1 00:00:00,040 --> 00:00:02,639 Speaker 1: On the economy, on markets, on the states of banking. 2 00:00:02,640 --> 00:00:05,160 Speaker 1: I'm pleased to say that Blomberg's Francine Laqua so the 3 00:00:05,280 --> 00:00:08,680 Speaker 1: JP Morgan Club Markets conference in Paris with a special guest. 4 00:00:08,720 --> 00:00:13,760 Speaker 2: Hey, friend, Yeah, a special guest John. He's called Jamie Diamond. 5 00:00:13,760 --> 00:00:16,760 Speaker 2: He runs JP Morgan and I'm delighted to speak to him. 6 00:00:17,079 --> 00:00:18,520 Speaker 2: Jamie Diamond, thank you for joining us. 7 00:00:18,760 --> 00:00:20,040 Speaker 3: It's happy to be here. Hey. 8 00:00:20,040 --> 00:00:22,640 Speaker 2: There's a lot going on. It's trade wars, markets up 9 00:00:22,640 --> 00:00:24,639 Speaker 2: and down. What did you learn in the last month? 10 00:00:25,360 --> 00:00:29,200 Speaker 3: Not much other than we have all this uncertainty. You know, 11 00:00:29,280 --> 00:00:33,480 Speaker 3: some preceded the new administration, like we had large deficits, 12 00:00:34,200 --> 00:00:36,599 Speaker 3: intr rates going up, inflation going up, and some are 13 00:00:36,680 --> 00:00:39,560 Speaker 3: you know, tariffs and things. And of course the geopolitical 14 00:00:39,600 --> 00:00:43,600 Speaker 3: situation is very tense, very difficult and hard to resolve. 15 00:00:43,760 --> 00:00:46,880 Speaker 2: Okay, So if you forget projections numbers, what's your hunch 16 00:00:46,960 --> 00:00:48,519 Speaker 2: is the UYS going to go into a recession or not? 17 00:00:49,080 --> 00:00:51,440 Speaker 3: Look, I'm going to defer to economists who give it 18 00:00:51,440 --> 00:00:54,360 Speaker 3: about a fifty percent chance. I think all these things 19 00:00:54,400 --> 00:00:58,080 Speaker 3: are probably inflationary a little bit more and slowing down 20 00:00:58,160 --> 00:01:00,600 Speaker 3: the economy. If there's a recession. I don't know how 21 00:01:00,640 --> 00:01:02,840 Speaker 3: big it'll be or how long it'll last. Hopefully we'll 22 00:01:02,880 --> 00:01:04,640 Speaker 3: avoid it, but I wouldn't take it off to the 23 00:01:04,640 --> 00:01:05,440 Speaker 3: table at this point. 24 00:01:05,880 --> 00:01:08,040 Speaker 2: If you look at you know, the trade war and 25 00:01:08,080 --> 00:01:11,679 Speaker 2: then the somewhat reconciliation between the US and China, does 26 00:01:11,680 --> 00:01:12,080 Speaker 2: it hold. 27 00:01:13,880 --> 00:01:15,959 Speaker 3: I think it's the right thing to do is to 28 00:01:16,000 --> 00:01:18,280 Speaker 3: back off of some of that stuff, you know, to 29 00:01:18,360 --> 00:01:22,000 Speaker 3: have an engage in conversation. I'm grateful they did the 30 00:01:22,120 --> 00:01:25,240 Speaker 3: US UK deal. You know, it's an agreement in principle. 31 00:01:25,319 --> 00:01:27,080 Speaker 3: So you know, there's a lot of one sertaty still 32 00:01:27,480 --> 00:01:29,440 Speaker 3: and there's all of one certay still in the China thing. 33 00:01:29,440 --> 00:01:32,440 Speaker 3: But at least we started and obviously calms down the markets. 34 00:01:32,680 --> 00:01:34,880 Speaker 3: That's not the reason to do it, but the markets, 35 00:01:34,880 --> 00:01:37,920 Speaker 3: you know, do voters something like that, and so you'll 36 00:01:37,920 --> 00:01:41,000 Speaker 3: still have uncertainty to resolve the ninety day triggers a 37 00:01:41,000 --> 00:01:43,640 Speaker 3: lot of these things, and hopefully they will be resolved. 38 00:01:43,920 --> 00:01:46,920 Speaker 3: What are you with your complex? I don't expect immediate resolution, 39 00:01:47,360 --> 00:01:50,240 Speaker 3: you know, it's the satisfactory of everybody in ninety days. 40 00:01:50,440 --> 00:01:52,720 Speaker 2: But do you expect markets to settle from here? Because 41 00:01:52,760 --> 00:01:54,960 Speaker 2: we have a little bit more of a blueprint, or 42 00:01:55,000 --> 00:01:57,640 Speaker 2: it could volatility pick back up at any second. 