</p>
<p>During his bank&#8217;s investor day meeting this month, Dimon pointed out that, in the past decade, JPMorgan has been one of the only firms to earn annual returns of more than 17%.</p>
<p>&#8220;If you go back to the 10 years before that, OK, a lot of people earned over 17%,&#8221; Dimon said. &#8220;Almost every single one went bankrupt. Hear what I just said?</p>
<p>&#8220;Almost every single major financial company in the world almost didn&#8217;t make it,&#8221; he said. &#8220;It&#8217;s a rough world out there.&#8221;</p>
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		<title>Chase CEO Jamie Dimon says markets are too complacent</title>
		<link>https://www.ourstoryinsight.com/chase-ceo-jamie-dimon-says-markets-are-too-complacent/</link>
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		<pubDate>Tue, 20 May 2025 04:45:16 +0000</pubDate>
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		<guid isPermaLink="false">https://www.ourstoryinsight.com/?p=7128</guid>

					<description><![CDATA[<p>Jamie Dimon, CEO of JPMorgan Chase, leaves the U.S. Capitol after a meeting with Republican members of the Senate Banking, Housing and Urban Affairs Committee on the issue of de-banking on Feb. 13, 2025. Tom Williams &#124; Cq-roll Call, Inc. &#124; Getty Images JPMorgan Chase CEO Jamie Dimon said Monday that markets and central bankers [&#8230;]</p>
<p>The post <a rel="nofollow" href="https://www.ourstoryinsight.com/chase-ceo-jamie-dimon-says-markets-are-too-complacent/">Chase CEO Jamie Dimon says markets are too complacent</a> appeared first on <a rel="nofollow" href="https://www.ourstoryinsight.com">Our Story Insight</a>.</p>
]]></description>
										<content:encoded><![CDATA[<p><span class="HighlightShare-hidden" style="top:0;left:0"/></p>
<p>Jamie Dimon, CEO of JPMorgan Chase, leaves the U.S. Capitol after a meeting with Republican members of the Senate Banking, Housing and Urban Affairs Committee on the issue of de-banking on Feb. 13, 2025.</p>
<p>Tom Williams | Cq-roll Call, Inc. | Getty Images</p>
<p><span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-1">JPMorgan Chase<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><span class="AddToWatchlistButton-addWatchListFromTag"/></span></span></span> CEO Jamie Dimon said Monday that markets and central bankers underappreciate the risks created by record U.S. deficits, tariffs and international tensions.</p>
<p>Dimon, the veteran CEO and chairman of the biggest U.S. bank by assets, explained his worldview during his bank&#8217;s annual investor day meeting in New York. He said he believes the risks of higher inflation and even stagflation aren&#8217;t properly represented by stock market values, which have staged a comeback from lows in April.</p>
<p>&#8220;We have huge deficits; we have what I consider almost complacent central banks,&#8221; Dimon said. &#8220;You all think they can manage all this. I don&#8217;t think they can,&#8221; he said.</p>
<p>&#8220;My own view is people feel pretty good because you haven&#8217;t seen effective tariffs,&#8221; Dimon said. &#8220;The market came down 10%, [it&#8217;s] back up 10%. That&#8217;s an extraordinary amount of complacency.&#8221;</p>
<p>Dimon&#8217;s comments follow Moody&#8217;s rating agency downgrading the U.S. credit rating on Friday over concerns about the government&#8217;s growing debt burden. Markets have been whipsawed over the past few months over worries that President Donald Trump&#8217;s trade policies will raise inflation and slow the world&#8217;s largest economy.</p>
<p>Dimon said Monday that he believed Wall Street earnings estimates for <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-9">S&#038;P 500<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><span class="AddToWatchlistButton-addWatchListFromTag"/></span></span></span> companies, which have already declined in the first weeks of Trump&#8217;s trade policies, will fall further as companies pull or lower guidance amid the uncertainty.</p>
<p>In six months, those projections will fall to 0% earnings growth after starting the year at around 12%, Dimon said. If that were to happen, stocks prices will likely fall.</p>
<p>&#8220;I think earnings estimates will come down, which means PE will come down,&#8221; Dimon said, referring to the price to earnings ratio tracked closely by stock market analysts.</p>
