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
My operating assumption is we will always have very tough competition. And even with some European banks struggling right now, some of them can reemerge - and maybe even stronger.
Not every company went bankrupt. Not every bank needed TARP [Troubled Asset Relief Program]. So I'm very proud that JPMorgan, throughout that time period, was completely steadfast. We bought Bear Stearns because we thought we were helping the situation. We didn't cut and run.
We use technology to make it cheaper, better, and faster for the client. And then if you have the most flow, you can win. Now, having said that, Silicon Valley wants to take on this business. They think they see an opening.
If you're making all your money simply betting on interest rates, that's not a business. Flow is a business. On the outside, they look the same for a while. But when you dig into them, no, they weren't exactly the same.
Banks also have to say no to customers. We can't always give clients what they want; it may not be in the client's best interest.
We're trying to win business by doing a good job for the clients, as opposed to, "We think being big and universal is just a great, wonderful thing." It's not a morality thing. It's a "Does it work for the client?" thing. Everything we do is because a client uses us. Everything we do is because a client chose to use us of his own free volition.
Just because we're stupid doesn't mean everybody else was.
We don't think there are cases where people were evicted out of homes when they shouldn't have been.
No one can forecast the economy with certainty.
It's great that people get together and collaborate, talk about the facts and the analysis, all in the interest of having a great financial system.
It's good for America when the rest of the world grows, because you can sell more to the rest of the world.
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.
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.