In his recent presentation at the Bernstein 38th Annual Strategic Decisions Conference, Jamie Dimon warns investors to brace for an economic hurricane. Here’s an excerpt from the presentation:
Dimon: It’s a hurricane!
It’s, we — right now it’s kind of sunny, things are doing fine, everyone thinks the Fed can handle this. That hurricane is right out there down the road coming our way. We just don’t know if it’s a minor one or Superstorm Sandy or — yes, Sandy or Andrew, or something like that. And it’s — see, you better brace yourself.
So, JPMorgan is bracing ourselves, and we’re going to be very conservative in our balance sheet. And with all this capital uncertainty, we’re going to have to take actions. And I kind of want to shed non-operating deposits again, which we can do in size to protect ourselves so we could serve clients in bad times.
And so, that’s the environment we’re dealing with. And I’m — I think it’s okay to hope that it will all end up okay; I hope it, that’s my goldilocks, I hope, who the hell knows.
You can watch the discussion here:
You can read the entire transcript here:
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