<p>The odds of stagflation, &#8220;which is basically a recession with inflation,&#8221; are roughly double what the market thinks, Dimon added.</p>
<p>Separately, one of Dimon&#8217;s top deputies said corporate clients are still in &#8220;wait-and-see&#8221; mode when it comes to acquisitions and other deals.</p>
<p>Investment banking revenue is headed for a &#8220;mid-teens&#8221; percentage decline in the second quarter compared with the year-earlier period, while trading revenue was trending higher by a &#8220;mid-to-high&#8221; single-digit percentage, said Troy Rohrbaugh, a co-head of the firm&#8217;s commercial and investment bank.</p>
<p>On the ever-present question of Dimon&#8217;s timeline to hand over the CEO reins to one of his deputies, Dimon said nothing has changed from his guidance last year, when he said he would likely remain for less than five more years.</p>
<p>&#8220;If I&#8217;m here for four more years, and maybe two more&#8221; as executive chairman, Dimon said, &#8220;that&#8217;s a long time.&#8221;</p>
<p>Of all the executive presentations given Monday, consumer banking chief Marianne Lake had the longest speaking time at a full hour. She is considered a top successor candidate, especially after Chief Operating Officer Jennifer Piepszak said she would not be seeking the top job.</p>
<h2 class="RelatedContent-header">Don’t miss these insights from CNBC PRO</h2>
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		<title>JPMorgan CEO Jamie Dimon says remote work &#8216;doesn&#8217;t work in our business&#8217;</title>
		<link>https://www.ourstoryinsight.com/jpmorgan-ceo-jamie-dimon-says-remote-work-doesnt-work-in-our-business/</link>
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		<pubDate>Wed, 12 Mar 2025 11:00:29 +0000</pubDate>
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		<guid isPermaLink="false">https://www.ourstoryinsight.com/?p=5791</guid>

					<description><![CDATA[<p>JPMorgan Chase CEO Jamie Dimon defended his position against remote work to a group of college students, telling them that telework “doesn’t work in our business.” Dimon, 68, said he “had enough” of virtual working when speaking to students at Stanford University’s Graduate School of Business last week. A student asked the bank executive about [&#8230;]</p>
<p>The post <a rel="nofollow" href="https://www.ourstoryinsight.com/jpmorgan-ceo-jamie-dimon-says-remote-work-doesnt-work-in-our-business/">JPMorgan CEO Jamie Dimon says remote work &#8216;doesn&#8217;t work in our business&#8217;</a> appeared first on <a rel="nofollow" href="https://www.ourstoryinsight.com">Our Story Insight</a>.</p>
]]></description>
										<content:encoded><![CDATA[<p>JPMorgan Chase CEO Jamie Dimon defended his position against remote work to a group of college students, telling them that telework “doesn’t work in our business.”</p>
<p>Dimon, 68, said he “had enough” of virtual working when speaking to students at Stanford University’s Graduate School of Business last week.</p>
<p>A student asked the bank executive about his leaked and expletive remarks from a company town hall addressing the firm’s end of hybrid work, which has become a common workplace practice in recent years, particularly after the coronavirus pandemic.</p>
<p>He was asked by the student for advice on how to address the issue of virtual work.</p>
<p>Dimon responded that the only group of people frustrated with the return to the office are “the people in the middle,” such as corporate office workers.</p>
<p>“If you work in a restaurant, you’ve got to be in,” he said. “You all may not know this, but 60% of Americans worked the whole time.”</p>
<p>“Where did you get your Amazon packages from? Your beef, your meat, your vodka? Where did you get the diapers from?” he continued, referring to people who have never had the option to work remotely, even during the pandemic.</p>
<p>JPMorgan Chase CEO Jamie Dimon doubled down on his anti-telework policies. <span class="credit">Bloomberg via Getty Images</span></p>
<p>Dimon spoke with students at Stanford University’s Graduate School of Business last week. <span class="credit">Stanford Graduate School of Business</span></p>
