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Jamie Dimon On China, WeWork And Brexit

Courtesy of Benzinga

Jamie Dimon On China, WeWork And Brexit

JPMorgan Chase & Co. (NYSE: JPM) CEO Jamie Dimon spoke with CNBC’s Wilfred Frost in London on Tuesday. Here are some key highlights from the conversation. 

JPMorgan’s third-quarter report showed an 8% increase in revenue year-over-year, which makes it more difficult to win market share over the coming years, Dimon said.

Competition is a “good thing” across every segment from credit cards to investment banking, the CEO said. 

“We have some great current competitors and we have some competitors we don’t know about yet.” 

Economic Slowdown, Not Recession

The American consumer is responsible for around 70% of total GDP, and this segment remains strong across sentiment, income, wages and housing, Dimon said.

The remaining 30% business segment has seen a dramatic drop in confidence and capex spending, he said. 

“It doesn’t mean we are going into a recession, it just very well [may] mean a slowdown.” 

China: Business Community Backs Trump

President Donald Trump made a list of issues China needs to resolve that American businesses are supportive of, Dimon said.

Companies can conduct business in China at the same time that the two governments are working on trade disputes, he said. 

WeWork: $47-Billion Valuation Not Accurate

WeWork was valued at $47 billion in a financing round, but just because an investor paid that price doesn’t imply that is the true worth of the company, Dimon said.

JPMorgan acted as an adviser to WeWork and co-founder and ex-CEO Adam Neumann; Dimon said the private advice his company offered is not public information. JPMorgan was consistent in the services and solutions it offered when a client runs into issues, he said. 

Brexit: The People Will Decide

London is a “global melting pot” and JPMorgan remains “devoted” to the city despite any Brexit-related uncertainty, Dimon said. Ultimately, the decision on what form Brexit will take will be up to the British people, he said. 

At the same time, leaving the European Union will cause a “diminishing of the financial center,” meaning that London won’t be the “powerhouse it was,” he said.

JPMorgan shares were trading 0.3% higher at $129.21 at the time of publication Tuesday. 

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Photo by Dustin Blitchok. 

Posted-In: banks Brexit ChinaCryptocurrency News Management Markets Media Best of Benzinga


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