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
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.
I hope the story of 2011 is that America gets its mojo back. You've got to remember that America has the best universities; it's got some of the best businesses. It's got an unbelievable work ethic, rule of law. The story of 2011 will be America blossoming again.
It's offensive to me to be called a cost cutter,
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.
The term 'too big to fail' must be excised from our vocabulary.
I learn from all our major competitors, whether they're in or out of the U.S. Wells Fargo is very actively, very aggressively, and very successfully building its U.S. investment bank.
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.
If the numbers are right, ICBC [Industrial & Commercial Bank of China], which already earns nearly twice as much as JPMorgan. They'll probably be going a lot faster over time, and one day they can be a lot bigger than us.
Our investment bank looks like it does because its customers like our expansive network and want to do equity, debt, M&A, custody, move money, deposit money, et cetera.
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.
People thought they were going to make a lot of money. And then at one point, it got too hot, and the government wanted to knock it down. Trying to get it up and then knock it down, both were a mistake. And part of the reason, some people think, is that they wanted to equitize some of their companies. A healthy stock market helps equitize companies and reduce the country's debt burden.
They [Chinese] have very smart, experienced people. I don't want to paint them all with the same brush. There was a little bit of a feeling that the stock market, which went from something like $4 trillion in valuation to $10 trillion, that the Chinese wanted that.