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Jamie Dimon on the economy

CBS Sunday Morning · 2025-01-12 · 유튜브 시청 366,688 · Board Views 6 · International

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he's CEO of one of the largest banks in the world and Jamie Dimon of JP Morgan Chase has plenty to say about the economy the incoming Administration and the future of work in America he's talking with our 60 Minutes colleague Lesley Stahl were you surprised that Donald Trump won the election no why do you think he won people were angry at the the what they call it the State you know the swamp you know ineffective government uh that people wanted kind of more pro growth and pro bus policies that they didn't want to be lectured to on social policies continuously I think it's the lecturing part of it the social superiority it's the my way or the highway uh I traveled around this country I felt it wherever I went there's a sense of Gloom out there about the economy do you understand that I do understand it because I think there are a lot of legitimate concerns that Americans have you know for example you know ineffective government they're angry about it they're angry about immigration they're people with legitimate issues despite lower unemployment a calming of inflation and a soaring stock market even he says he's quote cautiously pessimistic about the economy and as chairman and CEO of the largest bank in America it matters what Jamie Dimon has to say about things listen to him on bitcoin you have called Bitcoin a Ponzi scheme you've said that uh it's as useless as a pet rock what do you really think you're going to have some kind of digital currency at one point so I'm not against crypto you know Bitcoin itself has no intrinsic value it's used heavily by sex traffickers money launderers ransomware so I I just don't feel great about Bitcoin I applaud your ability to want to buy or sell it just like I think you have the right to smoke but I don't think you should smoke since he took charge of the bank 20 years ago the company has doubled its number of employees to 320,000 and grown its assets by nearly $3 trillion which probably would surprise his grandparents who came to the US with little money from Greece in the early 1900s the neighborhood was like this block he took us to his old middleclass neighborhood in Queens New York which is your window we were on the top the P there was a rental I think we were up that Corner up there he shared one bedroom with his two brothers and they played outside on the monkey bars I broke my arm in those monkey bars over there did you ever dream when you were growing up in a million years that you'd be running one of the biggest banks in the world no my dad was a stock broker so I was somewhat conscious of that part of the world but I had never met a CEO until I was in college or something like that he grew up to be one of the most successful CEOs in the country processing 10 trillion a day his bank is thriving and healthy but Dimon now 68 has had two major health scares the first was throat cancer a decade ago you are now can we say cured yes that's well at least in remission yeah but I know a little bit more people who've been told they have cancer know a little bit more than other people that's staring you right in the face and it may actually happen you become a little more deliberate a little more thoughtful you don't want to have regrets but you also had a heart scare yeah it happened at the beginning of covid in March 2020 my heart I just I mean it the pain was extraordinary I thought I heard a rip was it a heart attack what was it was an aortic dissection what is it I had a tear in the aorta oh my god did they tell you you might not make it yeah they did yeah I knew that by the way yes going in for surgery you know at least you think you think in your mind I've lived the life I should have lived so far yeah not enough of it yeah how long were you on the table 7 or 8 hours were you surprised when you woke up the doctor told me I was one of the only people who's ever seen wake up immediately after surgery like that came I waved at my kids proba I've been sitting there the whole time and then I was back asleep and the ICU for and waking up an ICU I mean like when you're a man who's never had to rely on other people really and all of a sudden you've tubes everywhere and you can't do anything to yourself and you got tubes in your heart and tubes in your lungs and tubes down your jugular he was in the hospital for a week back at work a month later and soon traveling the world which he does he says 40% of his time we met him in the Executive Suite on the 43rd floor of the bank's Manhattan headquarters not CU you might be able see the actual building you I walk by in Jackson I Queens he can see where he grew up and to the left the nearly twice as high dazzling new JP Morgan headquarters going up next door it'll be one of the biggest office buildings in New York I cannot see the top this building much taller the Empire State build probably equal to the Freedom Tower with all the big things he deals with it's interesting that one of the things he's most proud of is opening branches in lower income and underserved communities around the country like this one in Harlem I was the firm's first ever Community manager and we learned a lot from you yes she did they still come in they people I always say people like to visit their money they visit their money you know mortgage documentation is really hard to do so in one of these Community branches a guy stood up and say fine bought a home they lived in for 30 years he said there's no way he could have gotten that mortgage if one of our mortgage loan officers didn't call him every day for months taking him through it making him feel comfortable getting the forms he got our homeowners Grant and it works we're celebrating five great years in Harlem this morning this isn't a not for profit these local branches make money for the bank nice to meet you but what about the other end of the spectrum a lot of Americans have gotten very rich they've gotten Filthy Rich we've had unbelievable numbers of billionaires come up billionaires why what's out of whack here I think you have to be very careful to say what's out of whack you want a healthy economy and a really healthy economy lifts up all citizens you want to help all Americans grow the economy you can well at the Moon that's not going to grow the economy and if they're unfair things that created some of that wealth they should be fixed but I'm not hearing you say there's something wrong here that there these billionaires are growing like Poppy and I mean what is it the tax laws was King for a Day I would probably change a bunch of the tax laws too uh which I'm not going to give you specifics on it won't reduce it as much as you you seem to think it should be reduced no but I'm interested that you're not saying this is wrong this is not working I think the wrong part is that the bottom 30% didn't do better not that the top .1% did so well why not what what's wrong with saying because they they may be unrelated what we need to do to fix it for everybody health but you haven't said what's wrong at the other end I don't know what's wrong at the other end Dimon himself is a billionaire we asked him about the richest person in the world Elon Musk he is the man of the hour what's going on there he's clearly an extraordinary talent I mean to to look at Tesla and SpaceX and attitude is yeah well we should make government more efficient and is this the way to do it I don't know do I want them to succeed absolutely yeah but it's odd to have a man who's so wealthy with so many important companies that matter to our economy and and even to our national security Now sort of insinuating that he can influence right-wing politics in Europe yeah doesn't sound right does I'm not responsible for his behavior so let him do it but when you say it's it's odd it's not that odd it's been going in this country for a long time if you go back to Lindbergh there's been more interfering in Cross you know atlantic politics than you would think are you distressed by it no take it and stride take it and stride somebody called him an oligarch an American oligarch yeah that's name calling Jamie Dimon has been in banking for more than 40 years which leads to the inevitable question when's Jamie going to retire last time I was asked I said less than five years but when you say when you say retire I'm not going to retire like that I'm I may write a book I may teach I may work with my kids if they want I would never pressure them to work with me but I didn't hear you say I might become chairman and you know just give up the CEO part well that's likely that that that's likely to happen again that is up to the board not up to me but if it makes sense I I may be chairman for a couple years do you know who your successor is no you must love your job yeah I do I love my job I love what it does I like our people and it motivates me like a lot of people by Friday I'm exhausted I want to go home I want to have my martini and go to sleep but I do love my job I think it's great to have a purpose in life and to you know paint your Picasso

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