JPMorgan Chase CEO Jamie Dimon is urging warning concerning the outlook for the U.S. economic system amid persistent uncertainty over the influence of tariffs in addition to geopolitical headwinds.
“I think you better be careful on that one [on the economic impact on the U.S.] because some of these things have long cycles. So we don’t know yet. People are expecting these things to happen right away. But actually, a lot of them haven’t happened,” Dimon stated in an interview on the “Office Hours: Business Edition” podcast launched Wednesday morning.
Dimon warned that the financial influence of tariffs, shifts in immigration coverage, geopolitical challenges, in addition to the tax and spending adjustments in President Donald Trump’s One Huge Lovely Invoice Act stay to be seen.
The JPMorgan CEO individually warned in a Tuesday interview that he thinks the “economy is weakening.”
“Whether it’s on the way to recession or just weakening, I don’t know,” he advised CNBC.
His feedback this week come after he stated earlier this summer time that financial situations may deteriorate quickly, pointing to diminished enterprise and client confidence together with an anticipated weakening of the labor market and rise in inflation. Dimon stated on the time that he hoped that there could be only a “little bit” of a decline in employment and uptick in inflation.
JPMORGAN’S DIMON SPOKE WITH DEM SOCIALIST NYC MAYORAL CANDIDATE AFTER CALLING HIM A ‘MARXIST’: REPORT
JPMorgan Chase CEO Jamie Dimon stated to “be careful” concerning the financial outlook for the U.S. as a number of coverage shifts play out. (Chris Ratcliffe/Bloomberg by way of Getty Photographs / Getty Photographs)
On this week’s podcast, Dimon stated that he believes the banking business will undergo extra consolidation however downplayed the prospects of JPMorgan Chase shopping for banks within the U.S. or overseas.
“We’re not allowed to buy a bank in the United States of America. We could overseas if we wanted to, but I probably wouldn’t,” Dimon stated.
The agency is launching a digital financial institution in Germany in 2026 after establishing a presence in the UK.
JPMORGAN’S JAMIE DIMON AND TRUMP APPEAR TO MEND FENCES AFTER PREVIOUS PUBLIC DISAGREEMENTS: REPORT
JPMorgan Chase is not trying to purchase a financial institution abroad, Dimon stated. (Michael Nagle/Bloomberg by way of Getty Photographs / Getty Photographs)
Dimon has run the most important U.S. financial institution for over 19 years and opted in opposition to giving a timeline for his eventual retirement however did supply insights on his potential successor.
He stated that JPMorgan Chase’s subsequent CEO will probably be an insider, whereas he steps into the function of chairman of the board.
“It’s when they are ready and it’s time for me to go – or some combination of the two,” Dimon stated. “I have a great relationship with all the people here. The board is likely to make me chairman for a couple of years.”
JPMORGAN CEO REVEALS WHAT’S KEEPING THE AMERICAN ECONOMY STRONG DESPITE GLOBAL CHALLENGES
Dimon declined to supply a timeline for stepping down as JPMorgan Chase CEO. (Tom Williams/CQ-Roll Name, Inc by way of Getty Photographs / Getty Photographs)
Final yr, Dimon stated that he expects to depart JPMorgan Chase inside the subsequent 5 years, although he did not supply a selected timeline.
JPMorgan’s board in April 2024 recognized potential successors to Dimon on a short- and long-term foundation.
Daniel Pinto, the financial institution’s president and chief working officer who is about to retire on the finish of 2026, was recognized as a possible short-term CEO. Pinto was the appearing CEO in 2020 when Dimon underwent emergency coronary heart surgical procedure.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Jennifer Piepszak and Troy Rohrbaugh are candidates for the highest job when Dimon finally departs. They’re co-CEOs of the agency’s expanded industrial and funding financial institution. Piepszak has been with the agency for practically three a long time and Rohrbaugh has labored for JPMorgan since 2005.
Different candidates recognized by the board embrace Marianne Lake, CEO of client and neighborhood banking, and Mary Erdoes, CEO of asset and wealth administration.
