Person
1 episodes · 13 quoted claims
Jamie Dimon says that at the 2004 JPMorgan–Bank One merger he had a book called 'how we do business', and then-chairman Bill Harrison told him to send it out.
“When we first did the J P Morgan Bank one merger in 2004, I had a book, how we do business, and Bill Harrison, who was the chairman of the time, said, you've got to send it out.”
Jamie Dimon says the leveraged-loan, high-yield bond and bank syndicated leveraged-lending markets are each about $1.7 trillion, a scale he uses to argue private credit is not systemic.
“it's at 1.7 trillion of leveraged loans, high yield bonds are 1.7 trillion, bank syndicated leverage lending is 1.7 trillion.”
Jamie Dimon says the investment-grade debt market and the mortgage market are each about $13 trillion.
“Investment grade is 13 trillion, mortgages, which is mostly high investment grade or more, is 13 trillion”
Jamie Dimon says that when he arrived at JPMorgan its risk measurement assumed a 10% stock market fall, 3% G10 currency moves and credit spreads widening by 40%, and he pushed for much more severe scenarios.
“the risk measurement was the market going down 10%, stock market, FX currencies, moving 3%, the G ten, and credit spreads gapping out by 40%.”
Jamie Dimon says home prices falling 40%, as happened in the great financial crisis, was a scenario his bank never anticipated.
“home prices being down 40%. That was just not on the list.”
Jamie Dimon says the United States has had inflation above 2% for five years.
“we've had over 2% inflation in the United States for five years now.”
Jamie Dimon says Mario Draghi's report listed 300 recommendations for Europe, of which only seven or eight have been implemented.
“Draghi, Mario Draghi, who I have enormous respect for, wrote the Draghi report. He listed them all 300 recommendations, of which they've done seven or eight, okay, and they're needed.”
Jamie Dimon says the United States has sixty military allies and partners, and even more economic allies and partners.
“America has sixty military allies and partners, and more than that economic allies and partners.”
Jamie Dimon says JPMorgan has been using AI for thirteen years and has thousands of people working on it.
“We already we've been doing it for thirteen years. We've got thousands of people deployed in it.”
Jamie Dimon says the executive who runs AI at JPMorgan previously ran the bank's prime services business for years.
“The woman running AI ran prime services for us for years.”
Jamie Dimon says JPMorgan is the number one foreign-exchange trader in the world but ranks only seventh in Vietnam.
“we're the number one FX trade in the world, but we're number seven in Vietnam.”
Jamie Dimon says David Novak, when lead director of the JPMorgan board, would send him handwritten coaching notes after board meetings held without him.
“or David Novak, when he was lead director, he would give me a a handwritten note.”
Jamie Dimon predicts that with rising productivity people in the developed world will eventually work about three and a half days a week.
“sometime down the road, with the more productivity and stuff like that, human beings, developed world will probably be working three and a half days a week.”