JPMorgan Chase Chairman & CEO Jamie Dimon spoke with FOX Business Network’s (FBN) Maria Bartiromo about the United States economy, cyber security and his battle with throat cancer. Dimon said, “America looks pretty damn good.”  Jamie Dimon commented on raising rates saying, “rates going up would be OK if the fundamental economy is growing” and “the more that employment is growing and companies are growing, you know, rates going up would be OK.  It’ll be volatile, it’ll be a little scary, but it’ll be OK.” Dimon went on to talk about cyber security for the bank saying, “We spent $250 million a year, that number is going up; could double the next two years easily. It’s a big deal. But we’re safe.” When asked whether cyber security is something he will continue to invest in, Jamie Dimon said, “This is a permanent battle” and “Eventually it will be taken much more seriously by governments.” Jamie Dimon spoke about his throat cancer saying, “I’m actually doing fine” and “I never stopped working, but I’m mostly back to full health, back to working full time.“

Jamie Dimon
Jamie Dimon via FBN

Jamie Dimon on how many times a day people try to hack the system:

“Let me first say that our clients are completely safe. We move six to ten trillion dollars a day. Your deposit’s safe, the movement’s safe. We’re actually very good at this. We did announce a breach that we had. We made it voluntarily because all the information was public. Name, address, email. But it was a breach. We thought we should tell our shareholders. We spent $250 million a year, that number is going up; could double the next two years easily. It’s a big deal. But we’re safe. And I think what people have to do is have perimeter controls, internal controls like you know, these change of passcodes. If someone gets your passcode, they get inside your systems, your protection is track that. So you can make sure if that happened, you’re on top of it, too.”

Jamie Dimon on how many cyber-attacks they face each day:

“Oh 300 – would be 300,000 or something. It’s a huge number. And they’re mostly – they mostly don’t get through. If the banks are good at this, the feds can be good at it. In fact, a former director of national security was on TV and said people at JPMorgan are like the best at it. So – I’m not saying we are, but he said something like that. And if you look at the real breaches, where they get your social security, your mother’s maiden name, your security code, your credit card number – those haven’t been the banks. Those have been other people. And so we pay the price for that. And it’s incumbent upon all of us – merchants, banks, retailers, everyone – to come up with a better systems. And we are. We have a whole new generation of security things coming out called tokenization and chip – the chip that make it much harder for criminals. And then there’s other companies set of standards. They’ll protect their own credit card numbers, etc.”

Jamie Dimon on their investment in cyber security:

“This is a permanent battle that will be – people will lose battles, and you’ve also got to be prepared for that. Like what are you going to do if something goes wrong where you can continue to serve your client, continue to do the things, protect yourself from damage. And protect your client from damage. So this is a big deal. It’s not going to go away in our lifetime. And it’s also an example, by the way, where government – I think government and business are collaborating pretty well. We need to do more. You know, a lot of our collaborations is not real time. We need real time. You know, the government or other banks can see – there could be attack right now on these wires with this kind of malware, and we could put immediate protection against that. So we’ve even informed banks of other things we’re having, help them. We tell the government; they can disseminate it. The government knew about it – mostly, we knew about it first. The government may know about it. They see stuff coming. So we need real collaboration. And eventually cyber security is going to be a part of WTO, World Trade, and – and public policy and global relations. This can’t go on. I mean, you can’t have it where people are stealing IPs, stealing money, attacking you, and if it’s state-sanctioned allow it. It won’t. Eventually it will be taken much more seriously by governments.”

Jamie Dimon on his battle with throat cancer:

“I’m actually doing fine.  I’m happy to be — I never stopped working, but I’m mostly back to full health, back to working full time.  I had throat cancer, for those who don’t know.  It’s a tough thing to go through, and I did exactly what my — I have exceptional doctors.  I did exactly what they told me to do.  But on December 4th, I got a — after all this treatment, radiation, chemo, I got that kind of clean bill of health, no evidence of cancer in my body.  It’s a very good sign. Obviously, I’m going to be monitored for the next three years, but it’s not definitive, but it’s as good as can be, so…And my family was enormously supportive of this.  I got hundreds of thousands of emails and calls, and the people at the company were great, the board was great, and I don’t wish it on anybody, but I’m glad it’s over.”

Jamie Dimon on whether the cancer has changed him:

“No, not really.  Because I’ve always — people always ask me what your value system is and I always put “family” first and “country/humanity” second, and kind of JPMorgan kind of down here: not unimportant. You know, I spend a lot of time with my family.  I adore all of them, three children and my wife and you know, I don’t know if I could do more.  They have their jobs, they’ve got their careers, they’re all busy and doing things like that…If I do a good job here, I can help people with their careers.  We help, you know, consumers and big businesses.  We help countries and banks, central banks, governments, sovereign wealth funds, and we’re hugely charitable.  You know, the work we do in Detroit, we’ve hired 8,000 veterans.  So this is my contribution.  It’s the best I can do.  And so it hasn’t really changed that.  And I like working.”

Jamie Dimon on how he characterizes the United States economy;

“Yeah.  So, the U.S., if you looked all — most of the forward looking things, household formation, 10 million more people working since the depths of the great recession, businesses are actually doing still low amount of capital expenditures, but it’s growing, consumer confidence is up.  Business confidence is up.  Small business credit is kind of back to where it was.  You haven’t seen small business formation get healthy yet, but I think it actually might.  Housing, you know,

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