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Speaker 1: We want to turn now to our interview with Jamie Diamond,

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Speaker 1: the head of JP Morgan, spoke with our Bloomberg affiliate

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Speaker 1: in Mexico discussing the latest inflation numbers, a potential rating

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Speaker 1: downgrade for the US, and the headwinds at the US

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Speaker 1: economy faces. Let's go to part of that discussion.

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Speaker 2: Well, it was a great coincidence to see you yesterday

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Speaker 2: here in Mexico.

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Speaker 3: Tell us what brings you here?

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Speaker 2: You met with the top businessman in the businessman in

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Speaker 2: this country. What was your conversation about.

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Speaker 4: Yeah, so, first of all, I am thrilled to be here,

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Speaker 4: and actually running into you reminded me that why should

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Speaker 4: I do a little television here and talk about something

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Speaker 4: like that. Yeah, Mexico is a critical market for US.

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Speaker 4: We've been here for one hundred and twenty years. We've

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Speaker 4: been all over Latin America for over one hundred years.

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Speaker 4: We have a total of six thousand employees, and we

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Speaker 4: bank like thirteen hundred companies, we bank governments.

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Speaker 3: And it's always.

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Speaker 4: Critical to remember when you go in the road, how

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Speaker 4: much you've learned. You know, first of all, you're learning

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Speaker 4: from your own people and learning from your clients, learning

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Speaker 4: from CEOs, so it didn't last. You know, we spoke

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Speaker 4: a lot about America Mexico relationships. For example, I had

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Speaker 4: forgotten that the USMCA deal needs to be reaffirmed. We

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Speaker 4: should start working at today. Also we talked about nearsharing.

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Speaker 4: But the huge opportunity it is to have a near shot,

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Speaker 4: you know, bringing more business into Mexico and America because

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Speaker 4: it was going on around the world. I mean you

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Speaker 4: should keep in mind Latin America and North America South

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Speaker 4: are the kind of.

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Speaker 3: Like seas of peace and tranquility in.

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Speaker 4: The world you see today, and that's an opportunity for them.

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Speaker 2: Well, of course I can't imagine so a CEO of

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Speaker 2: one of the most important banks in the world, how

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Speaker 2: attracted do you see Mexico to invest and talking about

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Speaker 2: near showing a lot of businessmen talk about the challenges

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Speaker 2: for this phenomenon, like infrastructure security, What do you see.

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Speaker 4: Yeah, So you know, if you look at just jpmore

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Speaker 4: and we invest for the long run, We've doubled a

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Speaker 4: triple or capital here in the last six years. We

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Speaker 4: cover more clients and private bank and investment banking, asset management.

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Speaker 4: So our community is total. I think it's one of

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Speaker 4: the great opportunities I put in Mexico. If you had

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Speaker 4: to pick a country, this might be the number one opportunity.

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Speaker 4: And remember, you already have very capable companies here, universities, infrastructure, technology,

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Speaker 4: So of course when you talk about.

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Speaker 3: You know, what you can do to do more?

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Speaker 4: You know, the better you do with infrastructure, the better

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Speaker 4: you do with you know, affordable energy costs, the better

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Speaker 4: you do with universities, the better you do with good policy.

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Speaker 4: It'll be better for that, but you already have a

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Speaker 4: lot of it. You already have companies moving more operations here, etc.

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Speaker 4: And I'd add security, which I think is a mutual

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Speaker 4: problem for America and Mexico. I hope we're working on

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Speaker 4: them together because you know, the more we can solve that,

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Speaker 4: the better for both countries. But of course there are

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Speaker 4: problems still, huge opportunities.

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Speaker 2: But great to hear from you that Mexico it's in

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Speaker 2: the number one. In which sectors do you see more

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Speaker 2: opportunities for near shuring in Mexico?

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Speaker 3: I would say.

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Speaker 4: Manufacturing more and more advanced manufacturing, agriculture. Look, I look

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Speaker 4: at your capital markets. I well just give you some numbers.

