Sonali Basak reviews the key takeaways from JPMorgan CEO Jamie Dimon’s annual letter to shareholders. In the letter, Dimon warned that the recent banking crisis will be felt for years and also commented on using AI, geopolitics and the firm’s activities in Ohio. Basak speaks on “Bloomberg Surveillance.”
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Transcript
This is a serious thing that every company must do but how does a visible JP Morgan set up a hit by the truck and then on to that succession plan yeah over at Berkshire Hathaway they called us the man in the envelope strategy or the person in the envelope strategy who
Takes over if Jamie dimon is not there at JP Morgan he talks about it in the shareholder letter he says at every board meeting with or without the CEO who’s also the chairman they talk about succession planning and remember he has now one very clear number two who’s
Daniel Pinto but he also has two women who have been rising into different roles now leading Community banking more than 66 million people households served around the world over at JP Morgan that these two women are responsible and then they leave you are encyclopedic on whether Marion Lake or Jennifer pizek
Leave but they leave JP Morgan because he’s going to be there forever with this annual letter what’s the measurement of forever for Mr Diamond that’s a great question because he’s getting on to two decades of leading JP Morgan you mentioned that early 2000 Bank One how
Many how many times how many times do people say is JP Morgan bigger or Too Big Without Jamie dimon here is this another Citigroup situation in Sandy Weil who of course was uh Jamie Diamond was his Protege as well so I think that’s the big question here are these
Two women ready to take over uh how soon would they take over what else do they need to take over you have Jennifer pipsak here who had ran Investment Banking different Investment Banking operations had different parts of the bank under her Wing you have Marianne Lake who was a CFO very front-facing
They talk about the relationship with asset managers and investors not only those individual investors who now will have more power when it comes to proxy voting as well but also those large investors that they deal with at the asset manager that is only becoming a more important part of the bank
Finale when we talk about cult of personality and Jamie dimon is really at the helm of it how much is the message that he was sending to Washington DC sort of how much does that take on a new precedence or sort of a new prominence in the discussion about how to handle
Some of the bank failures we’ve seen of late he has a very nuanced take in this letter isn’t it Lisa because he talks about how JPMorgan Banks 350 of more than 4 000 of America’s own Banks but remember for JPMorgan they also talk about all the challenges it is to be a
Bank we talk about the recent move in Money Market funds Lisa but he mentions that 650 billion have moved since April 2022 into money market funds meanwhile deposits at large banks are down by a trillion dollars and so you think about this wholesale shift in the banking
System and what it means for America’s Banks and the ability to both bring in deposits as well as lend money out to communities there is a real conundrum here that has been brewing for structural reasons in the market and now he’s also saying saying that he’s not saying don’t regulate the banks he’s
Just saying think about what mix of regulations will make this banking system healthier and I think that that is the debate that is being had as we watch the failure of Silicon Valley Bank there also is a lot of finger pointing let’s be very clear he talks about how
They missed some issues that were hiding in plain sight that when they regulate they create problems including having a lot of these Banks hold huge portfolios or treasuries and then having to figure out what to do with potential Mark to Market losses as rates rise what is his
Influence in Washington DC right now at a time when perhaps Banks aren’t as much persona non grata in Washington DC but certainly aren’t welcomed with open arms yeah how fascinating is it because you think about the last few years where we had a return to that annual bringing
CEOs down to Congress again that has not been a practice over the last decade but in the last couple of years it’s been an annual meeting if you will and those banks have been grilled particularly about their presence in these communities particularly when it comes to mortgages and by the way that is
Something that diamond is telling you in this letter that it’s become an unattractive business in so many ways particularly because Wall Street has left the business behind and I read the letter every word of it I I sit down and I I full disclosure finale with a
