Jamie Dimon, CEO of JPMorgan Chase, leaves the US Capitol after a meeting with Republican members of the Committee on Bank, Residential and City Affairs of the Senate on February 13, 2025.
Tom Williams | CQ-Roll Call, Inc. | Getty pictures
JPmorgan Chase On Monday, CEO Jamie Dimon said that markets and central bankers divide the risks through records of US deficits, tariffs and international tensions.
Dimon, the experienced CEO and chair of the largest US bank by assets, explained his worldview during the annual investor Day meeting of his bank in New York. He said he believed that the risks of higher inflation and even stagflation are not properly presented by stock market values ​​that achieved a comeback from lows in April.
“We have huge deficits; we have what I consider for almost complacent central banks,” said Dimon. “You all think you can do it all. I don't think so,” you can, he said.
“My own view is that people feel pretty good because they have not yet seen any effective tariffs,” said Dimon. “The market fell by 10%, [it’s] Resume 10%; This is an extraordinary amount of complacency. “
Dimon's comments follow Moody's Rating Agency, who downgrades the US loan on Friday because of the concerns about the growing debt burden on the government. In the past few months, the markets have become concerned that President Donald Trump's trade policy will slow down inflation and the largest economy in the world.
Dimon said on Monday that he was of the opinion S&P 500 Companies that have already declined in the first weeks of Trump's trade policy will continue to fall if companies pull the instructions or have lower guidelines in the middle of uncertainty.
In six months, these forecasts will fall in profit growth by around 12% to 0% after the beginning of the year, Dimon said. If that happened, the share prices will probably decrease.
“I think profit estimates will fall, which means PE will sink,” said Dimon, referring to the ratio of “price to profit” from stock market analysts.
The probability of a stagflation “which is basically a recession with inflation” is about twice as high as the market, added Dimon.
Regardless of this, one of Dimon's top members said that corporate customers are still in the “Warte-and-See” mode in relation to acquisitions and other offers.
Investment banking sales are conducted in the second quarter in the percentage of the “middle teenager” compared to the same period last year, while trade turnover was higher due to an “medium to high” setting percentage, said Troy RohrbaGH, a co-manager of the company's Commercial and Investment Bank.
In the ubiquitous question of Dimon's timeline to hand over the CEO reins to one of his MPs, Dimon said that last year nothing changed from his instructions when he said he would probably stay less than five years.
“If I have been here for four years and maybe two more,” said Dimon, “that's a long time.”
Of all the executive presentations administered on Monday, the head of Consumer Banking, Marianne Lake, had the longest -speaking time at an hour. She is considered a top successor candidate, especially after Jennifer Piepszak, Chief Operating Officer, said she would not look for the top job.