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Speaker 4: Your GDP is one point three trillion in Mexico. Your

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Speaker 4: market cap is four hundred billion. I mean it could

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Speaker 4: and should maybe a lot more than that. So there's

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Speaker 4: a huge opportunity to have capital markets grow here, to

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Speaker 4: bring more both foreign direct investment and more investment here.

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Speaker 3: You also have a tech sector here.

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Speaker 4: I have met with a bunch of high tech companies

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Speaker 4: are very impressive. So I think you'll see that grow.

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Speaker 4: And as Mexico grows, everything that supports all those industries heergo, industrial, agriculture, technology, etc.

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Speaker 2: Well, and we can talk about Mexican economy without talking

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Speaker 2: about the US data. Today, we saw the inflation in

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Speaker 2: the United States broad leasload in October. Do you think

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Speaker 2: the Fed will pause the rate hikes after these numbers

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Speaker 2: because recently you said the world it's not ready for

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Speaker 2: seven percent rates?

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Speaker 4: Right, there's two different things. I think the number is

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Speaker 4: good today. Personally, I think people are overreacting to short

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Speaker 4: term numbers and they should stop doing that because you

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Speaker 4: look at all the adjustments going to them, they're not

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Speaker 4: completely valid. I think inflation is probably a little stickier

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Speaker 4: than that shows. I think they do they're doing the

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Speaker 4: right thing to pause for now. You know they've raised

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Speaker 4: rates a lot, you know, to wait to see the

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Speaker 4: effect on the economy in the US, particularly as the

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Speaker 4: fiscal spending, the excess fiscal spending is winding down and

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Speaker 4: quantit tighter, tiny is kicking in. But I still think,

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Speaker 4: you know, you should prepare. They might have to do

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Speaker 4: a little bit more, and I think people should be

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Speaker 4: prepared for that, just as a kind of a risk

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Speaker 4: management tool. And I'm afraid inflation may not go away

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Speaker 4: that quickly.

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Speaker 3: Okay.

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Speaker 2: And well, also three months ago, Featur Rating downgraded US

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Speaker 2: credit rating, and this weekend we saw Modies changing its

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Speaker 2: outlook on the US credit rating to nay, I think,

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Speaker 2: pointing to our sharp rise in depth servicing coasts and

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Speaker 2: political polarization. What do you in this terms?

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Speaker 4: You know, Look, I find a little ironic that fiction

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Speaker 4: mood has been doing that today. So here's what I

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Speaker 4: think they are right to point out those issues. I

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Speaker 4: would take polarization off. That's always been true in a democracy.

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Speaker 4: But yes, we have far more debt and more debt financing.

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Speaker 4: We've been a little profitated when it comes to that.

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Speaker 4: But the market is pricing US as triple A, which

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Speaker 4: I think is more right, and the market will be

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Speaker 4: more right than the rating agencies. I also want to

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Speaker 4: point out I find this almost funny. They have a

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Speaker 4: lot of countries rated Triple A. They all live under

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Speaker 4: the protection of the American military, and so I think

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Speaker 4: it's a little peculiar that that makes them Triple.

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Speaker 3: A, but not America.

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Speaker 4: So America will be fine, but we got to get

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Speaker 4: our hands around these problems.

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Speaker 3: They will not age well.

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Speaker 4: The defit's a lot bigger this year than we thought.

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Speaker 4: There may be consequences of that, and so I think

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Speaker 4: the right to point it out.

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Speaker 2: Okay, and talking about your bank, Jamie, how would you

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Speaker 2: sum up these year twenty twenty three, given that it

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Speaker 2: was such a tough time for the brother industry.

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Speaker 3: You know, I don't. I don't look at any one

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Speaker 3: year like it's a mystical thing.

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Speaker 4: You know. I always tell people the profits are like

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Speaker 4: the tip of an iceberg is bobbing in the ocean.

