1 00:00:02,840 --> 00:00:06,119 Speaker 1: The world's best known banker is Jamie Diamond, the longtime 2 00:00:06,280 --> 00:00:08,880 Speaker 1: CEO of JP Morgan. I had a chance to meet 3 00:00:08,920 --> 00:00:11,680 Speaker 1: with Jamie Diamond recently to talk about what's going on 4 00:00:11,680 --> 00:00:13,720 Speaker 1: in the financial world. He said he didn't want to 5 00:00:13,720 --> 00:00:15,880 Speaker 1: be Chairman of the Federal Reserve Board, but maybe would 6 00:00:15,920 --> 00:00:22,200 Speaker 1: take a call to being Secretary of the Treasury. So 7 00:00:22,520 --> 00:00:26,320 Speaker 1: recently you've been talking about the importance of the United 8 00:00:26,360 --> 00:00:28,560 Speaker 1: States and are celebrating our two hundred and fiftieth but 9 00:00:28,600 --> 00:00:32,960 Speaker 1: also investing in things that are security related. What made 10 00:00:33,040 --> 00:00:35,680 Speaker 1: you focus on that and you're now going to commit 11 00:00:35,840 --> 00:00:37,479 Speaker 1: what a build trullion and a half dollars over the 12 00:00:37,520 --> 00:00:39,320 Speaker 1: next ten years for this kind of investment. 13 00:00:39,479 --> 00:00:40,519 Speaker 2: Why did you decide to do that? 14 00:00:40,760 --> 00:00:43,400 Speaker 3: Yeah, so I've always been a patriot, and like you know, 15 00:00:43,400 --> 00:00:46,600 Speaker 3: you took here about growth, you know, growing the economy 16 00:00:46,640 --> 00:00:49,199 Speaker 3: and the grievances of Americas, which is a lot of 17 00:00:49,280 --> 00:00:51,240 Speaker 3: legitimates we're going to deal with and get policy right. 18 00:00:51,680 --> 00:00:54,000 Speaker 3: But one of them was this notion that we ended 19 00:00:54,080 --> 00:00:58,200 Speaker 3: up being so reliant on other people, some potential adversaries 20 00:00:58,200 --> 00:01:01,160 Speaker 3: for things critical to the security of the United States, 21 00:01:01,280 --> 00:01:03,360 Speaker 3: and it wasn't just us it's our allies too. So 22 00:01:04,040 --> 00:01:06,520 Speaker 3: we did some real research Acrourse twenty eight industry groups. 23 00:01:06,520 --> 00:01:09,000 Speaker 3: And you're talking about rare earths, which you all know about, 24 00:01:09,400 --> 00:01:12,679 Speaker 3: active pharmaceutical ingredients somebody may know about, you know, obviously 25 00:01:12,800 --> 00:01:16,720 Speaker 3: military production, drones, air cyber or satellite what are the 26 00:01:16,760 --> 00:01:19,080 Speaker 3: things you need for resiliency that we already did a 27 00:01:19,080 --> 00:01:21,679 Speaker 3: lot of it, and we wanted to do more, realizing 28 00:01:21,760 --> 00:01:24,600 Speaker 3: it was an important thing to do. How we got here, 29 00:01:24,680 --> 00:01:27,039 Speaker 3: I don't like crinervers builled milk, but we should never 30 00:01:27,080 --> 00:01:30,160 Speaker 3: have been here. So that's two and a half dollars. 31 00:01:30,200 --> 00:01:31,960 Speaker 3: My guesses will be quite a bit more than that 32 00:01:32,040 --> 00:01:34,280 Speaker 3: by the time we're done. We've had a deluge of 33 00:01:34,319 --> 00:01:36,920 Speaker 3: interest in it. Then we have We hired Todd Colms, 34 00:01:36,920 --> 00:01:39,679 Speaker 3: who's just a world class investor and a world class 35 00:01:39,680 --> 00:01:41,880 Speaker 3: person who's got his own day lous coming in to 36 00:01:41,959 --> 00:01:45,720 Speaker 3: invest ten billion and probably more. And we certainly probably 37 00:01:45,760 --> 00:01:48,960 Speaker 3: have partners in that in helping companies with growth capital 38 00:01:49,080 --> 00:01:52,160 Speaker 3: they need to grow to build the next plans or something. 39 00:01:52,440 --> 00:01:55,240 Speaker 3: We did real research and supply chains. There's a lot 40 00:01:55,240 --> 00:01:59,960 Speaker 3: of companies that provide what's important for basic important military 41 00:02:00,080 --> 00:02:02,440 Speaker 3: equipment that need help to grow there. They could be 42 00:02:02,440 --> 00:02:05,680 Speaker 3: private companies or bigger companies. There's a venture capital component. 43 00:02:05,880 --> 00:02:08,600 Speaker 3: We're also going to do research, so think around the 44 00:02:08,680 --> 00:02:12,440 Speaker 3: ship building ecosystem. UH. And then and policy. A lot 45 00:02:12,440 --> 00:02:16,680 Speaker 3: of things that are wronger policy reasons, how we how 46 00:02:16,680 --> 00:02:19,760 Speaker 3: we're allowed to procure in the military, UH, things like 47 00:02:19,840 --> 00:02:22,799 Speaker 3: permitting EPA laws. You know, if you want to keep 48 00:02:22,840 --> 00:02:25,079 Speaker 3: this country safe and secure, we need to do this work. 49 00:02:25,160 --> 00:02:27,160 Speaker 3: We need to do it now and right away. It 50 00:02:27,280 --> 00:02:32,080 Speaker 3: also will be extended to you know, nations in Europe, Australia, Japan, 51 00:02:32,360 --> 00:02:34,760 Speaker 3: South Korea. And it's just important to do a national 52 00:02:34,800 --> 00:02:37,119 Speaker 3: security you know, if you didn't, if you didn't get 53 00:02:37,120 --> 00:02:39,960 Speaker 3: the wake up call in February when you know three 54 00:02:40,040 --> 00:02:42,760 Speaker 3: hundred thousand Russian troops in Van and Ukraine, you know, 55 00:02:43,080 --> 00:02:45,320 Speaker 3: the world's not safe. It was never safe. We just 56 00:02:45,360 --> 00:02:47,560 Speaker 3: got loads of the false sense of security. The big, 57 00:02:47,639 --> 00:02:50,400 Speaker 3: biggest safety to have is the strongest military in the planet. 58 00:02:50,440 --> 00:02:53,400 Speaker 1: When the Great Recession happened, were you worried about the 59 00:02:53,639 --> 00:02:55,200 Speaker 1: viability of our financial system? 60 00:02:55,240 --> 00:02:56,480 Speaker 2: Your bank was in pretty good shape. 61 00:02:56,480 --> 00:02:58,679 Speaker 1: Where we worried that more than many investment banks and 62 00:02:58,720 --> 00:02:59,920 Speaker 1: commercial bank want to go under. 