43 00:01:58,040 --> 00:02:00,840 Speaker 3: No, markets are quite unpredict well, I think there's a 44 00:02:00,840 --> 00:02:04,280 Speaker 3: lot of uncertainty out there that you can't discount, you 45 00:02:04,280 --> 00:02:06,280 Speaker 3: know when I you know, war in Ukraine, territory in 46 00:02:06,280 --> 00:02:09,040 Speaker 3: the Middle East, you know, I ran. You know, huge 47 00:02:09,080 --> 00:02:11,399 Speaker 3: deficits are tax bill, which I would like to see 48 00:02:11,400 --> 00:02:13,720 Speaker 3: a good tax bill at pass. You know, the terrorists, 49 00:02:13,720 --> 00:02:16,800 Speaker 3: the reaction of country to tariffs. The EU and the 50 00:02:16,919 --> 00:02:18,959 Speaker 3: UK are about to negotiate. I think they have a chance 51 00:02:19,000 --> 00:02:22,520 Speaker 3: to actually develop a great relationship, you know, partially making 52 00:02:22,600 --> 00:02:25,320 Speaker 3: up for you know, the disaster the Brexit became. And 53 00:02:25,440 --> 00:02:28,560 Speaker 3: uh so, yeah, those those are unsurgerties. You can't eliminate 54 00:02:28,600 --> 00:02:29,440 Speaker 3: them because you want to. 55 00:02:29,880 --> 00:02:33,639 Speaker 2: But what are your biggest clients saying about this market volatility? 56 00:02:33,680 --> 00:02:35,120 Speaker 2: Have they made money on the back of it? 57 00:02:36,639 --> 00:02:39,160 Speaker 3: Yeah? Some, you know, some doing some don't. And you know, 58 00:02:39,240 --> 00:02:42,320 Speaker 3: volatility volatier would be good or bad depending on you know, 59 00:02:42,400 --> 00:02:45,720 Speaker 3: who's who's facing it. So but I but I would 60 00:02:45,760 --> 00:02:48,240 Speaker 3: expect continued volatility. I think it's a mistake to think 61 00:02:48,520 --> 00:02:50,040 Speaker 3: we can go through all the things we're going through, 62 00:02:50,080 --> 00:02:51,720 Speaker 3: and the volatility itself will come down. 63 00:02:51,960 --> 00:02:55,000 Speaker 2: Has it been good for JP margin, you know, trading. 64 00:02:55,000 --> 00:02:59,079 Speaker 3: Volic Yes, because when this volatility is a very simplistic 65 00:02:59,080 --> 00:03:01,960 Speaker 3: way to look at, bread's gap out and traders make 66 00:03:02,040 --> 00:03:04,760 Speaker 3: more money if there's more volume. So we had both 67 00:03:04,800 --> 00:03:07,520 Speaker 3: this time, more volatility, more volume. But it's very often 68 00:03:07,520 --> 00:03:09,680 Speaker 3: you have a lot of volatility and spreads gap out 69 00:03:09,680 --> 00:03:12,959 Speaker 3: there's much less volume. So you've seen examples where there's 70 00:03:13,200 --> 00:03:15,639 Speaker 3: good volatility and there's bad volatile. This one happened to 71 00:03:15,680 --> 00:03:18,680 Speaker 3: be good, the next go around may not be so good, Jamie. 72 00:03:18,720 --> 00:03:20,760 Speaker 2: When it comes to financials, I mean, you know a 73 00:03:20,800 --> 00:03:24,240 Speaker 2: lot of I guess non bank entrants are making quite 74 00:03:24,240 --> 00:03:28,280 Speaker 2: a lot of way Citadel Jane Street, is that a 75 00:03:28,360 --> 00:03:29,960 Speaker 2: you know, a concern for the banks. Shouldn't be a 76 00:03:30,040 --> 00:03:31,000 Speaker 2: problem for the banks. 77 00:03:31,280 --> 00:03:33,440 Speaker 3: I would call it a problem. You know, they're both clients. 