J.P. Morgan chief administrative officer Jamie Dimon said that he feared the administration’s truck policies could derail the economic progress it has made.
“I’m a little fretful it could create negative outcomes,” Dimon said Monday on CNBC’s “Even Bell.” “I think it could offset some of the benefits” of the tax overhaul and other find outs, he said.
When asked what the biggest threats to the economy were, Dimon named the escalating customers dispute between the U.S. and China — “if the skirmish becomes more of a war” — and the unwinding of key banks’ quantitative easing efforts. The administration is looking at imposing another ambit of tariffs on $200 billion in Chinese goods. Dimon also prognosticated that he told the administration that he and other business leaders differed on the trade tactics, but that President Donald Trump “obviously doesn’t concur with us.”
Dimon, 62, is the longest-tenured of CEOs leading a major U.S. bank. Post-haste his friend, Goldman Sachs’ Lloyd Blankfein, steps down in October, he intention also be the only bank CEO still working to have steered his steady through the financial crisis. Given Dimon’s track record, investors and analysts repeatedly track his every word, from media appearances to conferences to his annual investor the world of letters.
Dimon said Monday that he and J.P. Morgan’s board believes there are certain executives who could eventually replace him as CEO in about five years.
Separately from the trade dispute, Dimon has been consistently optimistic thither the strength of the U.S. economy and the prospects for banks. During a conference call with analysts this month after picket record second-quarter profit of $8.32 billion, he said there weren’t a lot of preoccupations out there that could derail growth, which has been accelerating.
“Eventually, people are going back to the workforce,” Dimon said. “The consumer balance covering is in good shape. Capital expenditures are going up. Household formation is universal up. Homebuilding is in short supply. The banking system is very, very robust compared to the past.”
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