63 00:03:00,040 --> 00:03:02,360 Speaker 3: At that time, well a lot of them, did you know. 64 00:03:02,520 --> 00:03:05,200 Speaker 3: And yeah, a lot of companies around the world, a 65 00:03:05,240 --> 00:03:07,520 Speaker 3: lot of non banks around the world went bankrupt, you know, 66 00:03:07,600 --> 00:03:10,200 Speaker 3: JP Morgan. We did a lot to keep people afloat. 67 00:03:10,320 --> 00:03:11,840 Speaker 3: We took a lot of risks to do that. We 68 00:03:11,880 --> 00:03:15,160 Speaker 3: work with governments around the world. It was it was terrifying, 69 00:03:15,400 --> 00:03:17,760 Speaker 3: and it was you know, twenty four to seven, and 70 00:03:17,880 --> 00:03:19,320 Speaker 3: you know, people just trying to do the right thing 71 00:03:19,320 --> 00:03:20,960 Speaker 3: to make sure, you know, we kept through. 72 00:03:21,040 --> 00:03:22,480 Speaker 1: Do you think there's a chance of something like that 73 00:03:22,520 --> 00:03:24,359 Speaker 1: happy next couple of years, you think we're much better 74 00:03:24,480 --> 00:03:26,000 Speaker 1: protected from that kind of problem. 75 00:03:26,360 --> 00:03:28,520 Speaker 3: Well, there's there's no chance that you're gonna have that 76 00:03:28,600 --> 00:03:31,120 Speaker 3: kind of problem, but you know, there are chances to 77 00:03:31,160 --> 00:03:34,920 Speaker 3: have a problem somewhere somehow. You know. The biggest unknown 78 00:03:35,160 --> 00:03:39,800 Speaker 3: is is geopolitics, you know, And it's not like you 79 00:03:39,840 --> 00:03:42,040 Speaker 3: have to be dangerous, you carefully you talk about it's 80 00:03:42,080 --> 00:03:44,520 Speaker 3: not like that's going to determine what the economy does 81 00:03:44,560 --> 00:03:47,960 Speaker 3: in twenty twenty six, but it is a moving tectonic plate, 82 00:03:48,240 --> 00:03:52,080 Speaker 3: you know, alliances. You know, obviously there's terrible war in Ukraine, 83 00:03:52,080 --> 00:03:54,000 Speaker 3: which we need to do as much as we can 84 00:03:54,040 --> 00:03:56,800 Speaker 3: to help Ukraine. But aid and embedded by an Russia 85 00:03:56,840 --> 00:03:59,880 Speaker 3: and Russia somewhat by China. Those folks have told you 86 00:04:00,080 --> 00:04:02,440 Speaker 3: they want to do. They want to dismantle the system 87 00:04:02,480 --> 00:04:04,360 Speaker 3: set up they think by America, but they're set up 88 00:04:04,360 --> 00:04:06,560 Speaker 3: by the Western world after World War two has been 89 00:04:06,600 --> 00:04:09,960 Speaker 3: quite successful. Yeah, there are a lot of forces at play, 90 00:04:10,400 --> 00:04:12,800 Speaker 3: and you know, and people are going to have to choose, 91 00:04:12,880 --> 00:04:14,960 Speaker 3: you know, how they want to play this, play this 92 00:04:15,000 --> 00:04:17,040 Speaker 3: for now. So yeah, that would be my greatest concern, 93 00:04:17,400 --> 00:04:21,159 Speaker 3: and that's about the future of the free democratic world. 94 00:04:21,360 --> 00:04:22,800 Speaker 3: That's not just about America. 95 00:04:22,839 --> 00:04:25,800 Speaker 1: Are you worried about the over regulation that some people 96 00:04:25,800 --> 00:04:27,760 Speaker 1: in the banking world think that is occurring now or 97 00:04:27,800 --> 00:04:29,600 Speaker 1: do you think the regulations are okay? 98 00:04:29,640 --> 00:04:29,919 Speaker 2: Now? 99 00:04:30,120 --> 00:04:33,120 Speaker 3: The problem with regulations when you talk to some people, 100 00:04:33,400 --> 00:04:36,080 Speaker 3: it's always act like it's more or less well and 101 00:04:36,160 --> 00:04:38,240 Speaker 3: a lot of you deal with regulations. I think you 102 00:04:38,240 --> 00:04:41,000 Speaker 3: can create more liquidity in the system, you know, more 103 00:04:41,000 --> 00:04:45,080 Speaker 3: capital uses, more learning capability, reduced rules and regulations which 104 00:04:45,440 --> 00:04:48,520 Speaker 3: cause there was complaints about debanking and complaints about X. 105 00:04:48,680 --> 00:04:51,960 Speaker 3: I think we could make the system better work, better, cheaper, 106 00:04:52,279 --> 00:04:55,359 Speaker 3: work for more Americans, and safer. What bothers me the 107 00:04:55,400 --> 00:04:57,440 Speaker 3: most is when we talk about regulations that no one 108 00:04:57,480 --> 00:05:00,000 Speaker 3: ever steps back and say, what are we trying to accomplish? 109 00:05:00,080 --> 00:05:01,520 Speaker 3: So why do we want to accomplish it? And what's 110 00:05:01,560 --> 00:05:03,839 Speaker 3: better this or that? Because no matter what you do, 111 00:05:03,880 --> 00:05:06,640 Speaker 3: their pros and cons banks are very strong today. But 112 00:05:06,720 --> 00:05:08,840 Speaker 3: take the system as a whole. We've gone from eight 113 00:05:08,880 --> 00:05:11,719 Speaker 3: thousand public companies to four thousand public companies. Is that 114 00:05:11,760 --> 00:05:14,560 Speaker 3: what we wanted? Because that's what we did. We did 115 00:05:14,560 --> 00:05:17,800 Speaker 3: it with no forethought, without even thinking about it. But 116 00:05:17,839 --> 00:05:20,560 Speaker 3: it was you know, years of rules and regulations that 117 00:05:20,600 --> 00:05:23,600 Speaker 3: made it costly and litigious and hard. And you know, 118 00:05:23,880 --> 00:05:27,080 Speaker 3: we let institutes like ISS and Glass Lewis, you know, 119 00:05:27,200 --> 00:05:29,880 Speaker 3: vote thirty percent of their shares in America, you know, 120 00:05:29,960 --> 00:05:32,640 Speaker 3: and and so yeah, I'm quite concerned about that. We 121 00:05:32,720 --> 00:05:36,799 Speaker 3: get regulations right, we all want safe financial systems, safe food, 122 00:05:36,839 --> 00:05:38,680 Speaker 3: and safe but it doesn't mean you have to have 123 00:05:38,839 --> 00:05:42,400 Speaker 3: endless regulations, regulations to be reviewed and improved all the time, 124 00:05:42,400 --> 00:05:44,920 Speaker 3: as opposed to what we do today. I put that 125 00:05:44,960 --> 00:05:46,880 Speaker 3: in a lot of policy, we just add things on 126 00:05:46,960 --> 00:05:50,119 Speaker 3: top of things. And if you look at policy in America, well, 127 00:05:50,360 --> 00:05:54,120 Speaker 3: affordable housing, it's all about policy, you know, zoning policies, 128 00:05:54,120 --> 00:05:57,960 Speaker 3: permitting policies, housing policies. You know, it's all about policy. 