Beverage of my choice in my hand is he running for Secretary of Treasury I mean I look at the back third as a Wall Street Journal op-ed reprint he’s talking about policy policy democracy I should say is this guy running for secretary treasury that’s been the forever parlor game
Are we going to be talking about secretary diamond I think it’s interesting when our own Ed Hammond asked him the question whether he’d consider a government post he shunned the idea at that time that was only a couple of months ago at this time um he has said he’s wanted to stay at
The helm of JP Morgan but I think every year secretary melon a million years ago and you know I’m not making a melon Diamond equivalency here but how do you say no to that job you know you can ask the same of Brian Moynihan as well I
Mean I think the question about whether these Bankers have a future in government as a treasury secretary in a future Administration in particular is a big question and will the populace allow for it I think Lisa’s question here about you know the love hate with the bankers is an interesting one because
There’s a lot of criticism now from Wall Street when you look at the bite Administration about whether some of the Regulators have the intimacy when it comes to the financial industry to regulate and not just by the letter of the law but by means of supervision appropriately first question of the earnings season
I’ll give it to you chaneli basic are we going to see a lot of layoffs I think you’re also going to see people bring on people that have been left behind in the layoffs we’re already seeing but yeah I think you will remember something interesting next week Tom is you have First Republic
Anticipated to come before JP Morgan usually JP Morgan leads off the wave but you have to wonder what happens next Thursday when we get all those answers about First Republic that nobody today knows
source
What happened to the 3500 kids separated and shipped away from their parents ? They were never returned and never will be. They are part of the worldwide elites entertainment and pleasure. Notice how the media told us about it? Why? Because wicked is Required to tell you and if you don’t resist than they have your consent. It’s been like that throughout history. Babylonians gave infants up in moloch’s fires. What happened when they were out of infants? Then those who heaved the children in? They were heaved in. Americans did not fight for the children of the refugees. That gives them permission to take their own children next. Jamie Dimond wax on Epstein Island 9 years in s row. He went the week that the Boy Scouts came from the Philippines. You go the math. Far above any law.
Maybe he will create one so bad, he wont have to testify about what he did on Epstein Island
Jamey Dimon is a flip flop per don’t believe him
What a crock. Talking heads that read scripts and for the most part have no understanding about what they are reading!
🥲🥲🥲🥲🥲🥲🥲🥲😎😎😎😎😎😎❤️❤️❤️❤️
SVB's collapse hasn't made anything better. I feel sad that even though I am investing, I don't have the brain power to dig through how each company is doing, is this a good time to buy stocks or not, my reserve of $450K is laying waste to inflation and I don't know what to do at this point tbh, I need solid data on market trajectory
Jamie's shareholder letter is the least of his concerns. Just wait until Epstein Island videos emerge for all to see.
Maybe it is time to admit that the keynesian economic experiment of over 100 years was a terrible idea…
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Since ancient times man has had a need for barter
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Though the substance of evil is none other than man.
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When Jamie leaves, I'd sell JP Morgan in a heartbeat.
Why isn't Dimon in prison?
….why does it have to be a woman?
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We saw the entire video which speaks the truth. KJP is a vile horrid specimen. Clearly she’s been groomed
I’m less and less impressed with Bloomberg every day – the reporting here is uninformed unintelligible and inaccurate. They have hired sensationalists instead of experienced seasoned reporters familiar with market history, access, reputation, and a firm understanding of how current events and factors influence financial outcomes
Bloomberg has become utter dog shit
What's Tom's beverage of choice?
The removal of the Glass-Steagall Act in the late 1990s, which contributed to the spectacular failure of large banks during the financial crisis of 2007–2008, was a very poor choice. Dodd-Frank and this law both need to be reinstated immediately in order to avert another catastrophe. If nothing is done to address the current situation, what occurred with SVB is only the beginning of what will occur.