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Speaker 4: You know, the real quality of your companies, your people,

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Speaker 4: your systems, your technology, your products, your services. So we

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Speaker 4: had a good year financially, you know. I know that

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Speaker 4: some banks has some problems. We've been quite clear over earning.

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Speaker 4: But to me, the important thing is that we're going

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Speaker 4: to serve our clients through thicker thin We've got plenty

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Speaker 4: of capital, planing, liquidity. We're not going to panic no

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Speaker 4: matter what happens the environment out there. We're going to

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Speaker 4: be in Mexico serving your clients, your country, or the

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Speaker 4: way we should be. And you know, I think of rates,

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Speaker 4: and look, I'm hoping that the first Republics we bought

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Speaker 4: was probably the last domino. But I've always said, provided

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Speaker 4: race don't go up, we don't have a recession. And

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Speaker 4: I do think banks being prepared for that, that's a

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Speaker 4: that's just a reasonable thoughtful risk management tool. Be prepared

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Speaker 4: for things you don't expect, so you can continue to

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Speaker 4: build your company.

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Speaker 2: How to prepare for the things that you don't expect.

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Speaker 3: You.

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Speaker 4: The way we do it is we model out how

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Speaker 4: are we to do in two percent interest rates and

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Speaker 4: seve percent interest rates, how we do with credit losses

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Speaker 4: going up? Stress testing markets around the world. So we

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Speaker 4: do like literally one hundred stress tests a week, and

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Speaker 4: so always looking at that so we can manage through

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Speaker 4: that and then under all those circumstances.

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Speaker 3: We're fine.

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Speaker 4: Find means to me that you have to announce massive

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Speaker 4: layoffs and you have to like call out of a

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Speaker 4: country that you continue to meet the commitments you have

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Speaker 4: to the people in the country and the countries themselves.

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Speaker 4: You know, people don't like banks who are fair weather friends,

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Speaker 4: and so you know we're going to be there for

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Speaker 4: people all the time. And you know, we've always been

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Speaker 4: careful how we run the bank.

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Speaker 2: Okay, Jamie, we have a question from the audience of

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Speaker 2: a big fan of yours. He says that if there

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Speaker 2: is really a future for fintech startups, or will they

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Speaker 2: be outlasted or innovated by banks.

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Speaker 4: Yeah, I think it's the wrong way to look at

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Speaker 4: the question like it's a binary answer. There will be

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Speaker 4: some who will not survive. There will be some who

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Speaker 4: are very smart and they have a great niche idea.

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Speaker 4: There will be some who are more than that, you know.

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Speaker 4: So JP Morgan, we look at all the fintech. We

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Speaker 4: also look at the big tech. You know, we have

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Speaker 4: competition effectively from Apple, Google, Facebook, and so there will

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Speaker 4: always be survivors.

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Speaker 3: And our job is to make sure.

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Speaker 4: We're lean, we're mean, we're thinking, we're competitive, we're It's

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Speaker 4: always better assumed that some of these people be successful

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Speaker 4: than to assume that they won't be successful. And you know,

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Speaker 4: I've pointed out their own meagement teams that there's some

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Speaker 4: great companies out there that we could have built and

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Speaker 4: we didn't like Square and Stripe, and so you know,

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Speaker 4: you've got to be open minded and a little humble

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Speaker 4: about what's going.

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Speaker 3: To take place.

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Speaker 4: Your size alone is not going to make you succeed

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Speaker 4: in the future. If you don't believe me, read about

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Speaker 4: the history of all large corporations.

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Speaker 2: So you see FinTechs working with big banks around the world.

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Speaker 3: That's true too.

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Speaker 4: By the way, we partner with fifty sixty, seventy five,

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Speaker 4: maybe even one hundred different FinTechs, depending on how you define

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Speaker 4: that in terms of data and cybersecurity and marketing.

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Speaker 3: And that we have quite a few partners that we work.

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Speaker 2: With, okay, And which are your perspectives of fintech for

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Speaker 2: Mexico and the region.