129 00:05:58,000 --> 00:05:59,640 Speaker 3: It's got not a damn thing to do that. People 130 00:05:59,640 --> 00:06:02,240 Speaker 3: don't want to build homes or move into homes, you know, 131 00:06:02,360 --> 00:06:04,560 Speaker 3: and I guess say it's about a mortgage business. We 132 00:06:04,640 --> 00:06:07,640 Speaker 3: made it more expensive because the rules and regulations. Education. 133 00:06:08,120 --> 00:06:10,560 Speaker 3: You know, we don't measure the outcomes of high schools 134 00:06:10,560 --> 00:06:13,599 Speaker 3: and community colleges and colleges, how many jobs they get 135 00:06:13,640 --> 00:06:16,520 Speaker 3: at what income levels. And we can do it. So 136 00:06:16,680 --> 00:06:19,000 Speaker 3: look at work skills. We're gonna need two hundred thousand welders. 137 00:06:19,000 --> 00:06:21,719 Speaker 3: We need welding in schools. So if governments canna have policies, 138 00:06:21,960 --> 00:06:25,080 Speaker 3: have policy that aids and abets and sense and has 139 00:06:25,120 --> 00:06:27,839 Speaker 3: the guardrails to create the right behaviors, you know, not 140 00:06:28,200 --> 00:06:31,000 Speaker 3: endless policies that like slow things down, which is what 141 00:06:31,040 --> 00:06:33,080 Speaker 3: we have. You know, we're going we're slowly going the 142 00:06:33,080 --> 00:06:35,800 Speaker 3: way Europe. You know Europe. You may not know this 143 00:06:35,839 --> 00:06:39,440 Speaker 3: has gone from ninety percent per person GDP of America 144 00:06:39,520 --> 00:06:43,320 Speaker 3: to sixty five percent. That's what they've done. It was 145 00:06:43,360 --> 00:06:45,840 Speaker 3: all policy. A lot of the policy is done in 146 00:06:45,839 --> 00:06:48,400 Speaker 3: the name of good and that's what we do all 147 00:06:48,440 --> 00:06:51,400 Speaker 3: the time. We're endless. You know, rules and regulations that 148 00:06:51,440 --> 00:06:53,880 Speaker 3: create these things. I also think you all should learn 149 00:06:53,920 --> 00:06:56,880 Speaker 3: to call it not red tape but blue tape. Okay, 150 00:06:56,960 --> 00:06:59,680 Speaker 3: the Democrats love that crap, and then they want to 151 00:06:59,720 --> 00:07:03,200 Speaker 3: make it litigious. You know that every flaw, however, that 152 00:07:03,240 --> 00:07:07,960 Speaker 3: ever happens, is on purpose by by bad people. So policy, 153 00:07:08,040 --> 00:07:09,880 Speaker 3: we need good policy, and we're gonna be fighting much 154 00:07:09,960 --> 00:07:12,160 Speaker 3: more for good policy this year at JP Morgan. 155 00:07:12,000 --> 00:07:14,960 Speaker 1: Now, are you worried about the size of the US debt? 156 00:07:15,040 --> 00:07:17,280 Speaker 1: We have thirty eight trillion dollars of debt. We're adding 157 00:07:17,280 --> 00:07:19,640 Speaker 1: two trillion every year. Do you see any way that's 158 00:07:19,640 --> 00:07:21,400 Speaker 1: going to be solved? And do you worry that this 159 00:07:21,480 --> 00:07:23,280 Speaker 1: is going to impact the value of the dollar at 160 00:07:23,320 --> 00:07:23,720 Speaker 1: some point? 161 00:07:23,800 --> 00:07:25,320 Speaker 3: So if you look at the economy today, there's a 162 00:07:25,320 --> 00:07:27,720 Speaker 3: lot of good short term things, like think of this year. 163 00:07:28,080 --> 00:07:29,960 Speaker 3: You know, the one big beautiful bill. There's a lot 164 00:07:30,000 --> 00:07:33,000 Speaker 3: of stimulus they've fed is buying bonds again, that's you know, 165 00:07:33,200 --> 00:07:35,400 Speaker 3: they don't call it Q I would, but it lifts 166 00:07:35,480 --> 00:07:41,600 Speaker 3: up asset prices and stabilizes certain markets. Uh, Deregulation is real, 167 00:07:42,200 --> 00:07:44,480 Speaker 3: and it's going to also drive animal spirits. A lot 168 00:07:44,520 --> 00:07:47,120 Speaker 3: of investment coming to the United States and AI. That's 169 00:07:47,160 --> 00:07:49,760 Speaker 3: all good, and that's probably going to drive stuff there 170 00:07:49,800 --> 00:07:53,520 Speaker 3: are I call this geopolitics, and the deficit. I call 171 00:07:53,880 --> 00:07:57,920 Speaker 3: it more like tectonic plates. They're difficult, they're moving, they 172 00:07:57,920 --> 00:08:00,520 Speaker 3: may crash. We don't know, and we don't know when. 173 00:08:01,120 --> 00:08:04,120 Speaker 3: So it isn't a twenty twenty six issue. But our 174 00:08:04,160 --> 00:08:06,880 Speaker 3: deficit is almost two trillion dollars this year. Total dead 175 00:08:06,920 --> 00:08:10,360 Speaker 3: is thirty trillion, then next year thirty two, then thirty 176 00:08:10,360 --> 00:08:14,360 Speaker 3: four and thirty seven, then forty. It is not sustainable. 177 00:08:15,080 --> 00:08:18,640 Speaker 3: It will not work eventually. I just don't know when. 178 00:08:18,680 --> 00:08:21,760 Speaker 3: That is. The best anecdote is growth. I mean, if 179 00:08:21,800 --> 00:08:24,720 Speaker 3: you just model anything, growth will make up for it. 180 00:08:25,080 --> 00:08:26,920 Speaker 3: And that and growth could I always tell people a 181 00:08:26,960 --> 00:08:29,800 Speaker 3: good policy is free, like we already spent eight hundred 182 00:08:29,840 --> 00:08:32,600 Speaker 3: billion dollars in K to twelve, you know, stopping Piel 183 00:08:32,640 --> 00:08:35,679 Speaker 3: from building stuff. It's free. It will create jobs, will 184 00:08:35,720 --> 00:08:38,320 Speaker 3: create productivity, and so we have time to get the 185 00:08:38,320 --> 00:08:42,120 Speaker 3: policy right to grow the economy, and then we have 186 00:08:42,160 --> 00:08:43,760 Speaker 3: to start making some other choices too. 187 00:08:43,920 --> 00:08:46,080 Speaker 1: Those are President of the United States said I'd like 188 00:08:46,080 --> 00:08:47,960 Speaker 1: you to be Secretary of the Treasury. 