78 00:03:34,120 --> 00:03:36,440 Speaker 3: I'm very capable, you know, but I've always had the 79 00:03:36,520 --> 00:03:38,760 Speaker 3: view there are a lot of competitors out there, and 80 00:03:38,840 --> 00:03:40,840 Speaker 3: you know, all the major banks are back. I think 81 00:03:40,880 --> 00:03:42,280 Speaker 3: that's a good thing for the world, you know, maybe 82 00:03:42,280 --> 00:03:45,119 Speaker 3: not so much for Jamie Morgan. There's you mentioned those two, 83 00:03:45,120 --> 00:03:48,360 Speaker 3: there's Apollo. There's a lot of FinTechs, some very good ones. 84 00:03:48,400 --> 00:03:51,480 Speaker 3: There's Stripe, there's PayPal. Yeah, my view has always been 85 00:03:51,520 --> 00:03:55,480 Speaker 3: the same. I tell the magic Assume competition. Assume they're 86 00:03:55,480 --> 00:03:58,600 Speaker 3: coming at you in every angle. Assume they often have 87 00:03:58,640 --> 00:04:01,120 Speaker 3: their own strengths. Sometimes their own weness is they won't 88 00:04:01,120 --> 00:04:03,040 Speaker 3: all do great, But yeah, I think they're you know, 89 00:04:03,200 --> 00:04:04,720 Speaker 3: some of these people gaining quite a bit of shared 90 00:04:04,720 --> 00:04:06,560 Speaker 3: in parts of the business. We still are too, by 91 00:04:06,600 --> 00:04:08,480 Speaker 3: the way, so you know we're in the fight. We're 92 00:04:08,520 --> 00:04:10,840 Speaker 3: not losing out very much. But that doesn't mean you 93 00:04:10,840 --> 00:04:13,040 Speaker 3: won't lose out tomorrow because you're winning today. 94 00:04:13,360 --> 00:04:14,680 Speaker 2: So what do you have to do today? How do 95 00:04:14,680 --> 00:04:17,240 Speaker 2: you see the people that are doing you know well 96 00:04:17,279 --> 00:04:18,799 Speaker 2: today doing even better tomorrow. 97 00:04:19,240 --> 00:04:22,320 Speaker 3: It's about us are other people both? It's quality to 98 00:04:22,360 --> 00:04:25,440 Speaker 3: people you interviewed Prinav, I mean we have exceptional people 99 00:04:26,160 --> 00:04:28,920 Speaker 3: and investment, banking and sales and training, and say I 100 00:04:29,000 --> 00:04:31,880 Speaker 3: put right next to that technology. But it's related because 101 00:04:31,880 --> 00:04:35,280 Speaker 3: those people deploying technology. So there are thousands of technology 102 00:04:35,320 --> 00:04:38,520 Speaker 3: projects and then there are hundreds of AI projects, all 103 00:04:38,520 --> 00:04:40,680 Speaker 3: of which are meant to do a better job for customers, 104 00:04:40,800 --> 00:04:44,280 Speaker 3: consumer research, how we deliver things to people, and if 105 00:04:44,279 --> 00:04:46,120 Speaker 3: you don't move. You know you're going to be left behind. 106 00:04:46,960 --> 00:04:48,800 Speaker 3: I mean, I remind you could be a country or 107 00:04:48,839 --> 00:04:51,359 Speaker 3: a company. You do not have a divine right to success. 108 00:04:51,760 --> 00:04:54,320 Speaker 3: You know, we mentioned as management learnings as I did. 109 00:04:54,320 --> 00:04:56,320 Speaker 3: You can see it on YouTube and all that. But 110 00:04:56,440 --> 00:04:58,480 Speaker 3: I put out to people, look at the bank, look 111 00:04:58,480 --> 00:05:05,360 Speaker 3: at no Key, BlackBerry, Sears, Kmart Bearster Lehman, I can 112 00:05:05,640 --> 00:05:09,560 Speaker 3: chapter of diverse a failed companies usually because they're complacent, arrogant. 113 00:05:09,600 --> 00:05:12,240 Speaker 3: They think they're on the top of the top of 114 00:05:12,279 --> 00:05:15,320 Speaker 3: the world and they're not. They're competitors coming everywhere, and 115 00:05:15,320 --> 00:05:16,680 Speaker 3: you should assume that's gonna be true. 116 00:05:17,080 --> 00:05:18,800 Speaker 2: Do you see competitors coming for the US? 117 00:05:19,520 --> 00:05:20,400 Speaker 3: Yeah? 118 00:05:20,560 --> 00:05:21,200 Speaker 2: Where are Europe? 119 00:05:22,120 --> 00:05:23,040 Speaker 3: Are about the countries? 