Jamie Dimon Quotes
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You never know exactly how new policies are going to work. That doesn't mean you shouldn't try them.
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Over the longer term, China will grow by about 6% or 7% per year. The Chinese authorities usually react pretty quickly to unfolding economic events, and you've seen them recently change a whole bunch of policies to be more conducive to growth. They have the power and capability to macromanage the economy - to accomplish their growth objectives - which means they're pretty much going to come close to what they say is going to happen.
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A democracy is a compromise by its nature. It's not a dictatorship.
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India is a huge democracy. Prime Minister [Narendra] Modi has ambitions to try to fix the infrastructure, the rules, taxes, education, and to lift up the Indian people. And we're hopeful that that's going to create positive momentum.
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I've been regulated my whole life. We have progressive taxes. It's not a free-market free-for-all. I completely understand that society has a perfectly legitimate right to put in structures and regulations and rules that make it fairer, better, cleaner.
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The government isn't going to say, "We're going to regulate banks, but we'll leave these other companies alone." I think the regulators want to make sure that they have some form of regulation on anything systemic. We like our hand. But, you know, honestly, who owns the future?
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The question is how do you do it [more consumer protection] so that it actually works that way? And that takes analysis, and sometimes collaboration between government and business, to understand how that works.
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I think immigration has been one of the vital things about the growth of America. I'm the product of grandparents who all immigrated from Greece. I hope eventually we have proper immigration.
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We've made a huge effort globally and in the US, in getting kids jobs. This is one piece. The South Bronx and inner-city schools need it more than most. It's our hometown; JPMorgan Chase banks a lot of people here. If you see the school, it works. Kids all getting jobs, they're smiling, they're proud of themselves. That's what we need to do in inner-city schools.
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We take smaller companies and middle-sized companies, all around the world, and we do currency exchange for them; we raise bonds and equities for them; and we do inventory finance, trade finance, and custody of assets.
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You don't run a business hoping you don't have a recession.
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I always tell people, "There's a book on everyone." I get some of that book before I do anything. If I want to deeply understand someone's reputation, I'll talk to their friends, their former bosses, their peers, and I'll learn a lot about them. I want them to be trusted. I want them to be respected. I want them to give a s - -. Then there are the intangibles: physical and emotional stamina, the ability to confront issues. I can ask all I want about those things, but I also have to see a lot of it.
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My guess is the big Chinese banks will be in 100 countries by then. They will have very sophisticated operations, and they may very well have bought banks around the world in countries that allow it. I mean, I don't think the American government would allow them to buy JPMorgan. But they will be able to buy a sizable big bank in the U.S. at some point. Whether they do or not, or if it's allowed or not, I don't know.
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The Trump administration's economic agenda is the right agenda. Corporate taxes have been driving capital and brains and companies overseas for a decade. It has caused huge damage in investment and jobs and productivity. It was a mistake. We have to fix it. Counterintuitively, that usually helps middle-class wages, and lower-class wages, and job formation.
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We got a lot of excellent people and businesses from Bear and WaMu. But Bear definitely was more painful. WaMu got us into Florida, California, and other states, which was a huge benefit - to expand and grow and add middle-market, private banking, investment banking, and other products, too.
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Acting like everyone who's been successful is bad and because you're rich you're bad, I don't understand it.
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My daughter asked me when she came home from school, "What's the financial crisis?" and I said, it's something that happens every five to seven years.
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They'll [China] probably be a fully developed nation. The road there just is not going to be that easy. You're going from a macromanaged, top-down economy to a market-managed, micromanaged type of economy, with all the potential corruption issues, SOE [state-owned enterprise] reform, and market reform that come with it.
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Prime Minister Modi [Narendra] is strong enough, and he's accomplished much.
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The yen is trading where it's trading because people are guessing about people's future interest rates, dollar and yen and about the future growth potential of the economies. And, if this policy works, then the yen will probably strengthen.
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Our commercial bank [JPMorgan] is only in the U.S. We are serving what you call SMEs - small businesses, private companies.
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I don't like the term "universal bank." The Chinese government legitimately wants to have a very strong economy. When they talk about SOE reform, they know that's part of it.
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Economies of scale are a good thing. If we didn't have them, we'd still be living in tents and eating buffalo.
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I am not embarrassed to be a banker. I am not embarrassed to be in business.
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JP Morgan always has higher capital liquidity, that is partially to make up for mistakes and problems and obviously its a tough economy. We support an oversight committee, we supported some of the compensation, new compensation rules, though we already follow most of them. We support a lot of it.
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I do think there will be more Japanese companies expanding out of Japan, and there will be more cross-border flow from Japan.
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The transaction reflects our disciplined strategy of investing capital in core businesses where we can leverage scale and expertise for competitive advantage. In addition to being a great strategic fit, the deal is compelling financially.
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The best way to look at any business is from the standpoint of the clients. So there are these certain basic things that aren't going to change. Companies are going to have needs for equity, debt, advice, FX, and derivatives. Individuals are going to have needs for auto loans, mortgages, something that looks like a deposit account, and the ability to send money to people. Those things aren't going to change.
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We've seen the volatility at dollar-yen, U.S. Treasurys, JGBs (Japanese government bonds), German bunds.
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I also think you have to be very careful. I mean, the heritage of our company is very strong, and building some of these businesses into leading players is extremely tough. You and I can both build a trading business, and it looks like you're doing OK, and it looks like I'm doing OK. But, really, I am, and you aren't. It comes down to the quality of clients, quality of systems, quality of risk controls.
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