189 00:08:47,600 --> 00:08:49,880 Speaker 2: Or chairman of the Federal Reserve Board. What would you 190 00:08:49,920 --> 00:08:50,240 Speaker 2: say to. 191 00:08:50,200 --> 00:08:52,360 Speaker 3: That, Well, Chairman of the Fed, I'd put in the 192 00:08:52,400 --> 00:08:57,600 Speaker 3: absolutely positivity, no chance, no way, no how for any reason. Okay, 193 00:08:57,640 --> 00:09:00,480 Speaker 3: Secretary Treasury, I would considering if a president calls you 194 00:09:00,600 --> 00:09:03,440 Speaker 3: up and asks you to do something, you know you 195 00:09:03,440 --> 00:09:05,920 Speaker 3: should consider it. So I would take the call and 196 00:09:06,160 --> 00:09:08,880 Speaker 3: consider it and think about why and what they want, etc. 197 00:09:09,840 --> 00:09:11,920 Speaker 3: But what they want and how they want to operate, 198 00:09:12,200 --> 00:09:14,240 Speaker 3: that would be important to me. I like my job. 199 00:09:14,280 --> 00:09:17,040 Speaker 3: I've been my own boss for pretty much twenty five years, 200 00:09:17,040 --> 00:09:17,960 Speaker 3: and I like it that way. 201 00:09:18,160 --> 00:09:21,719 Speaker 1: So recently there's been some comment by you about the 202 00:09:21,720 --> 00:09:24,600 Speaker 1: independence of the Federal Reserve Board. What more might you 203 00:09:24,679 --> 00:09:26,920 Speaker 1: want to say about your view about the importance of 204 00:09:26,920 --> 00:09:28,480 Speaker 1: the independence of the Federal Reserve Board? 205 00:09:28,520 --> 00:09:30,959 Speaker 3: Yeah, you know, there are people too much incets building 206 00:09:31,000 --> 00:09:34,400 Speaker 3: certain things. Everyone I know, including the President and United States, 207 00:09:34,800 --> 00:09:37,560 Speaker 3: says we need an independent FED board. The question is 208 00:09:37,679 --> 00:09:40,599 Speaker 3: only about when certain things take place, and think of 209 00:09:40,679 --> 00:09:43,640 Speaker 3: lawsuits and stuff like that, does it chip away at 210 00:09:43,640 --> 00:09:45,959 Speaker 3: that independence. It's some spectrum. So you can say a 211 00:09:46,000 --> 00:09:48,080 Speaker 3: little bit, you can say a lot, but you don't 212 00:09:48,080 --> 00:09:49,880 Speaker 3: want to chip away too much because if you chip 213 00:09:49,920 --> 00:09:52,199 Speaker 3: away too much. In my view, this is my opinion. 214 00:09:52,520 --> 00:09:56,120 Speaker 3: It will drive rates higher, not lower. That's all. 215 00:09:56,280 --> 00:09:57,480 Speaker 2: That's not a job you would take. 216 00:09:57,520 --> 00:09:59,480 Speaker 1: If the President United States said to you, I'd love 217 00:09:59,480 --> 00:10:01,920 Speaker 1: you to be a You'll be very independent, you wouldn't 218 00:10:01,920 --> 00:10:02,240 Speaker 1: think that. 219 00:10:02,280 --> 00:10:04,760 Speaker 3: I would so much more prefer this job than that job. 220 00:10:05,080 --> 00:10:06,760 Speaker 3: That's a hard job, but I don't want to do 221 00:10:06,800 --> 00:10:07,200 Speaker 3: that job. 222 00:10:07,640 --> 00:10:10,640 Speaker 1: You went to Harvard Business School graduate as a Baker scholar, 223 00:10:10,720 --> 00:10:12,520 Speaker 1: top five percent of your class. You could have gone 224 00:10:12,559 --> 00:10:15,760 Speaker 1: to Goldman, Sachs, Morgan, Stanley, all the famous firms. You 225 00:10:15,880 --> 00:10:17,720 Speaker 1: chose to go work for a person who was a 226 00:10:17,720 --> 00:10:20,840 Speaker 1: friend of your father's name is Sandy Wall. You did that, 227 00:10:21,320 --> 00:10:24,200 Speaker 1: and then when Sandy left, you stayed with him, and 228 00:10:24,240 --> 00:10:27,920 Speaker 1: then ultimately you guys went to City Corp. And then 229 00:10:28,000 --> 00:10:31,040 Speaker 1: he fired you. Did you ever think then that you'd 230 00:10:31,040 --> 00:10:33,120 Speaker 1: be coming back and running the most important bank in 231 00:10:33,120 --> 00:10:34,719 Speaker 1: the world at the time you got fired there or 232 00:10:34,760 --> 00:10:37,160 Speaker 1: what were you thinking at that time? And I said 233 00:10:37,240 --> 00:10:39,240 Speaker 1: you should come into private equity. I went to see 234 00:10:39,280 --> 00:10:41,120 Speaker 1: you and I said, why don't you come to private equity? 235 00:10:41,360 --> 00:10:42,920 Speaker 1: And you you didn't seem that interested. 236 00:10:43,000 --> 00:10:45,120 Speaker 3: But the biggest money offer I ever got in My 237 00:10:45,120 --> 00:10:47,640 Speaker 3: life was from this guy over here. It was never 238 00:10:47,640 --> 00:10:50,600 Speaker 3: about money for me. And I knew after I got 239 00:10:50,640 --> 00:10:52,440 Speaker 3: fired that they were going to screw up city because 240 00:10:52,480 --> 00:10:54,240 Speaker 3: I knew how stupid some of the things they were 241 00:10:54,280 --> 00:10:57,800 Speaker 3: doing was. But no, and I didn't. I didn't think 242 00:10:57,880 --> 00:10:59,720 Speaker 3: that way. I just you know, I took time. I 243 00:10:59,720 --> 00:11:02,079 Speaker 3: thought all these various alternatives. I spoke to a lot 244 00:11:02,120 --> 00:11:04,440 Speaker 3: of people, you know, and then I went to bank one. 245 00:11:04,520 --> 00:11:06,840 Speaker 3: I loved the home depot guys. They were talking to 246 00:11:06,880 --> 00:11:09,120 Speaker 3: me and but I had to confess to them and 247 00:11:09,200 --> 00:11:11,720 Speaker 3: I walked in. I'd never been in a home depot 248 00:11:12,559 --> 00:11:14,559 Speaker 3: until my friend made me go that weekend before I 249 00:11:14,559 --> 00:11:17,920 Speaker 3: had dinner with Arthur Blank, Bernie Marcus and Ken Langhn, 250 00:11:18,200 --> 00:11:20,200 Speaker 3: and I just loved their culture. But I'd never been 251 00:11:20,360 --> 00:11:22,920 Speaker 3: in a merchant business. And you know, bank Wom's there. 252 00:11:23,000 --> 00:11:24,439 Speaker 3: I thought it was gonna be tough. I put half 253 00:11:24,440 --> 00:11:26,600 Speaker 3: my money into it. I have moved my money in Chicago. 