120 00:05:23,080 --> 00:05:23,600 Speaker 2: The countries? 121 00:05:23,680 --> 00:05:29,080 Speaker 3: Yeah, yeah, I think Europe. Let me just ask. I 122 00:05:29,120 --> 00:05:33,880 Speaker 3: think Kere Starmer, Mers and Macrone. I think Macrone is 123 00:05:33,880 --> 00:05:37,240 Speaker 3: one of the best political leaders in the planet today. Okay, 124 00:05:37,440 --> 00:05:41,560 Speaker 3: I think Kre Starmer is smart, devoted. They're saying the 125 00:05:41,640 --> 00:05:44,360 Speaker 3: right things public and privately, all of them talking about 126 00:05:44,400 --> 00:05:48,920 Speaker 3: growing the economies, thank god, pro business, pro capital, and 127 00:05:48,960 --> 00:05:51,360 Speaker 3: they're doing all of that to improve the lot of 128 00:05:51,360 --> 00:05:54,080 Speaker 3: their citizens. It's not about what they're doing for JP Morgan, 129 00:05:54,520 --> 00:05:57,800 Speaker 3: And if I was europe absolutely I'd want to great 130 00:05:57,839 --> 00:06:01,880 Speaker 3: live in the UK military econom and I would reform 131 00:06:02,240 --> 00:06:04,160 Speaker 3: as best I can in all of European things. What 132 00:06:04,200 --> 00:06:07,520 Speaker 3: they're all talking about now, deregulation, simplification, and yeah, they 133 00:06:07,520 --> 00:06:09,200 Speaker 3: try to compu to America, and that would be good 134 00:06:09,200 --> 00:06:11,400 Speaker 3: for America. That doesn't make me sad. It makes me 135 00:06:11,400 --> 00:06:14,080 Speaker 3: happy that they're strong. And then you know their allies. 136 00:06:14,200 --> 00:06:16,680 Speaker 3: I want our allies to be strong and powerful militarily 137 00:06:16,720 --> 00:06:17,440 Speaker 3: and economically. 138 00:06:17,960 --> 00:06:22,919 Speaker 2: Do you worry about US supremacy actually exceptionalism, Yeah, I. 139 00:06:23,000 --> 00:06:25,800 Speaker 3: Look, I never believe her quite that exception. I mean, remember, 140 00:06:26,920 --> 00:06:29,920 Speaker 3: America is an unbelievable country with freedoms and the gifts 141 00:06:29,920 --> 00:06:33,200 Speaker 3: of God and you know, water, food, energy, and then 142 00:06:33,240 --> 00:06:35,719 Speaker 3: the gifts of founding falls called freedom of religion, freedom 143 00:06:35,760 --> 00:06:39,479 Speaker 3: of speech, from enterprise. That was dwarf everything. And so 144 00:06:39,520 --> 00:06:41,640 Speaker 3: we still have the most prosperous economy the world's ever seen. 145 00:06:41,680 --> 00:06:43,920 Speaker 3: But the Americans shouldn't take it as a divine rights 146 00:06:44,000 --> 00:06:47,960 Speaker 3: sace either. We slowed ourselves down with regulation, stupid bureaucracy. 147 00:06:48,320 --> 00:06:50,160 Speaker 3: You know, we don't we're not getting we haven't done 148 00:06:50,240 --> 00:06:52,799 Speaker 3: budgets in years. You know. So now we shouldn't assume 149 00:06:53,200 --> 00:06:56,680 Speaker 3: it's forever. I don't think are will still be pre eminent, 150 00:06:57,279 --> 00:07:00,240 Speaker 3: you know, militarily and economically for a long time, you know. 151 00:07:00,240 --> 00:07:01,839 Speaker 3: But if we don't do everything right, we can lose 152 00:07:01,880 --> 00:07:04,240 Speaker 3: that too. You have twenty thirty forty years from now, 153 00:07:04,480 --> 00:07:07,880 Speaker 3: and I think very important that is America. The goal 154 00:07:07,920 --> 00:07:10,920 Speaker 3: of America should be to help the military alliances of 155 00:07:10,960 --> 00:07:13,400 Speaker 3: the Western world and to help the economic alliance of 156 00:07:13,400 --> 00:07:15,920 Speaker 3: the Western world to walk side by side like you 157 00:07:16,000 --> 00:07:18,640 Speaker 3: did in victory in Europe day the other day here 158 00:07:19,000 --> 00:07:22,000 Speaker 3: to strengthen the Western world and hold it together, you know, 159 00:07:22,080 --> 00:07:24,120 Speaker 3: not the cause of the fragments, and so I think 160 00:07:24,160 --> 00:07:26,080 Speaker 3: we have to work hard to make sure that's the case. 161 00:07:26,720 --> 00:07:28,720 Speaker 2: Do you worry about the deficits and do you worry 162 00:07:28,720 --> 00:07:30,720 Speaker 2: actually in the US And do you worry USO about 163 00:07:31,160 --> 00:07:34,800 Speaker 2: the US dollar remaining as a reserve currency. Do you 164 00:07:34,800 --> 00:07:36,880 Speaker 2: think Europe has what it takes to try and put 165 00:07:36,880 --> 00:07:37,640 Speaker 2: the euro in there? 166 00:07:37,760 --> 00:07:39,720 Speaker 3: Yeah, So I think I should have mentioned deficits up 167 00:07:39,720 --> 00:07:41,200 Speaker 3: front as being one of the issues you have to 168 00:07:41,240 --> 00:07:43,640 Speaker 3: deal And I think acid prices quite high too, and 169 00:07:43,680 --> 00:07:47,720 Speaker 3: those create various risks for America. Our deficit is almost 170 00:07:47,760 --> 00:07:50,520 Speaker 3: two trillion dollars six or seven percent of GDP, the 171 00:07:50,600 --> 00:07:53,400 Speaker 3: largest peacetime deficit ever. And we have one hundred percent 172 00:07:53,440 --> 00:07:55,840 Speaker 3: debt to GDP. That one hundred percent debt to GDP 173 00:07:55,960 --> 00:08:01,040 Speaker 3: is kind of universal almost around Europe on average, but 174 00:08:01,120 --> 00:08:04,120 Speaker 3: your deficits is are much smaller. Does that create a risk? Absolutely, 175 00:08:04,320 --> 00:08:06,160 Speaker 3: it creates a risk of inflation. To me, it creates 176 00:08:06,160 --> 00:08:10,200 Speaker 3: a risk of higher long term rates. Well, you know, 177 00:08:10,480 --> 00:08:13,000 Speaker 3: but America will the dollar that week? I don't know that. 178 00:08:13,120 --> 00:08:14,880 Speaker 3: That's a slightly different. I think you could see rates 179 00:08:14,880 --> 00:08:17,120 Speaker 3: go up, the long bond rates go up, and you 180 00:08:17,160 --> 00:08:20,120 Speaker 3: know that might slow down to growth, and that's how 181 00:08:20,120 --> 00:08:22,320 Speaker 3: we you know, kind of a stagflation kind of scenario. 182 00:08:22,680 --> 00:08:25,320 Speaker 2: Would you, I mean you must see President Trump regularly. 183 00:08:25,600 --> 00:08:27,680 Speaker 2: What do you what do you tell? What would you tell? 184 00:08:27,800 --> 00:08:29,760 Speaker 3: I talked to all of us. I talked to all 185 00:08:29,760 --> 00:08:32,120 Speaker 3: of the folks there. I wrote about my Chairman's letter. 186 00:08:32,320 --> 00:08:34,480 Speaker 3: I mean we have first of all, America should worry 187 00:08:34,520 --> 00:08:36,720 Speaker 3: about things we can do better. You know, I call 188 00:08:36,760 --> 00:08:39,280 Speaker 3: it blue tape. I mean our regular we are out 189 00:08:39,320 --> 00:08:41,440 Speaker 3: of control. We're doing the same stuff that they did 190 00:08:41,480 --> 00:08:45,120 Speaker 3: here that you know virtually you know, the American publican 191 00:08:45,160 --> 00:08:47,439 Speaker 3: don't know. The GDP per person in Europe has gone 192 00:08:47,480 --> 00:08:50,200 Speaker 3: from something like ninety percent of Americas to sixty five percent. 193 00:08:50,720 --> 00:08:54,960 Speaker 3: And they did it to themselves. Rules, regulations, over complication. 194 00:08:55,800 --> 00:08:57,599 Speaker 3: They started the European Union, which I think is a 195 00:08:57,679 --> 00:09:00,400 Speaker 3: huge accomplishment of mankind. They got to finish it. And 196 00:09:00,440 --> 00:09:03,160 Speaker 3: here they they called the Capital Markets Union, the Banking Union. 