원문 보기
we want to turn now to our interview with Jamie Diamond the head of JP Morgan spoke with our Bloomberg affiliate in Mexico discussing the latest inflation numbers a potential rating downgrade for the US and the headwinds that the US economy faces let's go to part of that discussion well it was a great coincidence to see you yesterday here in Mexico tell us what brings you here you met with the top business men in the business men in this country what was your conversation about yeah so first of all I am thrilled to be here and actually running into you reminded me that why shouldn't I do a little uh television here and talk about something like that you know Mexico is a critical market for us we've been here for 120 years we've been all over Latin America for over 100 years we have a total of 6,000 employees and we Bank like 1300 companies we Bank governments and uh and it's always critical to remember when you go on the road how much you learn you know first of all you're learning from your own people you're learning from your clients learning from CEOs so dinner last tonight you know we spoke a lot about America uh Mexico relationships for example i' had forgotten that the US MCA deal needs to be reaffirmed we should start working that today also we talked about nearshoring what the huge opportunity it is to have a near you know bringing more business into Mexico and America because of what's going on around the world I mean you should keep in mind Latin America and North Amer and South am they kind of like Seas of peace and Tranquility in the world you see today and that's an opportunity for them of course I can imagine so a CEO of one of the most important banks in the world how attractive do you see Mexico to invest and talking about uh near sharing a lot of businessmen talk about the challenges uh for this phenomenon like infrastructure security what do you see yeah so you know if you look at just JP more we invest for the long run we've doubled or tripled our Capital here in the last 6 years we cover more clients and private Banks in Investment Banking uh Asset Management so our commitment is total I think it's one of the great opportunities i' put Mexico you know if you had to pick a country this might be the number one opportunity and remember you already have very capable companies here universities infrastructure technology so of course when you talk about you know what you can do to do more you know the better you do with infrastructure the better you do with you know affordable energy costs the better you do with universities the better you do with a good policy it'll be better for them that but you already have a lot of it you already have companies moving more operations here Etc and uh and I add security which I think is a mutual problem for America uh and Mexico I hope we're working on them together because you know the more we can solve that the better is for both countries but of course there are problems still huge opportunities but great to hear from you that Mexico is in the number one uh in which sectors do you see more opportunities for near sharing in Mexico I I would say uh uh uh manufacturing more and more advanced manufacturing agriculture I look I look at your Capital Market I me just to give you some numbers your GDP is 1.3 trillion in Mexico your market cap is 400 billion I mean it could it could and should may be a lot more than that so there's a huge opportunity to have Capital markets grow here to bring more both foreign direct investment and you know more investment here you also have a tech sector here you know I have met with a bunch of high-tech companies are very impressive so I think you'll see that grow um and as as Mexico grows everything that supports all those Industries here grow industrial agriculture uh technology uh Etc well and we cannot talk about Mexican economy without talking about the US data today we saw the inflation in the unit United States broadly slowed in October do you think the FED will pass the rate hikes after these numbers because recently you said the world it's not ready for 7% rates right there two different things I think the number is good today personally I think people are overreacting to short-term numbers and they should stop doing that because you look at all the adjustments go into them they're not completely valid I think inflation is probably a little stickier than that shows I think they're I think they do they're doing the right thing to pause for now you know they've raised rates a lot you know to wait to see the effect on the economy in the US particularly as the fiscal spending the excess fiscal spending is winding down and quantitive tightening is kicking in but I still think you know you should prepare they might have to do a little bit more and I think people should be prepared for that just as a kind of a risk management uh tool and I'm afraid inflation may not go away that quickly okay and well also three months ago F ratings downgraded Us credit rating and this weekend we saw moodies changing its outlook on the US credit rating to negative pointing to a sharp rise in depth servicing coasts and political polarization what do you expect in this terms you know I look I I find a little ironic that fit and Moody's been doing that today so here's what I think they are right to point out those issues I would take polar polarization off that's that's always been true in a democracy but yes we have far more debt more debt financing we've been a little Prof when it comes to that but the market is pricing us as AAA which I think is more right and the market will be more right than the raing agencies I also want to point out I find is almost funny they have a lot of countries rated AAA they all live under the protection of the American Military and so I think it's a little peculiar that that makes them triaa but not America so uh America will be fine but we but we got to get our hands around these problems they they will not age well the deficit is a lot bigger this year than we thought there may be consequences of that and so I do I think they're right to point it out okay and talking about your bank Jamie how would you sum up this year 20 23 given that it was such a tough time for the brother industry you know I I don't I don't look at any one year like it's a mystical thing you know I always tell people the profits are like the tip of an iceberg who bobbing in the ocean you know the real quality of your companies your people your systems your technology your