254 00:11:26,640 --> 00:11:28,520 Speaker 3: I loved Chicago. All I thought about is just do 255 00:11:28,559 --> 00:11:30,400 Speaker 3: the best you can. I mean, I don't like it 256 00:11:30,440 --> 00:11:32,760 Speaker 3: when senior people complain. I always had a no wine sign. 257 00:11:32,960 --> 00:11:35,360 Speaker 3: Suck it up and do the job. That's that's all 258 00:11:35,360 --> 00:11:37,200 Speaker 3: it was, and that's I just go about the work, 259 00:11:37,600 --> 00:11:40,720 Speaker 3: you know, and division by division, person by person, department, 260 00:11:40,880 --> 00:11:43,160 Speaker 3: ve part tech by tech, you know, try to build 261 00:11:43,200 --> 00:11:46,520 Speaker 3: something great. I had my eye in JP Morgan Chase, 262 00:11:46,559 --> 00:11:48,120 Speaker 3: and you know a couple of years I thought it 263 00:11:48,160 --> 00:11:50,440 Speaker 3: would never happen because we were so small and not 264 00:11:50,559 --> 00:11:52,880 Speaker 3: doing well. But you know, four years later we had, 265 00:11:52,920 --> 00:11:54,960 Speaker 3: you know, done a good job at Bank one. The 266 00:11:55,080 --> 00:11:57,520 Speaker 3: values were close enough. Bill Harrison I know each other, 267 00:11:57,559 --> 00:11:59,679 Speaker 3: and we merged the two companies. Then I had a 268 00:11:59,760 --> 00:12:02,640 Speaker 3: dream that if we did it right, we can make 269 00:12:02,679 --> 00:12:05,240 Speaker 3: this a great company. Then I really did like that was. 270 00:12:05,360 --> 00:12:07,080 Speaker 1: What do you think is the most important thing you 271 00:12:07,080 --> 00:12:09,720 Speaker 1: did that put JP Morgan ahead of every other bank 272 00:12:09,760 --> 00:12:12,840 Speaker 1: in the world. You worked harder, you hire better people 273 00:12:12,880 --> 00:12:15,560 Speaker 1: around you. What were the things that you think the 274 00:12:15,600 --> 00:12:18,920 Speaker 1: most important thing that made JP Morgan what it is today. 275 00:12:19,000 --> 00:12:20,960 Speaker 3: A lot of people do things better, So to say 276 00:12:21,080 --> 00:12:23,360 Speaker 3: we're the best nervatives not right. And I think that's 277 00:12:23,400 --> 00:12:25,440 Speaker 3: one of the reasons. Sometimes we do better a little bit, 278 00:12:25,480 --> 00:12:28,920 Speaker 3: which is I'm relentless, go through system by system by 279 00:12:28,920 --> 00:12:31,400 Speaker 3: system by system, get out in the road, you know, 280 00:12:31,840 --> 00:12:35,319 Speaker 3: visit other companies. They all do things better. Than you learn, learn, learn, learn, learn, 281 00:12:35,320 --> 00:12:37,840 Speaker 3: and be runless about doing it. Big companies slow down, 282 00:12:37,880 --> 00:12:42,080 Speaker 3: they become complacent, they become bureaucratic. All that stuff arrogant, 283 00:12:42,200 --> 00:12:44,440 Speaker 3: you know, is the Petri Dish of politics. You know, 284 00:12:44,600 --> 00:12:46,680 Speaker 3: Jeff Bezos said, you know, that kind of stuff leads 285 00:12:46,720 --> 00:12:49,840 Speaker 3: to stasis and death. If you don't believe me, you know, 286 00:12:49,920 --> 00:12:53,120 Speaker 3: you look at all the companies who failed, huge wonderful companies. 287 00:12:53,280 --> 00:12:56,680 Speaker 3: That's what management is. It's relentless attention to detail, getting 288 00:12:56,679 --> 00:13:00,000 Speaker 3: a strategy right, invest in your capital, not being behold 289 00:13:00,080 --> 00:13:03,200 Speaker 3: the people. But the most important is that the people 290 00:13:03,280 --> 00:13:05,800 Speaker 3: at their company can contribute to the best their ability. 291 00:13:06,000 --> 00:13:09,600 Speaker 3: They know that you, the boss, don't know everything, and 292 00:13:09,640 --> 00:13:10,880 Speaker 3: they know that you just want to do the right 293 00:13:10,920 --> 00:13:12,960 Speaker 3: thing for the company, the client, of the community. And 294 00:13:13,000 --> 00:13:15,760 Speaker 3: that's the only goal. There's no other goal. We don't 295 00:13:15,760 --> 00:13:18,840 Speaker 3: pand it to Wall Street about quarterly earnings or stuff 296 00:13:18,880 --> 00:13:21,240 Speaker 3: like that. I've I've never spent any time in that 297 00:13:21,320 --> 00:13:23,719 Speaker 3: in my life. Just try to do the right thing 298 00:13:23,800 --> 00:13:25,520 Speaker 3: for the right reason, and do it quickly. 299 00:13:25,640 --> 00:13:30,040 Speaker 1: Your market capitalization is up about I guess it's about 300 00:13:30,080 --> 00:13:34,160 Speaker 1: the seven percent, and your stock price up about five 301 00:13:34,240 --> 00:13:34,760 Speaker 1: hundred percent. 302 00:13:34,840 --> 00:13:37,600 Speaker 3: Or something like that, like a thousand percent, but go ahead, right, 303 00:13:37,640 --> 00:13:40,080 Speaker 3: how much? Well we pay back. We put back a 304 00:13:40,080 --> 00:13:41,559 Speaker 3: lot of talk and paid a lot of dividends and 305 00:13:41,600 --> 00:13:41,880 Speaker 3: all of that. 306 00:13:42,000 --> 00:13:44,280 Speaker 1: So yeah, so it's pretty good, tom So. People are 307 00:13:44,360 --> 00:13:47,320 Speaker 1: very happy. And so the question you get asked every day, 308 00:13:48,000 --> 00:13:51,079 Speaker 1: five times a day is how much longer do you 309 00:13:51,120 --> 00:13:54,480 Speaker 1: want to do this? And the answer is five more years? Yeah, 310 00:13:54,600 --> 00:13:56,320 Speaker 1: at least about five more years. 311 00:13:56,440 --> 00:13:58,000 Speaker 3: I love what I do. It's up to the board 312 00:13:58,040 --> 00:14:00,520 Speaker 3: how long I do it? Although I have the energy 313 00:14:00,600 --> 00:14:03,640 Speaker 3: and the spit in the eye and the fire and 314 00:14:03,679 --> 00:14:04,920 Speaker 3: the gut. Yeah, I want to do it. 315 00:14:05,000 --> 00:14:07,440 Speaker 1: You recently built a new building in New York. Why 316 00:14:07,480 --> 00:14:10,160 Speaker 1: did you decide to build your headquarters in New York? 317 00:14:10,200 --> 00:14:12,560 Speaker 1: You tore down the building you had built a new building, 318 00:14:12,679 --> 00:14:14,959 Speaker 1: took a couple of years and costs maybe three billion 319 00:14:15,000 --> 00:14:17,640 Speaker 1: dollars or something like that, and it's now open. Are 320 00:14:17,640 --> 00:14:19,840 Speaker 1: you happy you made that decision? And are you going 321 00:14:19,920 --> 00:14:21,440 Speaker 1: to build a similar building in London? 