197 00:09:03,440 --> 00:09:05,120 Speaker 3: You know, they have to create a big common market 198 00:09:05,120 --> 00:09:09,359 Speaker 3: of four and fifty million people. And so in America 199 00:09:09,559 --> 00:09:12,400 Speaker 3: it's the same thing. It's regulations, it's permitting. You know, 200 00:09:12,440 --> 00:09:14,240 Speaker 3: we've overdone. We've wasted a lot of money in the 201 00:09:14,240 --> 00:09:18,600 Speaker 3: green economy. It's getting jobs back, it's training in schools, 202 00:09:18,880 --> 00:09:21,680 Speaker 3: it's fixing immigration. So we've stopped at the border. But 203 00:09:21,720 --> 00:09:24,120 Speaker 3: now we have to have a more merit based immigration, 204 00:09:24,240 --> 00:09:26,599 Speaker 3: more seasonal immigration, you know, things that can help the 205 00:09:26,640 --> 00:09:29,240 Speaker 3: country grow. And then we have to work in our 206 00:09:29,240 --> 00:09:32,320 Speaker 3: military alliances and economic alliances. And that's for the sake 207 00:09:32,360 --> 00:09:34,040 Speaker 3: of the future free and democratic world. 208 00:09:34,440 --> 00:09:37,360 Speaker 2: So on the economic alliance, is there a concern that 209 00:09:37,400 --> 00:09:41,040 Speaker 2: actually certain countries in Europe or elsewhere will choose non 210 00:09:41,160 --> 00:09:45,040 Speaker 2: US bank from bondishferences, will choose non US asset managers 211 00:09:45,360 --> 00:09:46,520 Speaker 2: to manage their pensions. 212 00:09:46,880 --> 00:09:48,400 Speaker 3: Yeah, there'll be a little of that, you know. I mean, 213 00:09:48,679 --> 00:09:51,560 Speaker 3: we irritate a lot of people, so I rout into them. 214 00:09:51,559 --> 00:09:54,040 Speaker 3: They say, you know, like they're not buying our you know, 215 00:09:54,120 --> 00:09:57,040 Speaker 3: Kentucky bourbon or stuff like that. There'll be some of that, 216 00:09:57,440 --> 00:09:59,680 Speaker 3: And I think it's perfectly reasonable for you know, I 217 00:09:59,679 --> 00:10:02,439 Speaker 3: spoke a lot of investors here. They're thinking about the 218 00:10:02,760 --> 00:10:05,040 Speaker 3: ass allocation of the United States, Well, they diminished it. 219 00:10:05,440 --> 00:10:09,839 Speaker 3: Possibly is America a bad investment destination out If you 220 00:10:09,920 --> 00:10:12,200 Speaker 3: could take all of your money and put it in 221 00:10:12,240 --> 00:10:14,840 Speaker 3: one country, it would still be America. I mean, it's 222 00:10:14,880 --> 00:10:16,800 Speaker 3: still the most prosperous nation of the planet. It's got 223 00:10:16,800 --> 00:10:19,200 Speaker 3: the best military in the planet. It's got huge amounts 224 00:10:19,240 --> 00:10:24,000 Speaker 3: of immigrant innovation. People are catching up. That's a good thing. 225 00:10:24,080 --> 00:10:27,360 Speaker 3: You know, China's doing some very good innovation and medical 226 00:10:27,440 --> 00:10:29,600 Speaker 3: and AI, and we should assume they're continue to do that. 227 00:10:29,720 --> 00:10:32,679 Speaker 3: But America still got the best. Our GDP versus eighty 228 00:10:32,679 --> 00:10:35,880 Speaker 3: five thousand dollars, you know, China's fifteen thousand dollars. But 229 00:10:36,000 --> 00:10:38,600 Speaker 3: other than they're ashamed about we should fix our problems 230 00:10:38,679 --> 00:10:40,560 Speaker 3: because we could grow a lot faster, which help all 231 00:10:40,559 --> 00:10:41,319 Speaker 3: of our citizens. 