30 November 2023

MOST DANGEROUS TIME IN DECADES: JP Morgan Chief Jamie Dimon on the Dire State of the Global Economy | DealBook Summit 2023

Nov 30, 2023

Jamie Dimon’s leadership of JPMorgan Chase has often brought a sense of stability to roiling financial markets. But when he looks at the conflicts in Gaza, Ukraine and elsewhere, combined with inflation and rising interest rates at home, he sees ominous warning signs. This interview was with Andrew Ross Sorkin of The New York Times at the annual DealBook Summit, recorded live in front of an audience at Jazz at Lincoln Center. Read more about highlights from the day at http://www.nytimes.com/2023/11/29/dea...

Transcript

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New York Times Events

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US Economy Slowed in Recent Weeks With Inflation, Labor Cooling

Real consumer spending rose 0.2% after smaller September gain
Continuing jobless claims rose to 1.93 million in latest week

Continued Jobless Claims Jump as Core PCE Rises

November 30, 2023 at 5:34 AM PST

Updated on

November 30, 2023 at 7:19 AM PST

Jamie Dimon, CEO of JPMorgan Chase, Warns of Rising Inflation and Economic Risks

November 29, 2023

Jamie Dimon, CEO of JPMorgan Chase, has issued a strong warning to Wall Street, cautioning that inflation could continue to rise and that a recession is still a possibility. Dimon delivered this message during The New York Times DealBook Summit 2023 in New York, emphasizing that the current state of the economy is precarious and that businesses should be prepared.

According to Dimon, many of the current global issues, such as the need for more funding for the green economy and addressing energy crises, are contributing to inflation
. He also voiced his concerns about the U.S. labor market’s resilience in the face of inflation, stating that it is “hurting people.”

Dimon also expressed his concerns about the effects of previously delivered stimulus money during the Covid-19 lockdowns and the subsequent economic “sugar high” resulting from quantitative easing by the Federal Reserve. He warned that the effects of easing and quantitative tightening, along with ongoing geopolitical issues, could have a significant impact on the economy.
Furthermore, Dimon highlighted the potential dangers of ongoing geopolitical conflicts, including wars in Ukraine, Israel, and Gaza, which could have widespread impacts on energy and food supplies, trade, and geopolitical relations. He raised concerns about nuclear blackmail, climate change, and the risk of another pandemic, advocating for the need for strong American leadership to address these issues.

Regarding business in China, Dimon clarified that JPMorgan Chase does business with companies like TikTok parent company ByteDance and is partially funding the planned initial public offering of Chinese fast fashion company Shein.
He emphasized that the company follows the lead of the U.S. government when conducting business in China and believes that companies like Shein do not pose a threat to U.S. national security.

In addressing concerns about national security threats posed by Chinese companies, Dimon defended JPMorgan Chase’s due process with all of its clients and expressed confidence in conducting business with China.