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Newsweek
3 days ago
- Business
- Newsweek
JPMorgan CEO Says US Economy Threatened by 'Enemy Within'
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. The CEO of JPMorgan Chase Jamie Dimon has characterized the real threats to the long-term health of the U.S. economy as internal, rather than those posed by any foreign nation. Speaking at the Reagan National Economic Forum in California on Friday, Dimon said that the "tectonic plates" of geopolitics and the global economy were shifting, and that the biggest issue underlying this was "the enemy within." "I'm not as worried about China. China is a potential adversary—they're doing a lot of things well, they have a lot of problems," he said. "But what I really worry about is us. Can we get our own act together—our own values, our own capability, our own management." Why It Matters Dimon's comments come as the U.S. grapples with the threat of a recession, and a broader deterioration of its economic outlook. In addition to weak consumer confidence and fears over inflation, the trade policies of the U.S. administration have resulted in significant market volatility and raised concerns the economy could be approaching a major downturn. Despite the 90-day tariff pause agreed between the two nations on May 12, negotiations between the two countries have not resulted in substantive progress, with recent accusations of violations further and aggressive posturing from the administration threatening to derail any potential breakthrough. What To Know Dimon defined the "enemy from within" as a broad combination of state-level economic mismanagement, regulatory gridlock, deficiencies in the schooling and health care systems, while mentioning several other difficulties, including the persistent risk of the U.S. economy slipping into a recession. While he agreed with outgoing Berkshire Hathaway CEO Warren Buffet's assessment that the U.S. and its economy remain "resilient," Dimon added: "This time is different. This time we have to get our act together and we have to do it very quickly." JPMorgan Chase CEO Jamie Dimon delivers a speech during the Global Markets Conference, ahead of the Choose France summit, in Paris, on May 15, 2025. JPMorgan Chase CEO Jamie Dimon delivers a speech during the Global Markets Conference, ahead of the Choose France summit, in Paris, on May 15, 2025. Michel Euler/POOL/AFP via Getty Images In addition to geopolitics, and the proxy activity and nuclear proliferation of countries such as North Korea, he said another "tectonic shift" taking place was in the global economy, and America's continued ability to engage and maintain amicable economic relations with its trading partners. He said that the priority over the coming weeks and months—during the pause on reciprocal tariffs and the temporary reduction in China's rates—should be to reach in-principle agreements with "15 important" partners, without specifying the nations in question. "I would engage with China," he added. "I just got back from China last week. They're not scared, folks. This notion they're gonna come bow to America — I wouldn't count on that." Despite the truce agreed last month, negotiations between the world's two largest economies are "a bit stalled," according to Treasury Secretary Scott Bessent. In addition, President Trump on Friday accused Beijing of "totally" violating the terms of the 90-day pause, signaling a potential reescalation of the trade conflict. What People Are Saying JPMorgan CEO Jamie Dimon on Friday said: "Right now we're not a team anymore, and we don't collaborate, we don't talk that much to each other. Deal with our policy—and this is the enemy within—we've got to fix our permitting, our regulations, our immigration, our taxation." "But the most important is maintain those military alliances. Spend whatever you've got to spend to have the strongest military in the world," he added. "And I'm hoping the goal of the Trump administration is this: Keep the Western military alliances together." President Trump, via Truth Social on Friday, said: "Because of this deal, everything quickly stabilized and China got back to business as usual. Everybody was happy! That is the good news!!! The bad news is that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US. So much for being Mr. NICE GUY!" What Happens Next? Trump's 90-day suspension of reciprocal tariffs is set to expire on July 8, while the China tariff pause will end in August—though both remain subject to a potential cancellation.
Time of India
25-05-2025
- Business
- Time of India
JP Morgan Chase's Jamie Dimon shares two things that change when you become CEO: ‘Nobody to complain to and…'
JP Morgan Chase CEO Jamie Dimon recently offered a blunt perspective on the realities of executive leadership, stating that once you become CEO, 'there is nobody to complain to,' and all decisions rest squarely on your shoulders. In an interview with The Economist, Dimon highlighted two key shifts that occur when an executive ascends to the top role. 'The first one is there is nobody to complain to,' he said. 'The second thing is... there is no tacit approval. It is your decision. It's just different. Heavy is the head that wears the crown.' Dimon, 69, has led JPMorgan since 2006, making him one of the longest-serving and most influential CEOs in the banking industry. His career began after earning an MBA from Harvard Business School in 1982. He turned down offers from Goldman Sachs and Morgan Stanley to join his mentor, Sandy Weill, at American Express. JP Morgan Chase CEO on his succession plans At the company's annual investor day this week, CEO Jamie Dimon emphasized that the bank has built a 'very deep bench' of potential leaders. While confirming that the board is actively 'thinking about succession', Dimon stopped short of naming any specific candidates. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Spacious 2, 3 & 4 BHK Homes at ₹88 L+* in Pune Dosti Greenscapes Learn More Undo The Android Show Recap! Personalisation, AI Everywhere & More! "If I'm here for four more years and maybe two more or three, executive chair or chairman, that's a long time,' he remarked. In a recent news, Dimon defended the company's return to office ( RTO ) mandate. In an interview with Bloomberg Television recently, Dimon said 'I think our employees will be happier over time' He further added 'And the younger people learn the right way, it is an apprenticeship system and you can't learn working from your basement.' JPMorgan, like many major companies, has pushed for a return to office after the pandemic, requiring most employees to work from the office several days a week. Speaking at JPMorgan's annual Global Markets Conference in Paris, Dimon said '"I completely applaud your right to not want to go to the office every day. But you're not going to tell JPMorgan what to do." AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Yahoo