<p>Dimon added: “You got UPS and FedEx and manufacturers and agriculture and hospitals and cities and schools and nurses and sanitation and firemen and military. They all worked.”</p>
<p>Some workers in both the government and the private sector who have been permitted to work remotely since the pandemic have been critical of return-to-office mandates in recent years.</p>
<p>There have been some who have even quit over the return to the office requirement, which Dimon said he respects.</p>
<p>Dimon insisted that telework “doesn’t work in our business.” <span class="credit">Getty Images</span></p>
<p>“We have 10% of our people working at home full-time,” Dimon said. “We put virtual call centers in Baltimore and Detroit. We did it to see if they’d be effective. They’re highly effective. They work from home. They’re mostly minorities. That’s why we did it. It’s a home run. So I’m not against it where it works … I also completely defend your right to say, ‘I don’t want to.&#8217;”</p>
<p>“But I don’t defend your right to tell me what JPMorgan’s gonna do,” he added. “So you have a free market. You can do one thing, I can do another. That’s what’s called a free market.”</p>
<p>JPMorgan Chase had earlier announced that employees must return to the office five days a week, beginning this month.</p>
<p>The CEO suggested that only “the people in the middle” were frustrated about returning to the office. <span class="credit">Stanford Graduate School of Business</span></p>
<p>Dimon also said he wanted people back in the office because “younger people are being left behind.”</p>
<p>“It’s not like the first month you’re working,” he said. “It’s by the second year you have less people, you’re put on less assignments, you know less what’s going on, you have less conversations at the water cooler or in the cafeteria. So it’s leaving them behind. I won’t do that. And to have the younger people coming in but not their bosses, I have a problem with that too. And then people say to me always, ‘well, it works for me.&#8217;”</p>
<p>He also stressed the importance of communication with coworkers in the office that may not be possible with remote work.</p>
<p>“As a management tool, when we meet in the morning, we talk, we have these debates, all day long we’re talking. ‘Hey, no, I checked on that, you’re right about that, here’s what I think we should do.’ All day long, constant update, constant share of information. So I tell you, it doesn’t work in our business. And for culture, you talk about culture, it’s impossible to do culture,” Dimon said.</p>
<p>Dimon also said people are often distracted by their phones during Zoom meetings.</p>
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		<title>Jamie Dimon&#8217;s woke demons won&#8217;t halt JPMorgan&#8217;s DEI</title>
		<link>https://www.ourstoryinsight.com/jamie-dimons-woke-demons-wont-halt-jpmorgans-dei/</link>
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		<pubDate>Sun, 02 Mar 2025 16:28:13 +0000</pubDate>
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		<guid isPermaLink="false">https://www.ourstoryinsight.com/?p=5602</guid>

					<description><![CDATA[<p>Under pressure from the Trump administration, JPMorgan is continuing to rework and reword its commitment to the controversial Diversity, Equity and Inclusion system of hiring and promotion, including possibly an overhaul of its flashy displays of DEI commitments featured on the company’s website, the Post has learned. But my guess — and the guess of [&#8230;]</p>
<p>The post <a rel="nofollow" href="https://www.ourstoryinsight.com/jamie-dimons-woke-demons-wont-halt-jpmorgans-dei/">Jamie Dimon&#8217;s woke demons won&#8217;t halt JPMorgan&#8217;s DEI</a> appeared first on <a rel="nofollow" href="https://www.ourstoryinsight.com">Our Story Insight</a>.</p>
]]></description>
										<content:encoded><![CDATA[<p>Under pressure from the Trump administration, JPMorgan is continuing to rework and reword its commitment to the controversial Diversity, Equity and Inclusion system of hiring and promotion, including possibly an overhaul of its flashy displays of DEI commitments featured on the company’s website, the Post has learned.</p>
