In an interview on FOX Business Network’s (FBN) Mornings with Maria (weekdays, 6a-9a/ET), JPMorgan Chairman and CEO Jamie Dimon discusses retail banking, the future economy of post-Brexit Europe, and the competition of Chinese banks with Maria Bartiromo.

Jamie Dimon

Jamie Dimon on retail banking:

“First of all, we’ve always — we’ve always been investing in branches and technology, in ATMs and iPhones and services. The millennials love — I think 57 percent of our new accounts are millennial. People are always saying millennials don’t like banks. I say yes, and I always say until they get that first paycheck. Then all of a sudden, they say what do I do with this and they love the direct deposit, moving money. We have a whole new round of products and services coming.”

On the economic future of post-Brexit Europe:

“I’m worried about the Eurozone and, you know, to me, the issue about Brexit was always about what does it do to the future of the Eurozone? So the Eurozone is one of the great endeavors of all time. Mankind got together and said let’s live in peace and not kill each other every time we have a problem. World War II and World War I but the Napoleonic Wars, the Franco-Prussian Wars, the Hundred Years War, the War of the Roses. And they wanted a common market. So those two things still exist in the Eurozone and say let’s — let’s accomplish those things, though a common market would be a huge economic benefit for everybody. It kind of got bogged down and now it’s running into deep political issues and disagreements about how Brussels functions, labor flexibility, immigration rules and stuff like that. So I think the statement perfecting the union, I think going backward is going to be really hard.”

On European banks:

“So I think the banks in Europe, they need to be allowed to finance the growth of Europe. You know, banks in Europe are far more important to Europe than banks are here. You know, it’s a much bigger part of their financial markets and, you know, I mean they’ve been through years of rules and regulations. Let them take a deep breath and finance the economy. That’s what I’d do.

On trade:

“So, look, I think there are legitimate complaints about trade and though — you know, I’m not in favor of just throwing out, you know, NAFTA or throwing out — you know, I — I like TPP personally. But I think it’s pretty legitimate for a new administration to come in and say there are flaws. There are flaws in this, there are flaws in that, let’s open it up and do the right thing for America. We’ve given away too much. There are legitimate complaints. And so, you know, to me, to sit down at the table and try to sort those things out, I’m hoping that the president-elect, when he’s president, comes back and says I’d renegotiate the best trade deals for the American public.”

On competing with Chinese banks:

“You know, look, I — look, we have to compete with the Chinese banks. And, you know, and I — and people ask me, seriously, do you really mean that? Yes, I really mean it. They have a huge home market. They’re going international. Their companies are going international. I want to make sure that America has a JPMorgan Chase, too, one day. And so some of the rules and requirements they’ve set up — and I won’t go into the detail of them — basically put some American banks at a disadvantage to other banks. And now you see — you know, I’m not in favor of this, but you see some Japanese banks, some European — Japanese countries — the Jap — Japan, the European countries, China saying they’re not going to follow some of these new rules. They think they’ve become excessive. And then so it makes it even harder that, you know, if Americans not only just follow it, we gold plate it and they don’t have to, that can make it worse. So I’m hoping at the end of the day that those regulators get together and negotiate a — it doesn’t have to be exactly the same, but a generally fair deal for everybody. You know, financial services should be part of trade, too. And so we shouldn’t act like this is completely separate. It should be part of trade. We have to compete. And then we help all these American companies go around the world and compete around the world.”

Please see below for full transcript:

Jamie Dimon: I’m worried about the Eurozone and, you know, to me, the issue about Brexit was always about what does it do to the future of the Eurozone?

So the Eurozone is one of the great endeavors of all time. Mankind got together and said let’s live in peace and not kill each other every time we have a problem.

(INAUDIBLE) World War II and World War I but the Napoleonic Wars, the Franco-Prussian Wars, the Hundred Years War, the War of the Roses. And they wanted a common market.

So those two things still exist in the Eurozone and say let’s — let’s accomplish those things, though a common market would be a huge economic benefit for everybody.

It kind of got bogged down and now it’s running into deep political issues and disagreements about how Brussels functions, labor flexibility, immigration rules and stuff like that.

So I think the statement perfecting the union, I think going backward is going to be really hard. Monte dei Paschi — you know, and, you know, we — as you know, we tried very hard to have a private solution for that. Monte dei Paschi is a small little issue, OK?

Even the ECB came out and said it’s an $8 billion issue. The Italian government can take care of that with a snap of their fingers. It’s a manmade problem because we’ve put rules in place that don’t allow them to do it.

And so — and it was the American — the Italian government doesn’t want to hurt retail investors. And I agree with them, by the way. I think that would be a shame.

So that’s not a financial crisis. That’s a little problem that’s being allowed to fester because we don’t have the a real solution for it, a simple solution.

So I think the banks in Europe, they need to be allowed to finance the growth of Europe. You know, banks in Europe are far more important to Europe than banks are here. You know, it’s a much bigger part of their — their financial markets and, you know, I mean they’ve been through years of rules and regulations.

Let them take a deep breath and finance the economy. That’s what I’d do. Fix Monte dei Paschi so it’s not a flash point for — for the economy.

BARTIROMO: Have you begun to think about what you’re going to do…

Jamie Dimon: The real issue for Europe, by the way, is to focus on the issues which have caused the very slow growth. That is a huge political issue everywhere else and that is around, you know, you hear these complaints

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