Jamie Dimon Touts Hiring 10 Veterans a Day (JPM Workforce is 260k)


JPMorgan hires about 10 veterans every day as part of the 100,000 jobs mission. Jamie Dimon, president & CEO of JPMorgan Chase, offers insight. JPM has 260k employees and is hiring 3650 veterans a year, which equals 1.4% of the work place


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jamie dimon, president and ceo of jpmorgan. i was just chatting with mandy at the mother ship.here’s what jpm is doing, this is good work. they’re hiring on average about ten veterans every day as part of their mission with about 39 companies now called the 100,000 jobs mission. we’re joined now by jamie dimon. it’s a real pleasure.thanks very much. good to be here. we don’t necessarily think of wall street and banking as the likely venue for returningveteran, but yet you’re finding plenty of spots. i know you’ve hired a number of veterans on the spot at some jobs fairs. what are the skills that translate from the army, navy, air force, et cetera, to jpmorgan? a lot of our employees are main street. we’re in 2,000 communities around the world. something like 1,900 in the united states. so the jobs leadership, get things done, work as a team, work ethic, they’re used to doing that. all you got to do is train a little bit and you’ve g some great employees. you know, we keep hearing that, the ceo of lockheed martin said that. work ethic. discipline. do americans in general — are we starting to lack that a little bit? i don’t think so. travel around the world, i think america is still the hardest working place, most innovative. not really. but there is something about people who learn through military kind of teamwork. it’s part of their blood.they know their job. they know their job is a crucial part of the bigger job. so they kind of have it bred into them. you’ve been hiring on average about ten veterans a day. do you see that pace continuing? is jpmorgan going to continue to have not only veterans but workers across all spectrum? we’ve added 3,000 veterans a total and ten a day from this program. we had a lot of veterans there before. we have a lot of veterans work for the company. we’ve been expanding in the united states and around the world, not in a dramatic pace, but we’re still opening branches and hiring bankers and adding customers, call centers. so, yeah, we’re still. this year alone we’ve actually hired 8,000 people. of course we’ve lost about 8,000. do you have a net — do you plan to have a net new add of workers? in other words, do you see the economy continuing to recover the threat of a double dip behind us that you’re going to have to open more branches and hire more net new workers? yeah. one of the things i’m proud about at jpmorgan, weer stop expanding.through the whole crisis we opened branches and hiredbankers in the united states and aroundhe world. we’re probably going to hire new this year. last year we hired almost10,000, the year before that another 10,000. tail end of some of the expansion stuff we’re doing. we look at the economy as kind of getting stronger all the time. it’s broad based companies in great shape, middle market companies, consumers in better shape, consumer debt service ratio. even with gasoline where it is? it’s not going to cause a recession, i may slow it down a little bit. obviously if it goes up, it might. we can all get worried. do you have a point at which the national price of gasoline would cause a recession? i don’t. you have to ask some of the economists that. most think more like $5 than $4. is a threat of a double dip recession now officially behindus? i believe it is. listen, no one can forecast the economy with certainty. most of us in business, got growth plans that havenothing to do with the actual state of the economy. we’re always going to open new branches and try to get customers and do market. but it looks like what happened in europe that’s been put to bed for a while. i think they have serious issues to come through. the united states have had 24 straight months of jobincreases. people with jobs get homes and buy cars and get marry and had have babies. if you see a little more, like 3,000 or 4,000 a month for a while, maybe it’s too much. if things are, i don’t want to say good, but getting better at the pace, you’re talking about, jamie, why is the fed on hold until 2014? i think the fed — it’s hard for me to comment on exactly how they come up with what they’re doing. my own read is they want to see300,000 or 400,000 more jobs a month before they declarevictory. if that actually happened, i think they might reverse course. they’re trying to give people comfort that they can adjustwith comfort and rates. looks like the bond market is already trying to tighten for the fed. do you think the bond market will tighten before bernanke has a chance to move? they’re buying an awful lot of supply now in the 10-year bond. if it goes up for the right reason, like good growth, that’s fine. if it goes up for the wrong reason, no growth or inflation, that’s what you should worry about. we heard former ceo on gm. i know jack and i think the guy’s unbegreat. we do too. we do too. i’m sure he thanks you. i will thank you for him. he was cautious on squawk boxthis morning about the economy. what is he maybe seeing — you sound a little more bullish? i saw a little script, he said that it slowed down a little bit recent months, but he didn’t say it wasn’t recovery. he just said slowing down the recovery. so you’re not spooked by jack welch’s comments. i’m not spooked by that, no. is the nationwide — forget local markets. i get that.nationwide housing market bottomed? i believe that we’re veryclose to the inflection point. and people look at prices, which are still coming down, but all the other signs are