SlateStone Wealth chief market strategist Kenny Polcari discusses how buyers ought to cope with damaging market information on Making Cash.
JPMorgan Chase CEO Jamie Dimon is urging warning in regards to the outlook for the U.S. financial system amid persistent uncertainty over the affect of tariffs in addition to geopolitical headwinds.
“I believe you higher watch out on that one [on the economic impact on the U.S.], as a result of a few of these issues have lengthy cycles. So we do not know but. Persons are anticipating this stuff to occur instantly. However really, lots of them have not occurred,” Dimon mentioned in an interview on the “Workplace Hours: Enterprise Version” podcast launched Wednesday morning.
Dimon warned that the financial affect of tariffs, shifts in immigration coverage, geopolitical challenges, in addition to the tax and spending modifications 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 “financial system is weakening.”
“Whether or not it’s on the way in which to recession or simply weakening, I don’t know,” he informed CNBC.
His feedback this week come after he mentioned earlier this summer season that financial situations may deteriorate quickly, pointing to diminished enterprise and shopper confidence together with an anticipated weakening of the labor market and rise in inflation. Dimon mentioned on the time that he hoped that there can 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 mentioned to “watch out” in regards to the financial outlook for the U.S. as a number of coverage shifts play out. (Chris Ratcliffe/Bloomberg through Getty Pictures / Getty Pictures)
On this week’s podcast, Dimon mentioned that he believes the banking trade 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 purchase a financial institution in america of America. We may abroad if we needed to, however I most likely would not,” Dimon mentioned.
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 seeking to purchase a financial institution abroad, Dimon mentioned. (Michael Nagle/Bloomberg through Getty Pictures / Getty Pictures)
Dimon has run the biggest U.S. financial institution for over 19 years and opted towards giving a timeline for his eventual retirement however did provide insights on his potential successor.
He mentioned that JPMorgan Chase’s subsequent CEO will doubtless be an insider, whereas he steps into the function of chairman of the board.
“It is when they’re prepared and it is time for me to go – or some mixture of the 2,” Dimon mentioned. “I’ve a fantastic relationship with all of the folks right here. The board is prone to make me chairman for a few 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 through Getty Pictures / Getty Pictures)
Final yr, Dimon mentioned that he expects to depart JPMorgan Chase inside the subsequent 5 years, although he did not provide a particular 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 performing 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 almost three many years, and Rohrbaugh has labored for JPMorgan since 2005.
Different candidates recognized by the board embrace Marianne Lake, CEO of shopper and neighborhood banking, and Mary Erdoes, CEO of asset and wealth administration.