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Speaker 3: Well, I'm not an expert in that.

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Speaker 4: I do know that I've learned a lot droning this

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Speaker 4: reason from FinTechs, but I'm not quite an.

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Speaker 3: Expert is happening here.

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Speaker 4: But I think my view as you're developing a tech

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Speaker 4: sector here, including fintech, like you know in the old days,

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Speaker 4: a lot of the technology are taking place of Silicon

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Speaker 4: Value or in Boston, but now you see it almost

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Speaker 4: everywhere you go. There are tech and fintech companies starting

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Speaker 4: to blossom. And I think it'll be great for all

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Speaker 4: the country that happens in and it's happening here too, Okay.

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Speaker 2: Well, and also I would like you to ask about

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Speaker 2: Mexican economy, which are your your perspectives with high interest rates,

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Speaker 2: high inflation, but with the opportunity of near suring.

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Speaker 3: Yeah, I again, I think it's a great opportunity.

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Speaker 4: And you know a lot of Latin American countries raise

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Speaker 4: their industrates rapidly quickly, and they probably did the right

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Speaker 4: thing for the long run of the economy. You're very

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Speaker 4: low unemployment. You know, inflation is coming down, so hopefully

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Speaker 4: you'll conquer that. I think countries should always look at

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Speaker 4: and I really mean this like I do as a company,

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Speaker 4: what should they be growing? And you know, I think

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Speaker 4: we've undergrown in America, you know, quite a bit over

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Speaker 4: the last year, and I think Mexico should aspire to

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Speaker 4: do much more. And just like so that's how I

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Speaker 4: look at it, and to do more. All these countries,

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Speaker 4: all of us. You know, it's about policy, and you've

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Speaker 4: already mentioned infrastructure, but it's about worse skills. Effective regulation, transparency,

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Speaker 4: corporate governance, you know, rapid permitting. It's all those things.

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Speaker 4: You know, it's consistency of law that have a country grow.

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Speaker 4: And the important part of having the country grow it

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Speaker 4: helps all of the citizens.

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Speaker 3: There's more taxes, you.

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Speaker 4: Have more wherewithal you know, it's not just for big

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Speaker 4: companies you want to grow in economy, you really want

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Speaker 4: it for everybody. Every job created, you know, every job

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Speaker 4: created is a job for someone, and so you know

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Speaker 4: people we need we only be very thoughtful by we

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Speaker 4: grow economies help and we should do it to benefit

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Speaker 4: all the citizens of our country, you know, not just

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Speaker 4: the you know, the wealthier and the employee, but everybody.

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Speaker 3: Sure.

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Speaker 2: Well, finally, I know you enjoy a lot reading history

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Speaker 2: and business. Which book would you recommend to our audience?

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Speaker 4: Yeah, I think the one I would recommend is Bob Gates,

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Speaker 4: the former Secretary of Defense, wrote a book called The

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Speaker 4: Exercise of Power, and the first chapter is about the

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Speaker 4: symphony of power, and by that he is talking about

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Speaker 4: we've overused our military muscle, over used it and misused

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Speaker 4: our military muscle, but we've underused diplomacy, developed development finance,

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Speaker 4: information sharing in intelligence, and also explain to the world

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Speaker 4: the benefits of freedom, free enterprise, free markets, and that

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Speaker 4: we I think we at America should get more involved

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Speaker 4: in that.

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Speaker 3: You know.

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Speaker 4: One of the disappointments to me and I travel around

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Speaker 4: Latin America is we're not here enough as a country,

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Speaker 4: and we should be fostering these countries, helping them, trying

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Speaker 4: to get more direct investment in them, more development finance.

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Speaker 4: If we look at development fans, it's really come down

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Speaker 4: quite a bit. And so one of my lists to

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Speaker 4: do when I go back is to figure out how

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Speaker 4: we the American business community can work with you know,

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Speaker 4: the American government to actually help do more in Latin America.