322 00:14:21,480 --> 00:14:23,560 Speaker 3: Now? Yeah, we are. So if you look at what 323 00:14:23,560 --> 00:14:26,440 Speaker 3: we have. We spend forty billion dollars year on people, 324 00:14:27,120 --> 00:14:29,920 Speaker 3: which is important, four billion dollars a year on real estate. 325 00:14:29,960 --> 00:14:33,440 Speaker 3: We want to have great real estate. The old building 326 00:14:33,520 --> 00:14:35,840 Speaker 3: wasn't fit for purpose. It was too small, couldn't handle 327 00:14:35,840 --> 00:14:38,960 Speaker 3: our trading floors. I'd looked everywhere. I looked downtown, I 328 00:14:38,960 --> 00:14:43,280 Speaker 3: looked a hundred yards. I looked at buying Vanderbilt. But 329 00:14:43,480 --> 00:14:46,000 Speaker 3: we could tear that building down. We could buy air rights, 330 00:14:46,240 --> 00:14:48,040 Speaker 3: you know. I thought it was the best location in 331 00:14:48,080 --> 00:14:48,760 Speaker 3: the best city. 332 00:14:49,120 --> 00:14:53,640 Speaker 1: Many people in the business world, they're out socializing all 333 00:14:53,720 --> 00:14:54,920 Speaker 1: kinds of other organizations. 334 00:14:55,000 --> 00:14:55,760 Speaker 2: You don't do anything. 335 00:14:55,840 --> 00:14:57,360 Speaker 1: You just run your bank and you spend time with 336 00:14:57,400 --> 00:14:57,840 Speaker 1: your family. 337 00:14:57,880 --> 00:14:58,480 Speaker 2: Isn't that boring? 338 00:14:58,720 --> 00:15:02,040 Speaker 3: No, my family, I love all of them. I got 339 00:15:02,080 --> 00:15:05,560 Speaker 3: seven grandkids and one more coming. We take our family 340 00:15:05,600 --> 00:15:08,680 Speaker 3: vacations together. That's the most important thing. The second most 341 00:15:08,720 --> 00:15:11,480 Speaker 3: important is my country that I do spend time on, 342 00:15:11,680 --> 00:15:13,480 Speaker 3: you know, with my own time, my own effort. My 343 00:15:13,520 --> 00:15:16,920 Speaker 3: company obviously gets involved. I love business. I think if 344 00:15:16,960 --> 00:15:18,280 Speaker 3: I you know, she's talk about, I don't do a 345 00:15:18,280 --> 00:15:20,840 Speaker 3: lot of black ties. I don't play golf, I don't 346 00:15:20,920 --> 00:15:23,320 Speaker 3: do red carpets. I do a little bit, you know, 347 00:15:24,120 --> 00:15:25,640 Speaker 3: But I love what I do. I mean, it's not 348 00:15:25,680 --> 00:15:27,520 Speaker 3: like I don't feel like I have any regrets at 349 00:15:27,560 --> 00:15:29,720 Speaker 3: all about doing that. And I feel. You know, if 350 00:15:29,800 --> 00:15:32,920 Speaker 3: JP Morgan Chase does well, I could help our employees. 351 00:15:32,960 --> 00:15:35,080 Speaker 3: I help my clients, I help my communities, I help 352 00:15:35,160 --> 00:15:37,160 Speaker 3: my country, I help the world if I do a 353 00:15:37,200 --> 00:15:39,600 Speaker 3: good job. You know, I always tell people, you know, 354 00:15:39,680 --> 00:15:42,040 Speaker 3: if we don't keep j more healthy and vibrant, I 355 00:15:42,360 --> 00:15:44,920 Speaker 3: cannot do those things. That's on the other side of that. 356 00:15:45,200 --> 00:15:48,280 Speaker 3: I lay people off. It's miserable. Your life is terrible, 357 00:15:48,320 --> 00:15:50,920 Speaker 3: and so I fight hard to make sure we're healthy 358 00:15:50,960 --> 00:15:51,400 Speaker 3: and vibrant. 359 00:15:51,640 --> 00:15:54,000 Speaker 1: Warren Buffett more or less invented the idea of writting 360 00:15:54,040 --> 00:15:58,280 Speaker 1: a letter to shareholders that everybody reads. You have done 361 00:15:58,320 --> 00:16:00,600 Speaker 1: the same and now warmed by if it's probably not 362 00:16:00,600 --> 00:16:03,600 Speaker 1: going to write, is there anymore and yours is widely read? 363 00:16:03,880 --> 00:16:06,200 Speaker 1: How much time do you put into writing that letter? 364 00:16:06,440 --> 00:16:08,160 Speaker 1: And do you get nervous that so many people are 365 00:16:08,200 --> 00:16:09,680 Speaker 1: going to pay attention to every single word? 366 00:16:09,720 --> 00:16:11,080 Speaker 2: You have to get it exactly right? 367 00:16:11,640 --> 00:16:13,600 Speaker 3: Yeah? I do all of that. So I bereaing his 368 00:16:13,680 --> 00:16:15,440 Speaker 3: letters my whole life. And in fact I got his 369 00:16:15,520 --> 00:16:18,480 Speaker 3: letters from nineteen fifty six when it was a partnership 370 00:16:18,480 --> 00:16:21,200 Speaker 3: in private, and he said, you just speach to your show 371 00:16:21,360 --> 00:16:23,840 Speaker 3: like your smart sister or mother or something like that. 372 00:16:23,920 --> 00:16:25,600 Speaker 3: Explain to them what you're doing and why you're doing it. 373 00:16:26,200 --> 00:16:28,600 Speaker 3: So I do that. I make a list of questions. 374 00:16:28,640 --> 00:16:31,840 Speaker 3: I get the questions, I do it myself. I ask shareholders, 375 00:16:31,880 --> 00:16:34,600 Speaker 3: I get my management team, or like what is the 376 00:16:34,600 --> 00:16:39,160 Speaker 3: most important stuff for JP Morgan and I kind of 377 00:16:39,160 --> 00:16:40,720 Speaker 3: make that list, I start writing. I spent a lot 378 00:16:40,720 --> 00:16:43,360 Speaker 3: of time on it. Very often. I used to answer 379 00:16:43,360 --> 00:16:46,200 Speaker 3: the question I don't know the answer, and I actually 380 00:16:46,200 --> 00:16:48,520 Speaker 3: do the work. So now I'm like doing a lot 381 00:16:48,520 --> 00:16:51,000 Speaker 3: of research while I'm writing the letter to answer the question. 