Jamie Dimon Says 10-Year Could Hit 5 Percent

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JPMorgan CEO Jamie Dimon sits down with CNBC’s Wilfred Frost to discuss the U.S. economy, the banking sector and President Trump’s trade policies.


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Q2 hedge fund letters, conference, scoops etc

JPMorgan CEO Jamie Dimon cautions the 10-year Treasury yield could hit 5%: 'It's a higher probability than most people think'


Let's kick off with why we are specifically in San Diego. You're just kicking off your annual bus tour you go to visit branches and meet lots of your employees. What's the biggest thing you've learned from that process over the years.

So we do a bus trip. This is like a lot of trips to meet people clients customers employees call centers when we do buy bus. Kind of off the beaten path Services inL.A. But Malibu.

San Diego expectorant you know because these are both clients and employees do a town hall later. We learn a tremendous amount what we can do better as a company. You know what folks would like to hear much more about. And so we have a lot of fun. We get to know the management teams better on the bus in between. We take you know between some of these branches that we take tellers and branch members ask them we can build immunity and they.

Tell us tell us what we need to know so we can run a better life and you get a very warm welcome here which I'm not sure how many chairmen so far up the chain would get. Is that something that you take a lot of positivity from.

Yeah I mean I look I love our people and you know this is our tent. This is the 10th anniversary of WaMu which is why we're doing this particular state and then we're heading up to Seattle and you look basically a company is people they deliver to your employees they want to do a good job. They want happy customers. And we talk about cly obsession we mean it. But that has to start with me too. I have to talk to clients. I have to have him but my lunches and dinners and town halls. And we have Livedoor people. There are people the ones dealing with the customers every day.

You mentioned the Wal-Mart acquisition ten years since that you wouldn't have the footprint you have here in California if not for it but you've also been a bit critical of some of those acquisitions you did during the crisis ten years ago if you had the time again would you do this acquisition against WaMu put us into California.

We're really we're in Florida. We had a very small presence wash in the state and we've got from like 4200 Brienza 1100. We've gone from they didn't have small business lending here at all are very small. We now have 7 billion dollars loans up from something less than a billion. So it's just it's been a great thing for those states in every community that were you know WaMu was we now have commercial banking investment banking private banking corporate social responsibility philanthropy so it's been great and the negative I always talked about was punishable but after the fact by the government and some of the bad things that WaMu did. But you know what that's in the past and we're we're moving forward.

You're one of the few big banks still actually expanding your branch footprint and that's more in new geographies than just arbitrarily having more branches. What's allowing you to do that is that the regulatory environment that it now allows you to push into that or is it because you see weakness in some of your rivals in those geographies.

It's the regulatory environment they had made it clear they didn't want to expand. I don't know why. I mean it was a wonderful thing to do. Your opening we've announced 400 branches pretty much between Washington Philly Boston a few others and we go to those towns. We do small business lending LMI lending lower middle income housing lending we do you know we do a lot of corporate responsibility so it's really good for the town. I remember when we do business slowdowns in credit card private banking middle market large corporate investment banks that doesn't add any incremental risk at all first opened branches so we eventually want to you know grow across the country and fill out some of the cities were not him.

Let's talk about the broaderU.S. economy. We had a 4 percent handle on the GDP print on Friday to congratulate the president on that number.

Was he right to take us sort of victory lap after it was announced or presidents get a lot of credit and a lot of blame to things they didn't do. But the president has done things which accelerated growth so competitive taxes. We need a competitive tax and the way the American public should think about for. 20 years we've been increasingly uncompetitive driving capital and brains overseas. Regulatory reform I'm not talking about a big bank I'm talking about small business. If you sat down to it one day with small businesses they'll tell you about the crippling bureaucratic paperwork litigation that we've had less small business formation in America than any other recovery so yeah this is accelerate the growth we had 20 percent over 10 years. It should have been 40. The reason it wasn't 40 was because a lot of things that we did to her ourselves. I'm hoping we continue a policy.

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