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celebrating the company's brand new Manhattan headquarters. Let's get to Leslie Picker who is live today with Mr. Diamond. Leslie, hi Scott. Thank you so much. And thank you Jamie for taking the time out. I know it's limited time, but we're here of course at your new headquarters in New York. $3 billion to build,300 ft high, almost as high as the Empire State Building.
A lot of companies much higher than the Empire State Building. Oh, there you go. Higher. They have that antenna, but yeah. Um, a lot of companies are pairing back their footprint, have questions about New York. What strategically is so important about this building for JP Morgan? Yeah. So, first of love, first of all, thank you for coming.
I think this is a wonderful event. Uh, and you said 8,000 people worked on it. Took 6 years. We try to have great place for people to work and for a lot of us building with the labor of love. For the folks who build it, you can see the craftsmanship and workmanship that actually goes into it. Uh but we make long-term views about about where we build and where we invest and how we build and how we invest and we need we're going to continue to grow and expand and New York City's been a home.
If you look at New York City, it is a huge amount of talent here. Technology talent, banking talent, financial talent, marketing talent. That's not easy to replicate. And so, uh this is our home. We've been here for 225 years and we're going to keep on building. And uh this is a celebration of workers of the labor force.
We learned today that uh the number of workers on payrolls will likely be revised down by 911,000 for the 12 months through March. Does this amplify any worries you might have about potential weakness in the labor market? Well, first talk about the celebration so that people know 8,000 people and we promise them, we thank them and their families, their kids here.
We have barbecue for them and we really mean it. We've been working with the union labor here led by Gary Lebara and it's been an outstanding thing. and they worked through COVID as did most of us. Uh it kept on going. This flag flew at the top. They just gave to me as a gift. It's going to sit proudly in my office.
And uh so we're a big supporter of labor and and we like we bank small businesses and large businesses. People forget that we bank unions, we bank cities and schools and you know we try to be a great part of the uh citizen. I didn't know about the number. You know I think the economy is weakening. You know whether that is in on the way to recession or just weakening I don't know.
And that just confirms what we already thought kind of. And I know that's a big revision. So I those are big revisions. I believe it's the biggest going back to 2000. And the day after you and I sat down in North Carolina about a month ago was the day that President Trump fired the commissioner of the Bureau of Labor Statistics.
And since then there have been some questions around, you know, politization of the data. And since you operate such a sprawling bank and you have unique insights, do you see any gaps between the numbers that the government's putting out and what you see within your own firm? And are you increasingly relying more on the numbers that you see within your own firm?
No, we we get we get data like you wouldn't believe. The government data is important or own data is important. We get data from non-government sources and you know you you can look at delinquency data, worldwide data, trade data. We get all of that but trying to figure out what the economy is going to do is still hard to do with all that data and maybe one day AI will fix that problem.
But uh you know hopefully things will be okay and but you do see that kind of weakening unfortunately. Yeah. And I know this is a lively event and we're here to celebrate the workforce, but uh given this renewed attention on Jeffrey Epstein and his links with uh JP Morgan and the New York Times investigation, uh we've talked about this in the past and kind of the safeguards that JP Morgan has put in place.
Do you feel like those are sufficient at this point in time? Well, so first of all, as I've said before, we totally regret ever having done business man. Uh so and then but we always get better what we do. So when you talk about cyber safeguards or anti-money laundering or bad guys in the system, we're always trying to improve that and it'll never be perfect because the bad guys are quite smart too about how they go about it.
But uh but we we're we're again we're among the best in the world. Doesn't mean we don't make mistakes.
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