Even Jamie Dimon, the CEO of JPMorgan Chase, has sounded alarm bells. Kenneth Rogoff, Harvard University economist and author of This Time is Different, warns the world today may be. Speaking at a town hall event on campus, Dimon warned that the likelihood of a serious market correction is greater than what the market currently indicates. His comments come as the president of America’s largest bank doubles down on calling for increased vigilance and caution given the state of the economy.
Wearing an open-collar shirt and jeans, Dimon engaged with staff, high-fiving them as he made his way to the stage. He stated unequivocally, “I am far more worried about that than others,” reflecting his apprehension about the financial landscape over the next six months to two years. Dimon went on to clarify his concerns, warning that a series of global events may lead to widespread destabilization.
“The level of uncertainty should be higher in most people’s minds than what I would call normal,” he said, indicating that unexpected influences could disrupt market stability. His comments reflect a broader concern about inflation in the U.S., which he described as still being “a little worried” about.
Dimon countered worrying arguments that the world is turning against the United States. He pointed out, among others, that the country has become a “less reliable” partner on the global stage. He made specific note of what his administration has already done, and what was done during the Trump administration. These moves likely pressured European countries to reexamine their NATO obligations and bolster their economic competitiveness. “All these things cause a lot of issues that we don’t know how to answer,” he stated.
In addition to addressing domestic concerns, Dimon offered useful perspective on complex international trade negotiations. He wrote particularly about the negotiations in India and the United States. He said he was hopeful of rolling back further tariffs on India and suggested that he wanted to “bring India in. Dimon is convinced a final breakthrough in these negotiations is just around the corner.
And while he has a lot of criticism for generative AI, Dimon acknowledged its benefits. Still, he warned that history shows the inventors, innovators and entrepreneurs who drive technological breakthroughs frequently don’t make financial windfall. “The way I look at it is AI is real, AI in total will pay off,” he said. However, he compared this sentiment to past technological innovations, stating, “Just like cars in total paid off, and TVs in total paid off, but most people involved in them didn’t do well.”
Dimon’s comments went beyond supply chain issues to the wider world of security. He urged that in the face of growing global threats, people must put security first. “The world’s a much more dangerous place, and I’d rather have safety than not,” he remarked.
Perhaps most shocking was his admission that he would not mind being elected president if the party turns to him. “If you gave me the presidency, I’d take it,” he said, indicating his readiness to engage more deeply in national leadership.
At the end of the town hall meeting, Dimon dropped a huge surprise. He announced that JPMorgan would be investing around £350 million into the new Bournemouth campus. This investment is intended to increase the bank’s operations of the $10.7 billion infrastructure bank and impact in the south-central region.