Jamie Dimon - JPMorgan Chase & Co.


Last quote by Jamie Dimon

I wouldn't overreact to the short-term thing about loan growth, because there's so many things that affect it, When you have a new president and they get going, the nine months after the 100 days is going to be a sausage-making period...to expect it to be smooth sailing, that would just be silly.feedback
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Apr 21 2017 Trump Presidency
We can learn a lot about a person if we know what types of things he or she talks about or comments on the most frequently. There are numerous topics with which Jamie Dimon is associated, including Americans, Deutsche Bank, and marketing. Most recently, Jamie Dimon has been quoted saying: “I could care less [if] banks, the nonbanks do it. My point about that was how it's hurting the growth of America.” in the article Jamie Dimon teases analysts with joke about taking a Trump post on conference call.
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Jamie Dimon quotes

We believe the anticipated reversal of many negatives and the expectation of a more business-friendly environment, coupled with our sustained, strong business results, are among the reasons our stock price has done so well this past year. We believe we have substantial opportunities in the decades ahead to drive organic growth in our company. We have confidence in the underlying growth in the U.S. and global economies, which will fuel the growth in our customer base.feedback

If all companies did [with repatriated funds] was pay dividends and buy back stock, think of that as QE4 ... and far cheaper, in my opinion. The shareholder will decide what to do with it. It's not like it disappears after that. It is fuel to the system. That money that isn't brought back is going to be reinvested in a foreign country, in a plant or acquisition, which has been happening, and never to return.feedback

It seems like he's woken up the animal spirits.feedback

Our company continued to invest through the crisis – often when others could not – in order to capture future growth. … The best example of this is in our consumer business, where [the bank's net interest margin, or the spread between the rate it pays for deposits and what it collects on loans] has gone from 2.95 percent to 2.20 percent (from 2009 to 2014). This spread reduction has reduced our net interest income by $2.5 billion, from $10 billion to $7.5 billion – or if you look at it per account, from $240 to $180.feedback

This does not mean we should not listen to what investors are saying – it just means we should not overreact to their comments – particularly if their views reflect temporary factors. While the stock market over a long period of time is the ultimate judge of performance, it is not a particularly good judge over a short period of time. A more consistent measure of value is our tangible book value, which has had healthy growth over time. ... In fact, when Mr. Market gets very moody and depressed, we think it might be a good time to buy back stock.feedback

Since we strongly believe this is a temporary phenomenon and we did not want to take more risk to increase our net interest margin (which we easily could have done), we continued to open new accounts. Over those years, we added 4.5 million accounts – and, in fact, very good sizable accounts. This has reduced our operating margins from 36 percent to 32 percent, but we don't care. When normal interest rates return, we believe this will add $3 billion to revenue and improve our operating margin to more than 40 percent. We do not manage to temporary P/E ratios – the tail should not wag the dog.feedback

Quarterly earnings – even annual earnings – frequently are the result of actions taken over the past five or 10 years.feedback

In the financial services world, it is easy to stretch for growth by reducing underwriting standards or taking on increasingly higher levels of risk. But such an approach is foolish longer term. For example, last year we declined to underwrite negative amortization mortgage loans and option adjustable-rate mortgages. That may have hurt our 2006 earnings a bit, but we believe it was the right decision for the company. Most of our growth will be organic. We have been doing this successfully for a decade – and opportunities abound.feedback

CEOs want this nation to succeed. We are ready to work collaboratively with President Trump, Congress, state and local leaders, unions and all the many institutions of civil society to create more opportunity for all Americans.feedback

There is no better time than now for enacting reasoned policies that achieve those goals. Americans can only benefit if we modernize our tax system, take a smarter approach toward regulation and invest in infrastructure.feedback

The swearing-in of a new president represents a moment of opportunity for America and all Americans. The United States is well positioned to build on the momentum the U.S. economy is already showing. President Trump and the new Congress have both identified economic growth and job creation as top priorities, and America's business leaders fully agree.feedback

It's going to take nine months, 12 months. The real detail work has to get done.feedback

One of the fictions here is that the marketing cost ... gets booked over 12 months. The benefit of the card gets booked over 7 years. The card was so successful it cost us $200 million, but we expect that to have a good return on it. I wish it was a $400 million loss.feedback

If you do that you are just irresponsible, I am sorry. And, you probably aren't a very good investor, either.feedback

God knows how any of you can place your vote based on ISS or Glass Lewis.feedback

