Jamie Dimon, JPMorgan Chase chairman & CEO, discusses growth in the economy, the chatter he hears among other CEOs, and his feelings about the European Union, including JPMorgan’s exposure to troubled European nations.
“When you look at all the sectors — corporate, middle market, business, consumer — for the most part they’re better than they were a year ago, and we even think housing is near the bottom if you look at rental prices, supply and demand, household formation. So I hope we have a growing economy.”
Banks “have a lot of issues sitting on them right now including Europe, which may be the largest of them. We would like to see Europe solve its problems.”
“It’s fair for the ECB to say this is not our issue, it’s a government issue,” he said. But it’s also fair for the EU “to say we need the ECB to help with liquidity, particularly for Italian and Spanish sovereign debt . There are a lot of issues to work out, and they should be done together and soon, because I think the longer you wait the higher the risk is something goes wrong that you can’t control.”
We’ve been doing business with Italy and Spain for 100 years. We want to be there for another 100 years.”
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