products your services so we had a good year financially you know I know that some banks had some problems we've been quite clear we're ere earning but to me the important thing is that we're going to serve our clients through thick or thin we got plenty of capital plenty of liquidity we're not going to panic no matter what happens in the environment out there we're going to be in Mexico serving your clients your country the way we should be and you know I think of rates and I'm look I'm hoping it the first Republic we bought was probably the last Domino but I've always said provided rates don't go up we don't have a a recession and I do think banks being prepared for that that's just a that's just a reasonable thoughtful risk management tool be prepared for things you don't expect so you can continue to build your company how to prepare for the things that you don't expect you when the way we do it is we model out you how we would do in 2% interest rates and s% interest rates how we do with credit losses going up stress testing markets around the world so we do like literally 100 stress tests a week and so always looking at that so we can manage through that and that in under all those circumstances we're fine fine means to me that you don't have to announce massive layoffs you don't have to like pull out of a country you continue to meet the commitments you have to the people in the country and the the countries themselves you know people don't like Banks who are who are fair weather friends and so you know we're going to be there for people uh all the time and you know always we've always been careful how we run the bank okay Jamie we have a question from the audience of a big fan of yours he says that if there is really a future for fintech startups or will they be Outlast Ed or out innovated by Banks yeah I think it's the wrong way to look at the question like it's a binary answer you know there there will be some who will not survive there will be some who are very smart and they have a great Niche idea there'll be some who are more than that you know so JP Morgan we look at all the fintech we also look at the big Tech you know we have competition effectively from Apple Google Facebook and so there will always be survivors and you know our job is to make sure we're lean we're mean we're thinking we're competitive we're not it's always better to assume that some of these people be successful than to assume that they won't be successful and you know I I pointed out to our own management teams that there's some great companies out there that we could have built and we didn't like square and stripe and so you know you got to be open-minded and a little humble about what's going to take place your size alone is not going to make you succeed in the future if you don't believe me read about the history of all large corporations so you see fex working with big banks around the world that that's true too by the way we we partner with 50 60 75 maybe even 100 different fexs depending how you define that in terms of data and cyber security and marketing and yeah we have quite a few Partners we work with Okay and which are your perspectives of ftech for Mexico and the region well I'm not an expert in that I do know that I've learned a lot Trav this region from fintex uh but I'm not quite an expert it's happening here I but I think my view is you're developing a tech sector here including fintech like you know in the old days a lot of the technology was taking place in Silicon Valley or in Boston but now you see it almost everywhere you go there are Tech and fintech companies starting to Blossom and I think it'll be great for all the countri that happens in and it's happening here too okay well and also I would like you to ask about Mexican Eon economy which are your your perspectives uh with uh High interest rates High inflation but with the opportunity of near sharing yeah I again I think it's a great opportunity you know the the a lot of Latin American countries raised their interest rates rapidly quickly and they probably did the right thing for the long run of the economy you're very low unemployment you know inflation is coming down so hopefully you'll conquer that I think countries should always look at and I I really mean this like I do with this company what what should they be growing and you know I think we've undergrown in America you know quite a bit over the last years and I think Mexico should aspire to do much more and just like so that's how I look at it and the to do more all these countries all of us you know it's about policy and you've already mentioned infrastructure but it's about work skills effective regulation transparency corporate governance uh you know rapid permitting uh it's all those things you know consistency of law that have a country grow and the important part of having a country grow it helps all of the citizens there's more taxes you have more wherewithal you know it's not just for big companies you want to grow in economy you really want it for everybody you every job created you know every job created is a job for someone and so you know people we need we all need to be very thoughtful about how we can grow our economies to help and we should do it to benefit all the citizens of our country you know not just the you know the wealthier and the employed but everybody sure well finally I know you enjoy a lot reading history and business which book would you recommend to our audience yeah I think the one I would recommend is Bob Gates the former Secretary of Defense WR a book called the exercise of power and the first chapter is about the Symphony of power and by that he's talking about we've overused our military muscle overused it and misused our military muscle we've underused diplomacy develop development Finance uh uh information sharing intelligence and also explain to the world the benefits of Freedom free enterprise free markets and that we I think we at America should get more involved in that you know one of the disappointments to me when I travel around Latin America is we're not here enough as a country and and we should be fostering these countries helping them trying to get more direct investment in them more development Finance you if you look at development fans it's really come down quite a bit and so one of my lists to do when I go back is to figure out how we the American Business Community can work with you know the American government to actually help do more uh uh in Latin America
Comments 0