232 00:10:41,520 --> 00:10:43,839 Speaker 2: But if you put to too many tariffs and actually 233 00:10:43,880 --> 00:10:46,840 Speaker 2: too much uncertainty, does that not squander actually a lot 234 00:10:46,880 --> 00:10:47,960 Speaker 2: of the assets that they used. 235 00:10:48,640 --> 00:10:50,000 Speaker 3: I think they're doing the right thing now, which is 236 00:10:50,040 --> 00:10:52,440 Speaker 3: the back off of it. Let you know, the Secretary 237 00:10:52,480 --> 00:10:55,400 Speaker 3: of Treasury do the hard work of figuring out what's 238 00:10:55,400 --> 00:10:57,880 Speaker 3: the right thing to do. If they're unfair trade things, 239 00:10:57,920 --> 00:10:59,959 Speaker 3: do something about it, you know. But they have bet 240 00:11:00,240 --> 00:11:04,000 Speaker 3: off of specific things and specific industries, and I think 241 00:11:04,000 --> 00:11:05,400 Speaker 3: that's the right thing to do. I think the first 242 00:11:05,400 --> 00:11:09,079 Speaker 3: thing is very large, that everything in everywhere all at once, 243 00:11:09,440 --> 00:11:11,960 Speaker 3: and now they're kind of backing to where I think 244 00:11:12,000 --> 00:11:14,720 Speaker 3: they should be in terms. But even at this level, 245 00:11:14,760 --> 00:11:16,959 Speaker 3: it caused that kind of uncertainty. Even this level, you 246 00:11:17,080 --> 00:11:19,760 Speaker 3: see people holding back on investment and thinking through what 247 00:11:19,760 --> 00:11:22,040 Speaker 3: they want to do, you know, thinking about, you know, 248 00:11:22,040 --> 00:11:24,000 Speaker 3: how much you're gonna put in the United States, and 249 00:11:24,080 --> 00:11:26,160 Speaker 3: I mean, we're gonna be okay. But it is causing 250 00:11:26,160 --> 00:11:26,960 Speaker 3: that uncertainty. 251 00:11:27,320 --> 00:11:29,439 Speaker 2: We're looking at the president of course, in the Middle East, 252 00:11:29,880 --> 00:11:32,200 Speaker 2: where there were seals that you know, deals that were 253 00:11:32,280 --> 00:11:33,840 Speaker 2: signed and a lot of wall streets. Some of your 254 00:11:33,840 --> 00:11:36,240 Speaker 2: competitors say what's your strategy for the Middle East? How 255 00:11:36,280 --> 00:11:37,200 Speaker 2: much do you want to grow there? 256 00:11:37,440 --> 00:11:39,240 Speaker 3: Well, we grow everywhere. I mean, you know, we go 257 00:11:39,360 --> 00:11:41,480 Speaker 3: country by country and we look at you know, we 258 00:11:41,600 --> 00:11:45,880 Speaker 3: bank country, cities, schools, states, hospitals, big companies everywhere. We 259 00:11:45,920 --> 00:11:48,719 Speaker 3: have a network effect. So when we bank Bloomberg, we're 260 00:11:48,720 --> 00:11:51,240 Speaker 3: banking the United States. We're banking you in London, in Paris, 261 00:11:51,280 --> 00:11:52,880 Speaker 3: we're banking you in Europe, We're banking you in the 262 00:11:52,920 --> 00:11:55,640 Speaker 3: Middle East. That's what we do. So almost every one 263 00:11:55,679 --> 00:11:58,080 Speaker 3: of those countries we're growing. As they grow, we grow, 264 00:11:58,160 --> 00:12:02,000 Speaker 3: we cover more of their institution overseas were institutional in 265 00:12:02,040 --> 00:12:04,080 Speaker 3: the United States. We also have a consumer and so 266 00:12:04,160 --> 00:12:06,280 Speaker 3: you know, as you know, we're testing the consumer and 267 00:12:06,320 --> 00:12:07,839 Speaker 3: chase UK to them. 268 00:12:07,920 --> 00:12:10,480 Speaker 2: Yeah, and you're growing actually that retail business a lot 269 00:12:10,520 --> 00:12:11,760 Speaker 2: in the UK. What's next for that? 270 00:12:12,160 --> 00:12:14,360 Speaker 3: I hope to We hope to grow more in the UK, 271 00:12:15,000 --> 00:12:17,280 Speaker 3: add some products and eventually we've already anounced we're going 272 00:12:17,320 --> 00:12:18,959 Speaker 3: to go to Germany. But I think we have a 273 00:12:19,040 --> 00:12:21,800 Speaker 3: chance to build a great digital bank, and we have 274 00:12:21,880 --> 00:12:24,680 Speaker 3: competitive advantages. We have