JPMorgan Chase CEO Jamie Dimon sticks to hiring plans and dials back prediction of economic ‘hurricane’

JPMorgan Chase CEO Jamie Dimon sticks to hiring plans and dials back prediction of economic ‘hurricane’

JPMorgan Chase & Co. CEO Jamie Dimon has somewhat backed off his prediction of an economic “hurricane,” saying the megabank continues to hire despite industry layoffs.

In an interview on Tuesday at the JPMorgan Healthcare Conference, Dimon also issued several new anti-crypto draws and criticized crypto trading platform FTX, which filed for bankruptcy late last year.

The outspoken Dimon had warned against what he called an economic hurricane in a widely quoted interview in June.

Dimon clarified his comments Tuesday in an interview with anchor Maria Bartiromo on Fox Business’ Mornings with Maria.

“I should never have used the word ‘hurricane,'” Dimon said in the interview. “What I said was that there were storm clouds that could subside. People said they didn’t think it was a big deal, and I said no, those storm clouds could be a hurricane. And so I’m saying these things, I’m talking about … it could be anything [or] it could be bad and I think we have to understand that, I’m not predicting one or the other.”

Dimon said those early storm clouds have already hit, with inflation, quantitative easing by central banks and the stock market down 20%. He recommended that you prepare for uncertain times ahead.

While rival megabank Goldman Sachs Group Inc. GS, +0.94% , Morgan Stanley MS, +0.72% and Wells Fargo & Co . WFC, +0.04% have cut jobs or signal layoffs, Dimon said JPMorgan JPM, +0.54% continues. to hire.

Also read: Goldman sharpens knife on headcount, rewards along with other big banks

“As of right now we’re still in hiring mode,” Dimon said. “We have many growth plans. You know, I tend not to stop growing because you have a recession. Even in a recession, we’re opening up in new places we’re talking about. And we think these things are very good for shareholders in the long run.”

Asked about lessons from the FTX implosion, Dimon said blockchain-based transactions remain viable, but described the crumbling cryptocurrency brokerage as a “decentralized Ponzi scheme because people [were] I just hypnotize and hypnotize him.”

“A lot of people were hurt, you know, and these were retirees, grandmothers, you know, lower income. [people. It] it was a shame,” Dimon said. “And it should have put some kind of regulatory framework in place right away so that there would be some investor protection.”

Asked about the market for initial public offerings and mergers, Dimon said the environment appears to be stabilizing.

“There are hundreds of IPOs ready to go. This could very well open this year,” he said. “And so, if I were — people who want to go public, I’d be prepared to do that. The debt markets have been very open, except for some types of low-grade, high-yield, and the stock market, you know, bouncing around, but it’s still open for people.”

He reiterated comments about the strength of US consumer and corporate balance sheets, which he said remain in good shape. He also said he has no plans to run for public office.

Dimon’s comments come just days before JPMorgan’s fourth-quarter earnings update amid a volatile economic environment.

Also Read: Banks gain favor in risk environment, but earnings uncertainty remains

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