flashing green.give me the green street signs of hopium? all-time affordability.we had three million americans a year, household a million three 600,000, the shadow inventory is lower today than it was 12 months ago. it’s there. so distressed inventory is coming down, not going up. yep. jobs create household formation.sounds like you’re making the bull case for housing. and homes for sale are like half of what they were maybe four years ago. you could come up with a pretty bullish case if, you know, ithink as theconomy grows, housing will get better quicker. what about for you in particular? have your housing-related costsbottomed out with all the mortgage issues? if i remember correctly, they are about half of what they were. still very high.they’re coming down, but, you know, you’re talking about a bigcost for us. that’s part of the price you pay. you know, i’ll get a couple e-mails and tweets after this interview’s over of peoplesaying i want to buy a house, i have a job, i can’t get a loan. the banks are too tight with credit. call chase mortgage. i do think there’s some truth to that. banks their paperwork demands are very high. gone back to old fashioned underwriting. verifying income. we do get a lot of complaints the appraisals are too tight. the signs are that it’s going to happen. you are those people. you can ease up — we’re one. i’m talking about the industry in general. do you think we’ll secret standards ease?not back to where they were in ’03 and ’04 and ’05 where it wasinsane the ninja loan. is it going to ease up? we don’t know what a qualified mortgage is. we don’t know the skin in thegame rules. still a lot of lawsuits about reps and warranties. if we sit down and talk about it, it could be resolved and ease.we’re urging the government and players to say let’s get done toget america going again. i have to ask you this a story out that jpmorgan attorney saying, listen, mf told us that the transfer was from mf money, not customer money, what can you tell us about the status of mf global that corzine’s under a lot of heat for. you have to ask them about what they can do with the rules and stuff like that. i think jpmorgan acted appropriately the whole time.there’s actually testimony, so anyone can read and go throughthe detail of the bank accounts. they took a lot of bank loansright before they went bankrupt. i don’t know the details, butmore to come. can you tell us — do you know where jon corzine is? there’s a couple people would like to talk to him. no.jamien, i’m going to leave it there. reiterate to our readers, youhire thousands of veterans. give us — give our viewers anational cnbc audience a reason to be more optimistic about the economy, about veterans, about the state of just americabecause there’s still a lot of pessimism and worry out there aswe go to break. two quick things. one for the veterans, there isno class of american we owe more to thanamericans. i think we should all be doing this. help their families. we’re giving away homes to wounded warriors who deserve it. we should be doing everything we can. these folks have been at war now for ten years. i think we shall pay — do everything we can to make their re-entry back into american life better. when i wake up every morning, i remind myself, we have the best military in the world, best businesses from small to large, the best universities, the most entrepreneurial work force, the best rule of law. the american economic engine is still there and it’s going toic nite one day and it’s going to excite people. i’m so pumped up now. don’t we have to worry about china? china will have a soft landing of some sort? how soft? america can grow regardless of whether china has a soft landing or a slightly hard landing. it’s not going to stop this country. our imports from china — exports are like $300 billion. it falls 10%, it alone won’t drastically change the american economy. gdp per capita something like 125th in the world. still low cost society. see i kept the interview going. exactly. when you say a soft landing,are we talking about tempur-pedic soft? or the concrete with a foam cover. 5%, i’ll make a b they grow very close to 7.5%.$10,000. i think they have the will and the way — 10,000 lira. i think they have the will and the way to accomplish what they want to accomplish in the short run. just go back 7.5% they’ll grow this year. that’s your bet? yeah. i would say within if the5%, i’ll make a bet of 7.5%. if the chinese government 5%, doyou trust all the data? you can look at any data and dig into it and may not feel it’s exactly trustworthy. okay. we just talked about china. now i really can’t let you go. stock market’s been on a tear. stock market, overvalued, undervalued, fairly valued?jpmorgan stock? i never forecast. i’m abouto put u my chin when i’m talking about the stock price. i’m not going to do it here. just you, me and the national audience. american companies are enormously valuable. you can buy them at very good prices. go down or up, they are among the best companies in the world. so the rest of the world would love to have the bowings and lockheed’s and proctor & gamble. you can buy a good piece of america at a very good price. stockmarket can be bought for a very good price. sounds like you’re making a case for the u.s. equity market. i personally own a lot of stocks. that’s where my investments are, not in fixed income.i can’t afford the $10,000 bet on china. i probably couldn’t afford a $10 bet on china. but i’ll make you a gentleman’s bet, if they don’t grow — i 5% this year. i lose every bet i make. so you’re a guaranteed winner. i owe you dinner if you’re right. done.done. thank you very much. jamie dimon, ceo of jpmorgan.doing a lot of great work out

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