“In the past, boards and advisers to boards advised company CEOs to keep their head down and stay out of the line of fire,” Dimon said. “Now the opposite may be true. If companies and CEOs do not get involved in public policy issues, making progress on all these problems may be more difficult.”
Other Highlights
JPMorgan expects to have 6,500 wealth advisors in place by the end of 2019. Dimon said hiring more bankers can boost the company’s market share in investment banking. Dimon said he wouldn’t look at the yield curve’s inversion as sending the same signals as in the past because of central banks’ “interference.” The CEO said Brazil “has turned the corner economically,” and is an example of a bright spot in the world that shouldn’t be eclipsed by the growing list of geopolitical risks. Dimon, whose company is the nation’s biggest bank by assets, strongly defended capitalism, warning that socialism would be “a disaster for our country” because it tends to produce stagnation, corruption and authoritarian officials. Cybersecurity may be biggest threat to U.S. financial system, Dimon said, echoing earlier statements. JPMorgan is restructuring its applications to take full advantage of cloud computing, a technology whose potential Dimon said he didn’t initially grasp.
This article was provided by Bloomberg News.