a brand, we have research, we 275 00:12:24,720 --> 00:12:27,079 Speaker 3: have a balance sheet, we've got capabilities. We're going to 276 00:12:27,120 --> 00:12:29,120 Speaker 3: add you know, we're not gonna announce it today. We'd 277 00:12:29,120 --> 00:12:32,160 Speaker 3: add more capabilities over time, so that and then someone 278 00:12:32,280 --> 00:12:34,240 Speaker 3: like you, if you travel the United States and to 279 00:12:34,280 --> 00:12:36,280 Speaker 3: the UK, you're gonna be able to move your money 280 00:12:36,480 --> 00:12:39,880 Speaker 3: between Chase US and Chase UK on your phone. So 281 00:12:40,040 --> 00:12:42,319 Speaker 3: we're add things that make your life better as a 282 00:12:42,640 --> 00:12:44,120 Speaker 3: consumer of our banking product. 283 00:12:44,520 --> 00:12:47,800 Speaker 2: You certainly caught some waves in uh, you know, talking 284 00:12:47,840 --> 00:12:49,720 Speaker 2: about return to the office. I think there might have 285 00:12:49,720 --> 00:12:52,720 Speaker 2: been a little bit swearing at bit there or not. 286 00:12:53,040 --> 00:12:55,719 Speaker 2: People listened, Yeah. 287 00:12:55,720 --> 00:12:58,840 Speaker 3: Back full time listen. First of all, I tried, I 288 00:12:58,880 --> 00:13:00,920 Speaker 3: did a mote dare I you know, people know me 289 00:13:01,040 --> 00:13:02,920 Speaker 3: and I don't really care about that. I don't worry 290 00:13:02,960 --> 00:13:05,199 Speaker 3: about it, but I answered, I want to answer. The 291 00:13:05,559 --> 00:13:08,480 Speaker 3: guy asked a legitimate question and I gave it a 292 00:13:08,640 --> 00:13:11,320 Speaker 3: very detailed answer about why it doesn't work for young people, 293 00:13:11,320 --> 00:13:13,240 Speaker 3: why it doesn't work for management, why it doesn't work 294 00:13:13,280 --> 00:13:16,480 Speaker 3: for innovation. I completely applaud your right to not to 295 00:13:16,559 --> 00:13:18,600 Speaker 3: want to go to the office every day, but you're 296 00:13:18,640 --> 00:13:20,480 Speaker 3: not going to tell JP Moore what to do. And 297 00:13:20,760 --> 00:13:22,679 Speaker 3: I think we already have ten percent of jobs at home. 298 00:13:22,720 --> 00:13:25,000 Speaker 3: I'm not against work from home. I'm against work from 299 00:13:25,040 --> 00:13:27,040 Speaker 3: it doesn't work. And then of course the press made 300 00:13:27,040 --> 00:13:29,640 Speaker 3: a big deal about the petition and all that. It 301 00:13:29,679 --> 00:13:33,520 Speaker 3: was like not even Mosquito. Most people back some people. 302 00:13:33,520 --> 00:13:36,360 Speaker 3: We've had no additional attrition, you know, we had to 303 00:13:36,360 --> 00:13:38,080 Speaker 3: make some modificate, you know, we didn't have enough seats 304 00:13:38,080 --> 00:13:40,959 Speaker 3: in certain areas. And it will be a better company 305 00:13:41,040 --> 00:13:42,840 Speaker 3: and I think our employees will be happier over time, 306 00:13:43,000 --> 00:13:45,280 Speaker 3: and the younger people learned the right way. You know, 307 00:13:45,400 --> 00:13:48,560 Speaker 3: it's an apprenticeship system and you can't learn working from 308 00:13:48,600 --> 00:13:49,160 Speaker 3: your basement. 309 00:13:50,120 --> 00:13:52,480 Speaker 2: Jamie Diamond, thank you so much for joining us today. 310 00:13:52,480 --> 00:13:54,920 Speaker 2: That was, of course, the chief executive officer of JP Morgan. 311 00:13:54,920 --> 00:13:56,920 Speaker 2: I'm going to send it back to you in New York. 312 00:13:56,960 --> 00:14:01,160 Speaker 1: John front Sine, thank you appreciate the update over in Paris, 313 00:14:01,160 --> 00:14:03,920 Speaker 1: France with Jamie Dimon, the CEO and chair of JP 314 00:14:04,080 --> 00:14:04,360 Speaker 1: Morgan