Looks like JP Morgan wants to build me a Mayan temple, or no, that is the government of Spain. For the United States, a full body sculpture, we are talking ten or twelve meters at this point.😂😅
You have the best banking CEO ever and are crying about women not having room to take his job lmao
Smh
Sonali is gaining some weight…her current buddy type is my dream’s girl buddy type 😘
SO AS I'VE SAID ALREADY THAT NOW US ECONOMY IS DOING AN IMPOSSIBLE GAME TO PLAY WITH MANY ECONOMIC FACTORS ESPECIALLY US 30YR FIXED MORTGAGE LOANS THAT ALMOST +70% OUT OF TOTAL HOME BUYERS HAVE THAT AGAIN ——- > THOSE HOME BUYERS WITH FIXED 30YR HOME MORTGAGE LOANS BASED ON AVG +3% RANGE DURING 2019YR – 2022YR – 2021YR TILL 1ST Q OF 2022YR CANNOT BE SUSTAINED FOR THE NEXT 3DECADES AS WE CAN DO THE MATH SOOOOOOOOOOOOOOOOOOOOOOOOOOO EASILY MEANS THERE WILL BE INEVITABLY MORE AND MORE AND MORE AND ,MORE BANKING SYSTEM'S FAILURES HURRICANING THE ENTIRE FINANCIAL SYSTEM!!!!!!!!!!!!!!!:)
There's a conflict of interest in having a billiolaire and financier at the Treasury. Industries, lobbies, wealthy people want to set the rules in the interest of whole "society". Very much like SVB's Ceo working for the FED at the same time. US looks a lot like Russia
The banking system does not have enough high quality collateral (US treasuries).
There isn't enough dollars in the global monetary system to service USD denominated debt.
Triffin's dilemma. That's the problem. It isn't complicated.
THE BOTTOM LINE IS THAT NO MORE UNITED STATES OF AMERICA BUT 1000000000% FACT IS THAT TOTALLY DIVIDED STATES OF AMERICA = MEANS WE MAY SEE A REAL DEFAULT OF US T – DEBT THIS YEAR + MORE THAN +89% PROBABILITY US GDP GROWTH FOR 2023YR WILL BE (-) GROWTH!!!!!!!!!!!!!!!!!:)
WOW BREAKING NEWS!!!!!!!!!!!:) ———– > GOLD PRICE IS EXPLODING NOW!!!!!!!!!!!!:) ——- > Gold Futures – Jun 23 (GCM3) Real-time
Watchlist 2,038.00 +37.60 (+1.88%) 11:10:28 Real-time Data Currency in USD Prev. Close: 2,000.4 Bid/Ask: 2,037.50 / 2,038.50 Day's Range:
1,994.05 – 2,042.85
INDEED WE ARE SEEING THE END OF US$ EXCEPTIONALISM THAT NO MORE KINGUS$ IS PLAYING IN THE FINANCIAL MARKET THAT DURING THE ECONOMIC RECESSION US$ GOES STRENGTH + US T – BONDS (= DEBT) YIELDS GO DOWN HOWEVER NOW NO MORE SUCH CONTRADICTORY DYNAMICS WORKING FOR THE US$ + THE US T- DEBT AS AN EXCEPTIONAL SAFE HAVEN ASSETS THAT NOW ——- > AS I'VE SAID MANY TIMES THAT INEVITABLY US FED + BOJ + ECB + PBOC + OTHER CENTRAL BANKS WILL HAVE TO HIKE THEIR INTEREST RATES BASED ON MORE THAN +99.9999870% PROBABLITY THIS YEAR BUT US$ + US T- DEBT ARE GOING WEAKER AND WEAKER AND WEAKER AND MUCH WEAKER THAN EVER BEFORE BECAUSE OF TOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO MUCH DEBT + 10000000% DIVIDED US SOCIETY POLITICALLY + IDEOLOGICALLY!!!!!!!!!!!!!!!!!!!!!!!:)
I think there are about $20tln in deposits in the US. So $1tln moving from regional to money centre banks. So this is @ 5% of total…..so what.
