CEO of JPMorgan: ‘It’s almost embarrassing being an American citizen’

NEW YORK – Since the election of Trump’s President, Jamie Dimon has emerged as one of the most important voices on Wall Street to Washington.

JPMorgan Chase CEO is a member of the White House business advisory board and is chairman of the powerful Business Roundtable.

However, in a series of calls Friday to discuss the bank’s quarterly earnings, Dimon has avoided his frustration over the blockade in Washington.

“It’s almost embarrassing to be a US citizen … and listen to the stupid – we have to address in this country,” Dimon said in a conference call.

The inability to move forward in meaningful legislation is “we remember and it hurts the average American.” This is not a republican affair; This is not a democratic issue. ”

Dimon has resisted calls for resignation from Trump’s business consulting firm and failed to criticize the Republican Friday.

“We have become one of the most bureaucratic, confusing and conflictive societies on the planet,” he said. ”

… And at some point, we must all act together or we will not do what we must do for average Americans.

Given the great recession, the country’s economy grew 1.5% to 2% despite “stupidity and political stagnation because the US business sector is powerful and strong,” Dimon said.

“What I am saying is a much stronger growth if we make intelligent decisions and have not been blocked.”

The generally affable Dimon bears the country’s largest bank with more than $ 2 trillion in assets and Dimon calls balance “strength.”

This has made Dimon one of the most influential forces on Wall Street to Washington. This influence seems to increase.

In February, when Trump announced a broad effort to alleviate Wall Street regulations, notably the Dodd Frank financial reform measures adopted in 2010, highlighted Dimon’s potential contribution.

“There’s no one better to talk about Dodd-Frank than Jamie,” Trump said, gesturing at the 61-year-old executive to go across the table.

Banks said they had benefited from a slight increase in interest rates.

JP Morgan’s second quarter earnings rose 13% to $ 7 billion over the same period last year.

Revenue rose 5 percent to 26 billion. Earnings for the second quarter of Wells Fargo rose to $ 5.8 billion versus $ 5.56 billion in 2016.

At Citigroup, net profit fell about 3% to $ 3.87 billion in the second quarter, but still beat analysts’ expectations.

“Banks are taking advantage of the healthy economy and raising their lending, which will improve results in the future,” said Ken Leon, a banking industry analyst for CFRA.

But bank stocks fell slightly as investors looked disappointed that JPMorgan and Citigroup had posted declining trading income.

The volatility of US equity and bond markets has been relatively low in recent months, making it more difficult to benefit from market fluctuations.

JP Morgan also reduced the proportion of net interest income, a key indicator of the bank’s profitability, this year.

Leave a Reply

Your email address will not be published. Required fields are marked *