382 00:16:51,160 --> 00:16:53,680 Speaker 3: What are we going to do? Is what we did 383 00:16:53,680 --> 00:16:56,560 Speaker 3: the right thing? Should we do more of it? How 384 00:16:56,560 --> 00:16:58,320 Speaker 3: are you going to use it? You know, AI or 385 00:16:58,880 --> 00:17:02,440 Speaker 3: open banking? Whatever the question is debanking? What is the 386 00:17:02,480 --> 00:17:04,800 Speaker 3: real issue? Then I try to explain it in terms 387 00:17:04,840 --> 00:17:07,640 Speaker 3: to our people. And then I started doing public policy 388 00:17:07,760 --> 00:17:12,639 Speaker 3: because no bank is actually stronger, much stronger than the 389 00:17:12,680 --> 00:17:16,879 Speaker 3: country that lives in America. From twenty to twenty twenty 390 00:17:16,880 --> 00:17:19,520 Speaker 3: grow two percent a year. Had it grown three percent 391 00:17:19,560 --> 00:17:23,120 Speaker 3: a year, which I think was eminently achievable, our GDP 392 00:17:23,280 --> 00:17:25,639 Speaker 3: per person would be twenty thousand dollars more a year 393 00:17:25,680 --> 00:17:30,080 Speaker 3: today per person, which would afford a lot of safety nets, 394 00:17:30,119 --> 00:17:32,800 Speaker 3: a lot of infrastructure, had a lot of taxes, and 395 00:17:32,920 --> 00:17:35,720 Speaker 3: we didn't do it. And it's around, you know, basic things. 396 00:17:35,720 --> 00:17:37,520 Speaker 3: So I started to do more of that. What are 397 00:17:37,560 --> 00:17:40,400 Speaker 3: the things that we could do that can force the growth, 398 00:17:40,600 --> 00:17:43,200 Speaker 3: secure the country, make it healthier place, lift up all 399 00:17:43,200 --> 00:17:46,119 Speaker 3: of our citizens. Almost all of the bad policies. We have, 400 00:17:46,720 --> 00:17:50,520 Speaker 3: the thing that inner city schools don't work, immigration policy, 401 00:17:50,560 --> 00:17:54,800 Speaker 3: you know, some of this that we're doing, immigration permitting policies, schools, 402 00:17:55,280 --> 00:17:57,399 Speaker 3: almost all of that hurts lower paid people more than 403 00:17:57,440 --> 00:17:59,360 Speaker 3: anyone in this room. So in some ways we could 404 00:17:59,359 --> 00:18:01,760 Speaker 3: ignore it because it's not really affecting us directly because 405 00:18:01,760 --> 00:18:03,919 Speaker 3: your kids don't go to those schools, You're not. I 406 00:18:03,960 --> 00:18:06,480 Speaker 3: was worried about that. You know, they have the lower 407 00:18:06,480 --> 00:18:10,119 Speaker 3: income folks of worse health care, worse job prospects, has 408 00:18:10,160 --> 00:18:13,679 Speaker 3: become intergenerational, their schools don't work, they have more crime. 409 00:18:13,880 --> 00:18:16,199 Speaker 3: And that's what we did. That was us, That was 410 00:18:16,240 --> 00:18:19,080 Speaker 3: all policy, and you know, and then people stand behind 411 00:18:19,160 --> 00:18:22,399 Speaker 3: ideology and morality on both sides, you know, thinking that 412 00:18:22,440 --> 00:18:25,119 Speaker 3: they did stuff to fix it and they didn't, you know, 413 00:18:25,200 --> 00:18:27,280 Speaker 3: and so I, you know, I have a frustration around 414 00:18:27,280 --> 00:18:28,760 Speaker 3: that and obviously. I feel the same way about the 415 00:18:28,760 --> 00:18:33,119 Speaker 3: security and resiliency things, things like permitting. I always make 416 00:18:33,160 --> 00:18:34,560 Speaker 3: a list of what the more how we do with 417 00:18:34,600 --> 00:18:37,240 Speaker 3: mortgages and affordable housing, so we may start a new 418 00:18:37,320 --> 00:18:39,919 Speaker 3: one called the American Dream. We do a lot to 419 00:18:40,000 --> 00:18:46,520 Speaker 3: do mortgages, affordable housing, health care skills jobs. I would 420 00:18:46,800 --> 00:18:48,800 Speaker 3: double the urgum task cred or something like that. There 421 00:18:48,800 --> 00:18:50,040 Speaker 3: are a lot of things we could do that are 422 00:18:50,080 --> 00:18:52,200 Speaker 3: grows to three percent and help all of our citizens 423 00:18:52,520 --> 00:18:54,480 Speaker 3: and secure the nation. And we better do it pretty 424 00:18:54,560 --> 00:18:57,399 Speaker 3: quick because on the security side we don't have forever. 425 00:18:57,800 --> 00:18:59,960 Speaker 1: Of all the things you do, is the most enjoyed 426 00:19:00,080 --> 00:19:02,159 Speaker 1: able getting to meet with members of Congress when you 427 00:19:02,200 --> 00:19:05,399 Speaker 1: come down here. Is that an uplifting experience when you 428 00:19:05,440 --> 00:19:06,560 Speaker 1: come down and meet with members. 429 00:19:06,600 --> 00:19:07,320 Speaker 2: How do you like that? 430 00:19:07,760 --> 00:19:09,480 Speaker 3: So you should know I do it all the time, 431 00:19:09,800 --> 00:19:12,560 Speaker 3: you know, as part of my job. I like years ago, 432 00:19:12,600 --> 00:19:15,439 Speaker 3: I said, you know, government is another line of business. 433 00:19:15,440 --> 00:19:18,159 Speaker 3: It is we take it seriously. And to make an 434 00:19:18,160 --> 00:19:21,159 Speaker 3: important point here, and the Chamber does this, which I 435 00:19:21,200 --> 00:19:22,680 Speaker 3: think they do a great job. But there are a 436 00:19:22,720 --> 00:19:25,640 Speaker 3: lot of people in the Congress, House and Senate who 437 00:19:25,680 --> 00:19:28,800 Speaker 3: want to do the right job and they need help 438 00:19:28,840 --> 00:19:30,840 Speaker 3: to do the right job. I'm not insulting their intelligence. 