Jamie Dimond, runs a relatively clean ship in jp Morgan compared to other banks, Jamie Dimond has great moral compass compared to other banking ceo's
🥳
WOW BREAKING NEWS!!!!!!!!!!!:) ———– > GOLD PRICE IS EXPLODING NOW!!!!!!!!!!!!:) ——- > Gold Futures – Jun 23 (GCM3) Real-time
Watchlist 2,038.00 +37.60 (+1.88%) 11:10:28 Real-time Data Currency in USD Prev. Close: 2,000.4 Bid/Ask: 2,037.50 / 2,038.50 Day's Range:
1,994.05 – 2,042.85
Please get Tom Keene off the show. This guy is terrible on camera…and he interrupts everyone💯
P.S GUY + ALIX ——— > THIS IS NOT THE SITUATION ' CALM BEFORE STORM' BUT THIS IS THE SITUATION 'ECONOMIC RECESSION BEFORE ECONOMIC ARMAGEDDON' !!!!!!!!!!!!!!!!!!!!!:) OK?!!!!!!!!!!!!!!!!! AGAIN AND AGIAN THIS IS NOT A JUST NORMAL ECONOMIC CYCLE LIKE BOOM AND BURST!!!!!!!!!!!! ——– > WE ARE HEADING TOWARDS THE BIGGEST EVER ECONOMIC ARMAGEDDON SINCE THE BEGINNING OF THE 20TH CENTURY AS I'VE SAID MANY TIMES ALREADY SINCE THE 3RD Q OF 2022YR THAT BECAUSE WE HAVE TOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO MUCH DEBT IN THE ECONOMY ESP USA CHINA EUROPE + JAPAN + AUSSIE NZ CANADA S KOREA TAIWAN + ALMOST ALL OF EM(S)!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!:)
AGAIN AND AGIAN NOW WE ARE SEEING THE LAST MOMENT OF US$ + BITCOIN + CHINA YUAN (+H.K$) EURO POUND + STOCKS BONDS + REAL ESTATE SECTOR THAT AGAIN US$ + T – BONDS ARE NOT SAFE HAVEN ASSETS ANYMORE MEANS THERE WILL BE MUCH MUCH MUCH MUCH MORE POLITICAL CONFLICTS + ECONOMIC DISASTERS HURRICANING THE ENTIRE ECONOMY!!!!!!!!!!!!!!!!:)
AGAIN AND AGAIN ONLY GOLD + ENERGY ARE THE SAFE HAVEN ASSETS AGAINST CURRENCIES THAT WE ARE SEEING THE END OF CURRENCY ERA INDEED!!!!!!!!!!!!!!!!!:) TOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO MUCH DEBT IN THE ECONOMY CANNOT GO FURTHER FROM HERE THAT AGAIN US FED HAS NO OTHER OPTIONS BUT TO HIKE ITS FUNDS RATE INTO +7% -+8% THIS YEAR!!!!!!!!!!!!:)
NOW US ECONOMY IS ALMOST DEAD AND ITS BANKING SYSTEM IS GOING TO BE MUCH MORE UNSTABLE BECAUSE NOW NOBODY WANTS TO BUY US T – DEBT THAT'S WHY THERE ARE A HUGE VOLATILITIES GOING ON AND ON AND ON MEANS US PEOPLE ARE GETTING INCREDIBLY POORER AND POORER NOW!!!!!!!!!!!!!:)
Here we go another white feminist entitled woman will probably be given this job.
For being the new American face of oppression, they sure do get a lot of high paying jobs.
Jamie has been in control of JPMC for 20 years? Suddenly the economy in all this time makes more sense. The man should be arrested, not praised. He's on his second round of crashing the market in his criminal career!
MATH NEVER TELL YOU A LIE THAT ——- > US IS NOW BECOMING A 3RD WORLD COUNTRY AND ITS ECONOMY IS IN DECLINE INCREDIBLY FASTER THAN MARKET'S EXPECTATIONS!!!!!!!!!!!!!!!:) MORE AND MORE AND MORE AND MORE AND MORE DIVIDED SOCIETY AND FIGHTING EACH OTHER AND NO MORE UNITED STATES EXISTS INDEED = THE HARD TRUTH!!!!!!!!!!!:!) ——- > END OF US$ + T – DEBT!!!!!!!!!!!!!:)
Jamie Dimon and Jeffrey Ep-ste-in were buddies, didn't he just do a deposition…tough times ahead. A guy you can trust..wink.
THERE WILL BE MORE AND MORE AND MORE BAKING SYSTEM FAILURES BETWEEN JUNE TO SEP OF 2023YR BASED ON + 99.98990% PROBABILITY BECAUSE OF TOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO MUCH DEBT IN THE ECONOMY + WE MAY SEE A REAL DEFAULT OF US T – BONDS THIS YEAR BECAUSE OF AGAIN AND AGIAN TOOOOOOOOOOOOOOOOOOOOOOOOOO MUCH DEBT = SPENDING NOW!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!