Our results this quarter were a strong end to another record year, reflecting our intense client focus and solid performance across our businesses. In the Consumer business,we had double digit growth in deposits and core loan balances,our credit card sales volume was a record, and for the year we had over $1 trillion of merchant processing volume.feedback

The economy is getting a little bit better. Interest rates help and looking forward, you probably have a better political, legal and regulatory environment.feedback

It has always been rational to look at major legislation and open it up, take a look at it, recalibrate it, change it a little bit.feedback

They really should get someone hugely qualified to help grow the American economy and negotiate with overseas and understand the critical role that business also plays in all of this.feedback

We want to do our share to bring them back into society and give them jobs.feedback

If the next president does the right things around immigration, corporate and individual tax reform, [and] infrastructure spending, America would be booming. That boom would help the people who need it the most, the people at the bottom of the ladder.feedback

Brexit makes the chance of the euro zone not surviving 10 years from now five times higher.feedback

There is no reason that Deutsche Bank shouldn't get over its problems.feedback

They have plenty of capital, plenty of liquidity. We want all these banks to get through because it's better for everybody.feedback

Let's just raise rates. Twenty-five basis points is a drop in the bucket.feedback

If we could pull something like that off, that would be great for Italy.feedback

If the next president focuses on the right things, I think we're going to 4 percent. Those right things are proper immigration reform, proper infrastructure spending. The Democrats say spend a lot of money. I kind of agree with that. The Republicans say it shouldn't be bridges to nowhere, big pork barrel [projects]. I agree with that.feedback

I wouldn't overreact to short-term data. I'm not convinced that GDP data is actually that accurate anymore. What I see is more household formation, more people buying homes.feedback

If we have proper growth in the United States, we'll start to normalize interest rates.feedback

I'm all right. My parents had been ill for awhile. So you have some time to get prepared. My family is very tight. And we were all there right to the end. And so it was as nice as it could possibly have been. I love my children, I spend a lot of time with them.feedback

Unfortunately, that could be one of the fat-tail outcomes of Brexit. It may take more than five years, but may very well happen.feedback

If we can find a good place to open a branch, we'll open a branch.feedback

JPMorgan Chase continued to perform well in all of our major businesses.feedback

Our minimum salary for American employees today is $10.15 an hour ... almost $3 above the current national minimum wage. Over the next three years, we will raise the minimum pay for 18,000 workers to $12 to $16.50 an hour, depending on geographic and market factors.feedback

Wages for many Americans have gone nowhere for too long. Many employees who will receive this increase work as bank tellers and customer service representatives. Above all, it enables more people to begin to share in the rewards of economic growth.feedback

The key issue is the 'passport rule' that we have in London and allows us to provide services to clients in the European Union. However, if the EU imposes new conditions on Britain ... the worst-case scenario is we would have to move some thousands of employees to other branches in the euro zone.feedback

In the months ahead ... we may need to make changes to our European legal entity structure and the location of some roles. While these changes are not certain, we have to be prepared to comply with new laws as we serve our clients around the world.feedback

After a Brexit, we cannot do it all here, and we will have to start planning for that. I don't know if it means 1,000 jobs, 2,000 jobs; it could be as many as 4,000.feedback

We try to be very conservative, always. And, so, we're not trying to put up as little as possible. You know me, I'd put up more if I could. But accounting rules dictate what you can do.feedback

Auto is clearly a little stretched, in my opinion. Someone is going to get hurt. ... We don't do much of that.feedback

We're going to have a real time system up and running.feedback

What does work, is collaboration, analysis and getting people together across the spectrum of civic society, not-for-profit, education, government and business.feedback

It was serendipity that I bought at the bottom, as a opposed to I made the stock market go up. The stock market has hundreds of millions of participants making their own decisions everyday. I think I was just fortunate on the other side.feedback

When the market is this bad, it's reasonable to say it might be telling you something, but it's also reasonable to say 'maybe it's not'. My own view is that you've had four or five things very different that are taking place. China scared people with this bungling of the yuan ? their currency ? and their stock market, and their lower growth changed flows around the world. Commodity prices are down substantially now.feedback

I'm hopeful that this is just all a big adjustment. A fast adjustment might be better than a painful, slow death. I've always said normalization is a good thing.feedback

The businesses generated strong loan growth and credit quality, except for some stress in energy. The consumer business continues to gather deposits, outpacing the industry.feedback

We will do the right thing. That may well include clawbacks.feedback

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