Jamie Dimon,

"US Economic Boom May Reach 2023" - Part 2

  Jamie Dimon, "US Economic Boom May Reach 2023" - Part 2 In this article, we continue to examine the statements of JPMorgan Chase Chief Executive Officer Jamie Dimon in the annual letter to shareholders posted on the bank's website. -Competitive Threats Founding the largest and most profitable US bank in history, Dimon warned its shareholders that the technology disruption of its industry is finally approaching. While shadow lenders are gaining ground, traditional banks are being pushed to a shrinking role in the financial system, Dimon said. "Banks have tremendous competition threats in almost every respect." said. The letter expands on Dimon's predictions over the years and announces that many of these threats are now coming. According to Dimon, financial technology firms are now offering more challenging, easy-to-use, fast and smart products. Shadow banks, a group that includes mutual funds and online platforms that provide financing to companies and consumers, thus gain market share. Stating that these groups have surpassed the growth of banks with some measures, Dimon said, "While I'm still sure that JPMorgan Chase can grow and generate good returns for its shareholders, competition will be intense. So we need to be faster and more creative." said. Just two days ago, Senate Minority Leader Mitch McConnell had warned that corporate leaders should refrain from taking a stand on divisive political issues. Despite this, Dimon also mentioned areas such as immigration, health and education in his letter. "Our problems and solutions are neither democratic nor republican." Dimon said, despite all the brilliance of the economic outlook, there are dark laments.

Jamie Dimon in the annual letter to shareholders posted on the bank's website.

In matters like health and immigration, Jamie Dimon said people lose faith in the government's ability to solve problems, "Americans know something is going very wrong and they blame the leadership of this country. The elite, the powerful, the decision makers in government, business and civil society." used the expressions. Stating that this has fueled populism on the right and left, Jamie Dimon stated that populism is not a policy and that they cannot allow a planning and wrong leadership process that will worsen the situation of the country. Describing this situation in economic terms, Dimon estimates that the far-reaching "dysfunction" dropped one percentage point from the US growth rate. Dimon pointed to the infrastructure in Germany, Singapore and Hong Kong on various issues and suggested to examine solutions abroad, saying: "Solving America's problems will require a lot of work. However, we can reach solutions by separating these problems into their components. With thoughtful analysis, common sense, and pragmatism, there is hope. " Jamie Dimon, "US Economic Boom May Reach 2023" - Part 2  

Source: Yahoo.Finance

 

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Jamie Dimon, “The US Economic Boom May Reach 2023” -Part 1