439 00:19:30,880 --> 00:19:33,280 Speaker 3: They're quite bright, but you know they need the research, 440 00:19:33,359 --> 00:19:35,320 Speaker 3: the facts, the analysis to figure out what to do 441 00:19:35,359 --> 00:19:38,000 Speaker 3: when these complex issues come up. So I think we 442 00:19:38,040 --> 00:19:39,440 Speaker 3: all need to do it. And the only thing I'd 443 00:19:39,480 --> 00:19:41,040 Speaker 3: urge you all to do when you do it, don't 444 00:19:41,080 --> 00:19:43,960 Speaker 3: always make it parochial about your own self interest. It 445 00:19:43,960 --> 00:19:46,080 Speaker 3: should also be about what's in the interests in the United 446 00:19:46,119 --> 00:19:48,520 Speaker 3: States of America. You're all gonna do fine anyway. What 447 00:19:48,640 --> 00:19:52,400 Speaker 3: happens from you know, unions and government and businesses where 448 00:19:52,400 --> 00:19:55,600 Speaker 3: it's the self interest is so high it actually is 449 00:19:55,640 --> 00:19:58,080 Speaker 3: part of why we have two percent growth. And I 450 00:19:58,080 --> 00:19:59,679 Speaker 3: think we should all like open eyes a little bit, 451 00:19:59,720 --> 00:20:01,600 Speaker 3: make sure we do the right things. You know, it's 452 00:20:01,640 --> 00:20:03,919 Speaker 3: okay to fight for which for you, you know, for your 453 00:20:03,920 --> 00:20:06,439 Speaker 3: own interest. But uh, but there's too much of that 454 00:20:06,480 --> 00:20:06,760 Speaker 3: going on. 455 00:20:06,880 --> 00:20:08,720 Speaker 1: I mean, you can't be working all the time. Do 456 00:20:08,720 --> 00:20:11,680 Speaker 1: you have any hobbies, do anything other than thorry about 457 00:20:11,680 --> 00:20:13,359 Speaker 1: worry about the JP Morgan. 458 00:20:13,280 --> 00:20:16,040 Speaker 3: My daughters, who I also love deeply and I have 459 00:20:16,119 --> 00:20:18,480 Speaker 3: wonderful son in laws, once said to me, Dad, you 460 00:20:18,480 --> 00:20:20,040 Speaker 3: need more hobbies, And I was like, wait, what are 461 00:20:20,040 --> 00:20:22,439 Speaker 3: you talking about. We take all our family vacations together, 462 00:20:22,800 --> 00:20:25,479 Speaker 3: you know, around the world. We enjoy it. I love history, 463 00:20:25,520 --> 00:20:28,479 Speaker 3: I love wine, I love music, I love reading, I 464 00:20:28,520 --> 00:20:32,720 Speaker 3: love arts, I love We watched movies together. That's really like, 465 00:20:32,880 --> 00:20:35,719 Speaker 3: I'm not looking to do other stuff. And we hike together, 466 00:20:35,960 --> 00:20:37,840 Speaker 3: so that's really like, those are my sports. We all 467 00:20:37,920 --> 00:20:41,240 Speaker 3: do the gym together. We have lunches and dinners together. 468 00:20:41,280 --> 00:20:43,680 Speaker 3: We have family dinners like almost every Saturday or Sunday night. 469 00:20:44,040 --> 00:20:45,680 Speaker 3: That's what I like and that's what I'm going to 470 00:20:45,720 --> 00:20:46,960 Speaker 3: do until I'm no longer here. 471 00:20:47,160 --> 00:20:49,960 Speaker 1: And do you have you ever had your credit card denied? 472 00:20:50,080 --> 00:20:53,600 Speaker 1: I mean you have a lot of anybody ever denied 473 00:20:53,640 --> 00:20:54,480 Speaker 1: Jamie Diamonds. 474 00:20:54,640 --> 00:20:57,679 Speaker 3: Yes, my own credit cards designed me several times. And 475 00:20:58,040 --> 00:20:58,480 Speaker 3: what do you do? 476 00:20:58,600 --> 00:21:00,480 Speaker 2: What do you you tell them who you are? Well? 477 00:21:01,520 --> 00:21:03,159 Speaker 3: What doesn't work? To tell me who you are? And 478 00:21:03,200 --> 00:21:04,080 Speaker 3: they don't know who I am? 479 00:21:04,160 --> 00:21:06,520 Speaker 2: Now? Did your parents live this year success? And what 480 00:21:06,520 --> 00:21:06,960 Speaker 2: did they say? 481 00:21:06,960 --> 00:21:08,320 Speaker 1: Did they say we always knew you were going to 482 00:21:08,359 --> 00:21:09,919 Speaker 1: be the CEO of JP Morgan it was going to 483 00:21:09,920 --> 00:21:10,200 Speaker 1: do well? 484 00:21:10,280 --> 00:21:12,920 Speaker 3: Or what did they say My mom had a little 485 00:21:12,920 --> 00:21:15,560 Speaker 3: of that you'll be in general one day or something 486 00:21:15,600 --> 00:21:19,879 Speaker 3: like that. But they both died in twenty sixteen, literally 487 00:21:19,920 --> 00:21:22,879 Speaker 3: together in the same bed, the same within twelve hours 488 00:21:22,880 --> 00:21:25,480 Speaker 3: of each other, so they got to see, you know, 489 00:21:25,480 --> 00:21:28,000 Speaker 3: a lot of it. We're quite proud. You know. My 490 00:21:28,520 --> 00:21:32,040 Speaker 3: grandparents were all Greek immigrants that didn't finish high school. 491 00:21:32,400 --> 00:21:35,560 Speaker 3: So I'm part of that story. And they instilled in 492 00:21:35,640 --> 00:21:37,520 Speaker 3: all of us, you know, values and the values that 493 00:21:37,560 --> 00:21:39,520 Speaker 3: I have a purpose, work hard, make the world a 494 00:21:39,520 --> 00:21:42,560 Speaker 3: better place, treat everyone, treat everyone properly and equally. 495 00:21:42,720 --> 00:21:45,359 Speaker 1: What would you like people to know the most about 496 00:21:45,680 --> 00:21:48,399 Speaker 1: JP Morgan if they walk away from here today? What 497 00:21:48,480 --> 00:21:50,640 Speaker 1: would you like people to take back in their head 498 00:21:50,680 --> 00:21:52,680 Speaker 1: about JP Morgan, about what it is, what it's done, 499 00:21:52,760 --> 00:21:53,480 Speaker 1: or what it stands for. 500 00:21:54,119 --> 00:21:57,360 Speaker 3: That we will stand by good clients and thicker thin 501 00:21:57,920 --> 00:22:00,920 Speaker 3: that we always try to be better. We are strong, 502 00:22:01,160 --> 00:22:03,440 Speaker 3: but that strength is for you. That we want their 503 00:22:03,440 --> 00:22:05,520 Speaker 3: community to be better, We want your companies to be better, 504 00:22:05,600 --> 00:22:07,159 Speaker 3: we want their country to be better. We'll do our 505 00:22:07,200 --> 00:22:09,359 Speaker 3: part making this a better world, and we do it 506 00:22:09,400 --> 00:22:12,720 Speaker 3: with a forethought and with every sinew of our body 507 00:22:12,760 --> 00:22:14,399 Speaker 3: is to try to do the best we can. And 508 00:22:14,400 --> 00:22:15,919 Speaker 3: if you and if we and we got knows we 509 00:22:15,960 --> 00:22:18,800 Speaker 3: make mistakes. We will say we made a mistake, we're sorry, 510 00:22:18,840 --> 00:22:20,639 Speaker 3: and we'll fix it. That's what we'll do. 511 00:22:22,080 --> 00:22:24,600 Speaker 1: Thanks for listening to hear more of my interviews. You 512 00:22:24,680 --> 00:22:28,760 Speaker 1: can subscribe and download my podcast on Spotify, Apple, or 513 00:22:28,760 --> 00:22:29,600 Speaker 1: wherever you listen.