Following Tuesday’s Labor Department report, JPMorgan Chase CEO Jamie Dimon has confirmed that the U.S. economy is slowing down.
“I think the economy is weakening,” Dimon stated in an interview, referring to the department report which showed a decline in the jobs market and the biggest revision in over twenty years. “Whether it’s on the way to recession or just weakening, I don’t know.”
“There’s a lot of different factors in the economy right now. We just have to wait and see.”
Dimon stated that most consumers remain employed and are continuing to spend, although their confidence might have been shaken, potentially impacting JPMorgan.
Dimon also stated that more consolidation is expected to occur in the banking sector in the future.
During a podcast interview released Wednesday morning, Dimon said that tariffs and other geopolitical headwinds have not yet fully developed. “I think you better be careful on that one because some of these things have long cycles. So we don’t know yet. People are expecting these things to happen right away. But actually, a lot of them haven’t happened.”
Dimon, the CEO of the largest U.S. lender for over 19 years, declined to specify a timeline for his retirement. “It’s when they are ready and it’s time for me to go—or some combination of the two. I have a great relationship with all the people here. The board is likely to make me chairman for a couple of years.”
By CEO NA Editorial Staff
