But perhaps most interesting from the boss of the world’s most systemically important bank are his thoughts that everything might be about to go just right in the world economy. Yet Jamie Dimon, the boss of investment bank JP Morgan, reckons a “Goldilocks moment” might be coming for the US economy - albeit Goldilocks and at least two bearish signs.ĭimon’s comments, made in an annual letter to shareholders published on Wednesday, comes in at a novella-sized 30,000 words for the brave. The Fed has had to contend with concerns that inflation might jump even as economies stutter back to pre-pandemic life. The flat opening on Wall Street in part reflects the lack of a strong narrative driving global markets today, while traders are also waiting for minutes from the Federal Reserve that might give more hints on the path of US interest rates.
JPMorgan Chase CEO Jamie Dimon speaks an event before the pandemic. It is clear that, over time, European politicians and regulators will make many understandable demands to move functions into European jurisdictions. More work will inevitably move from London to European cities such as Paris, Frankfurt, Dublin and Amsterdam, Dimon wrote - although he does not expect many clear winners to emerge. But London still has the opportunity to adapt and reinvent itself, particularly as the digital landscape continues to revolutionize financial services. We may reach a tipping point many years out when it may make sense to move all functions that service Europe out of the United Kingdom and into continental Europe. Further difficulties could spell trouble for London employees servicing EU customers, he said: The JP Morgan boss’s words on Brexit particularly matter because of the US bank’s large presence in London - both its investment bank and its asset management services.īrexit has added to costs for the bank because it has had to duplicate services. 15.11 BST JP Morgan boss: 'Higher costs could force bank to move more out of London'ĭimon also had some uncomfortable words for the UK government: the unfolding Brexit process “cannot possibly be a positive for the United Kingdom’s GDP”, he said.
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