<p>But my guess — and the guess of people in Washington and on Wall Street following this issue — is that it won’t be enough to satisfy the courts, the public’s demands for a color-blind meritocracy and the Trump administration’s desires to roll back one of the most divisive political, cultural and business issues of our time.</p>
<p>In many ways the nation’s largest lender is an outlier in continuing to support DEI, or the use of racial and “intersectional” (gender and genderidentity) preferences in hiring.</p>
<p>JPMorgan Chase CEO Jamie Dimon speaks during a Senate Banking, Housing and Urban Affairs Committee hearing in Washington DC on Dec. 6, 2023.  <span class="credit">Bloomberg via Getty Images</span></p>
<p>Companies are dropping the practice because of its dubious legality following the 2023 SCOTUS ruling outlawing affirmative action in college admissions.</p>
<p>President Trump has signed executive orders ending DEI in federal contracting, and is calling on major companies to do the same.</p>
<h2 class="inline-module__heading subsection-heading subsection-heading--single-line ">
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<p>And many are.</p>
<p>Just this past Friday, BlackRock, the world’s largest money manager and once a major DEI adherent, said that while it loves diversity, it is “not requiring managers to interview a diverse slate of candidates for open positions.”</p>
<p>Others have gone so far as to drop the word “equity” or guaranteed outcomes from their hiring metrics.</p>
<p>Yet it’s unclear where exactly JPMorgan, led by mega-banker Jamie Dimon, stands on the issue.</p>
<p>Dimon has a long history supporting DEI, and became obsessed with it in 2020 during the social-justice George Floyd riots.</p>
<p>But a lot has changed since our “summer of love,” as the left termed those turbulent times, and Dimon has spent most of the past month of Donald Trump’s presidency attempting to spin his way out of a possible confrontation with the anti-DEI president.</p>
<h2 class="wp-block-heading">Changing public filings</h2>
<p>JPM has begun altering public filings as they relate to so-called intersectional hiring preferences at the bank.</p>
<p>Some people at the bank tell me there will be at least a semantic weakening of the bank’s DEI commitment.</p>
<p>On deck, my sources there say, is a revamping of the DEI section of its website, which features maybe the most florid examples of DEI worship in the business community.</p>
<p>As it stands now, the website boasts that “58% of new US hires are racially or ethnically diverse,” and 49% of all global new hires are women.</p>
<p>The company has had a 35% increase in “self-identifying” LBGTQ+ employees in the last year it posted data, following a 50% increase.</p>
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<p>There are “500+” LBGTQ+ managing directors and executive directors at the bank, it adds.</p>
<p>People at JPM say look for possible new language that softens such DEI humblebrags.</p>
<p>It may even remove “equity” from its diversity hiring metrics, like many others already have.</p>
<p>Yet, these semantic changes won’t satisfy the Trump White House, and the president himself, my reporting suggests.</p>
<p>White House advisers tell me language tweaks often obscure the backdoor use of illegal hiring preferences.</p>
<p>The president, they tell me, wants a color-blind country, and he wants corporate America’s buy-in. Too much is at stake to downgrade skill when we are in a global war for economic supremacyand freedom with China.</p>
<h2 class="wp-block-heading"><strong>No confusion from Don</strong></h2>
<p>For proof, they say, look no further than Trump’s Truth Social feed where he recently singled out Apple for JPM-like DEI worship.</p>
<p>As Trump wrote in all caps so there was no confusion about where he stood: “APPLE SHOULD GET RID OF DEI RULES, NOT JUST MAKE ADJUSTMENTS TO THEM,” adding that “DEI WAS A HOAX THAT HAS BEEN VERY BAD FOR OUR COUNTRY. DEI IS GONE!!!”</p>
<p>On Monday, Dimon attempted more damage control, this time with the people over at CNBC. When asked about his DEI commitment, Dimon said: “I don’t like wasted money on bureaucracy . . . obviously you have to modify your plans, but we look at our policies all the time… But if we did something wrong with DEI, we’re going to fix it.</p>
<p>I never had a problem admitting that we did too much and we need to change something.”</p>
