Jamie Dimon
Jamie Dimon
James "Jamie" Dimonis an American business executive. He is chairman, president and chief executive officer of JPMorgan Chase, largest of the Big Four American banks, and previously served on the Board of Directors of the Federal Reserve Bank of New York. Dimon was named to Time magazine's 2006, 2008, 2009, and 2011 lists of the world's 100 most influential people. He was also named to Institutional Investor's Best CEOs list in the All-America Executive Team Survey from 2008 through 2011...
ProfessionEntrepreneur
Date of Birth13 March 1956
CityNew York City, NY
Our global corporate investment bank competes with Goldman Sachs, Citibank, and a bunch of other banks that are in those businesses. We may have slightly different products or services, but so what? That's always been true in American business.
The government has the right to change laws and rules and regulations.
If the government wants to do social policy, it should not be done in a quasi-public company. If you have a mortgage guarantee company which is done by the U.S. government, it should be guaranteed by the originators, i.e., the shareholder.
I have gotten disturbed at some of the Democrats' anti-business behavior, the sentiment, the attacks on work ethic and successful people. I think it's very counter-productive.
JPMorgan was already, for the most part. Our businesses at JPMorgan share the same cash-management systems. The commercial bank, the private bank, the retail bank, they all use the branches. The cash-management system moves the money around the world - for global corporations, and for you, the consumer, too.
The United States has the best, deepest, widest, and most transparent capital markets in the world which give you, the investor, the ability to buy and sell large amounts at very cheap prices. That is a good thing.
It's offensive to me to be called a cost cutter,
Capping the size of American banks won't eliminate the needs of big businesses; it will force them to turn to foreign banks that won't face the same restrictions.
At Travelers, we were much more opportunistic. It was very successful, but it wasn't an integrated financial services company. We had a property casualty company, a life company, a brokerage company. We were a financial conglomerate. It wasn't a unified, coordinated strategy of any sort. When it merged with Citi, that became a big issue; Citi, at that time, wasn't yet a fully integrated, coordinated company.
Economies of scale are a good thing. If we didn't have them, we'd still be living in tents and eating buffalo.
If the economy grows, housing gets better, quicker.
No one has the right to not assume that the business cycle will turn! Every five years or so, you have got to assume that something bad will happen.
They have a policy in China for their big companies called "Go abroad." It's a rational thing for both the company and the country to say, "We want big, successful companies." Particularly in areas where they need it: agriculture, energy, technology. I think banking, too. One or two have bought a trading house. Some have already begun expanding around the world. Of course they're going to have those ambitions. Why wouldn't they? They're just doing it methodically. It's a logical strategy and, well-executed, they will succeed.
You don't run a business hoping you don't have a recession.