20-05-2025
- Business
- Yahoo
Ray Dalio Says Fed Should Not Cut Rates Now
Ray Dalio, Bridgewater Associates founder, says the Federal Reserve should not be cutting interest rates right now. He speaks to Bloomberg's Sonali Basak at the BNP Paribas' Global Markets Conference. (Corrects name of event)
Business Mayor
19-05-2025
- Business
- Business Mayor
JPMorgan CEO Jamie Dimon says the bank will let clients buy bitcoin
JPMorgan Chase CEO Jamie Dimon delivers a speech during the Global Markets Conference, ahead of the Choose France summit, in Paris, on May 15, 2025. Michel Euler | Afp | Getty Images JPMorgan Chase is finally allowing clients to buy bitcoin . But CEO Jamie Dimon is still a skeptic. 'We are going to allow you to buy it,' Dimon said at the bank's annual investor day on Monday. 'We're not going to custody it. We're going to put it in statements for clients.' The decision marks a notable step for the largest U.S. bank, particularly due to Dimon's history of criticizing the digital currency and the crypto market broadly, and is the latest sign of bitcoin's entry into mainstream investing. Since August, Morgan Stanley has allowed its financial advisors to pitch some spot bitcoin exchange-traded funds to qualifying clients. Dimon made it clear that his personal view of bitcoin remains unchanged, highlighting issues like money laundering and the lack of clarity surrounding ownership, along with 'the sex trafficking, the terrorism.' 'I don't think you should smoke, but I defend your right to smoke,' Dimon said. 'I defend your right to buy bitcoin.' A JPMorgan spokesperson declined to elaborate on the bank's specific plans for bitcoin access. Until now, the company has limited its crypto exposure primarily to futures-based products, not direct ownership of bitcoin. When crypto valuations were soaring in 2021, Dimon dismissed bitcoin as 'worthless.' He told lawmakers during a Senate hearing in late 2023 that he's 'always been deeply opposed to crypto, bitcoin, etc.,' and that, 'The only true use case for it is criminals, drug traffickers … money laundering, tax avoidance.' He said at the hearing that, 'If I was the government, I'd close it down.' At the 2024 World Economic Forum in Davos, Dimon said, 'Bitcoin does nothing. I call it the pet rock.' He added that, 'This is the last time I'm talking about the with CNBC, so help me God.' Morgan Stanley CEO Ted Pick told CNBC at this year's event in Davos that the investment bank is exploring ways to deepen its involvement in cryptocurrency markets, navigating the regulatory landscape under the pro-crypto administration of President Donald Trump. Since President Trump took office in January, the Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency have rescinded their anti-crypto guidance. While banks can now custody crypto, thanks to the repeal of an accounting rule called SAB 121, they still face restrictions on working directly with crypto firms without explicit approval from the Federal Reserve. WATCH: Dimon says his tenure is 'up to the board' READ SOURCE
Time of India
16-05-2025
- Business
- Time of India
Jamie Dimon to employees: Don't tell JPMorgan what to do, you can't learn from ...
JP Morgan Chase CEO Jamie Dimon has once again defended the company's return to office (RTO) mandate. In an interview with Bloomberg Television recently, Dimon said 'I think our employees will be happier over time' He further added 'And the younger people learn the right way, it is an apprenticeship system and you can't learn working from your basement.' JPMorgan, like many major companies, has pushed for a return to office after the pandemic, requiring most employees to work from the office several days a week. Speaking at JPMorgan's annual Global Markets Conference in Paris, Dimon said '"I completely applaud your right to not want to go to the office every day. But you're not going to tell JPMorgan what to do." Dimon, a long-time critic of remote work, has been vocal about the need for in-person collaboration. In the past, he has argued that remote work affects productivity and hinders learning for junior staff. Jamie Dimon defends Return to Office by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Ótimas notícias para os cidadãos brasileiros! Leia mais Undo JPMorgan issued a five-day return-to-work mandate for most of its employees earlier this year. In his annual shareholder letter last year, he reflected on the company's performance, acknowledging that while JPMorgan had seen strong growth over the last five years, it had also picked up some 'bad habits.' 'Working from home exacerbated the situation by hindering innovation, slowing decision-making, inhibiting information sharing, reducing efficiency, and creating more politics and bureaucracy,' he wrote. "Remote work eliminates much spontaneous learning and creativity because you don't run into people at the coffee machine, talk with clients in unplanned scenarios or travel to meet with customers and employees for feedback on your products and services," he wrote in an annual shareholder letter in 2021. When JP Morgan CEO dismissed hybrid work practices In a leaked audio recording obtained by Business Insider, Dimon said, "A lot of you were on the fu**ing Zoom and you were doing the following: looking at your mail, sending texts to each other about what an asshole the other person is, not paying attention, not reading your stuff." Criticising hybrid models, he said in the leaked audio, "Don't give me this s**t that work-from-home-Fridays works. I call a lot of people on Fridays, and there's not a goddamn person you can get a hold of." AI Masterclass for Students. Upskill Young Ones Today!– Join Now