<p>What that gibberish means in reality is difficult to say. A JPM spokesman later told me the bank is “still committed” to DEI.</p>
<p>“Changing something doesn’t mean weakening” it, the flack insisted.</p>
<p>The spokesman also said all hiring is merit-based, which again seems like a contradiction if you’re committed to DEI.</p>
<p>Dimon’s handlers have argued in the past that JPM is a highly profitable enterprise while employing DEI, so it must account for something.</p>
<p>True, JPM is profitable, but DEI is hardly the reason any big bank makes money.</p>
<p>Dimon is a very good banker, but for all his skills as a manager, he runs a business protected by the federal government since the 2008 financial crisis, aka it’s Too Big To Fail.</p>
<p>That designation allows it to borrow cheaply and lend more expensively.</p>
<p>It almost seems like it’s able to print money even when the economy sputters.</p>
<p>Sorry, the real reason Dimon can’t pull himself away from DEI is because he’s a progressive, and always has been. He’s slated to retire in the next few years, and might run for office as a Democrat or take a job in academia.</p>
<p>Both are places that remain committed to racialized employment policies, which explains a lot.</p>
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		<title>Jamie Dimon calls U.S. government &#8216;inefficient,&#8217; touts Elon Musk&#8217;s DOGE effort</title>
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		<pubDate>Tue, 25 Feb 2025 02:37:17 +0000</pubDate>
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					<description><![CDATA[<p>JPMorgan Chase CEO Jamie Dimon on Monday said the U.S. government is inefficient and in need of work as the Trump administration terminates thousands of federal employees and works to dismantle agencies including the Consumer Financial Protection Bureau. Dimon was asked by CNBC&#8217;s Leslie Picker whether he supported efforts by Elon Musk&#8217;s advisory body, the [&#8230;]</p>
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<p><span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-1">JPMorgan Chase<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><span class="AddToWatchlistButton-addWatchListFromTag"/></span></span></span> CEO Jamie Dimon on Monday said the U.S. government is inefficient and in need of work as the Trump administration terminates thousands of federal employees and works to dismantle agencies including the Consumer Financial Protection Bureau.</p>
<p>Dimon was asked by CNBC&#8217;s Leslie Picker whether he supported efforts by Elon Musk&#8217;s advisory body, the Department of Government Efficiency. He declined to give what he called a &#8220;binary&#8221; response, but made comments that supported the overall effort.</p>
<p>&#8220;The government is inefficient, not very competent, and needs a lot of work,&#8221; Dimon told Picker. &#8220;It&#8217;s not just waste and fraud, it&#8217;s outcomes.&#8221;</p>
<p>The Trump administration&#8217;s effort to rein in spending and scrutinize federal agencies &#8220;needs to be done,&#8221; Dimon added.</p>
<p>&#8220;Why are we spending the money on these things? Are we getting what we deserve? What should we change?&#8221; Dimon said. &#8220;It&#8217;s not just about the deficit, its about building the right policies and procedures and the government we deserve.&#8221;</p>
<p>Dimon said if DOGE overreaches with its cost-cutting efforts or engages in activity that&#8217;s not legal, &#8220;the courts will stop it.&#8221;</p>
<p>&#8220;I&#8217;m hoping it&#8217;s quite successful,&#8221; he said.</p>
<p>In the wide-ranging interview, Dimon also addressed his company&#8217;s push to have most workers in office five days a week, as well as his views on the Ukraine conflict, tariffs and the U.S. consumer.</p>
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<p>The post <a rel="nofollow" href="https://www.ourstoryinsight.com/jamie-dimon-calls-u-s-government-inefficient-touts-elon-musks-doge-effort/">Jamie Dimon calls U.S. government &#8216;inefficient,&#8217; touts Elon Musk&#8217;s DOGE effort</a> appeared first on <a rel="nofollow" href="https://www.ourstoryinsight.com">Our Story Insight</a>.</p>
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