May 29, 2024

JPMorgan Chase CEO Dimon Says US Economy ‘Unbelievable’

JPMorgan Chase CEO Jamie Dimon reportedly said Tuesday (April 23) that the U.S. economic boom is “unbelievable.”

Speaking at an event at The Economic Club of New York, Dimon said employment is strong, consumer finances are healthy, and consumers would still be in good shape even if the economy were to go into a recession, Reuters reported Tuesday.

At the same time, Dimon cautioned about national debt, inflation and geopolitical conflicts that could impact the economy, according to the report. He added that inflation, and along with it higher interest rates, could last longer than expected.

During the talk, Dimon also there should be a more harmonious relationship between lenders and regulators and that there’s a need for more inclusive economic growth, per the report.

Dimon also addressed policy issues like U.S. military power, political polarization and the nation’s economic performance compared to other countries, the report said.

“I would like to see practitioners go back to the government,” Dimon said during the address.

The Reuters report added that Dimon’s name has been floated for senior economic roles in the government and that he said during an interview at The Economic Club of New York, “I want to help my country.”

Dimon warned of “persistent inflation pressures” that will be unpredictable in remarks accompanying JPMorgan’s latest quarterly earnings released April 12.

He said in an earnings release, “We have never truly experienced the full effect of quantitative tightening on this scale. We do not know how these factors will play out, but we must prepare the firm for a wide range of potential environments.”

In a recent letter to shareholders, Dimon weighed in on many subjects and took particular note of the changing competitive landscape in financial services — warning that regulatory frameworks for banks may make delivering those services more expensive.

Dimon added in the letter that private markets and FinTechs are gaining market share and that those firms “do not have the same transparency or need to abide by the extensive rules and regulations as traditional banks, even if they offer similar products — this often gives them significant advantage.”

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