Everything Jamie Dimon said on any show that made the record, most notable first. Each card names its show and opens the statement there.
Dimon: $5B Mortgage Penalties Led Him to Never Trust the Government Again
“They made us pay five billion dollars on the more, the bad mortgages that Bear Stearns had done, and that's what made me make the statement I wouldn't do it again. I wouldn't, put it this way, I don't know how to say this, I wouldn't really trust the governmen…”
Dimon: Remote work damages and socially isolates the younger generation
“The young generation is being damaged by this. That means they may or may not be on your particular staff, but they are being left behind. They're being left behind socially, ideas, meeting people.”
Dimon: Any 100-person corporate team can run more efficiently with 90
“If I was ready to partner with a hundred people, I guarantee you, if I wanted to, I could run it with 90 and be more efficient. I guarantee you. I could do it in my sleep.”
Dimon: Bank One held more credit risk than Citibank under aggressive accounting
“I quickly realized that BankOne had more U.S. Corporate credit risk
Than Citibank did.
And they, the way they accounted for it was unbelievably aggressive.
And, you know, so they had less capital, less reserves, less this.
They were calling these things profit…”
Dimon: Banks earning 30% ROE pre-2007 mostly went bankrupt in 2008
“If you look at the history of banks from up until 2007, a lot of banks were earning 30% equity.
Most of them went bankrupt.
We never did that much.
Okay.
But in oh eight and oh nine, we were fine and they weren't.”
Dimon: An Unrescued Bear Stearns Would Have Triggered Immediate Financial Collapse
“It would have been gone, and the crisis would have just unfolded”
Dimon: 80% of Federal Mortgage Settlement Targeted Bear and WaMu Conduct
“80% of what they're asking for related to Bear Stearns and Wamuu, not JPMorgan Chase.”
Dimon: The $2T private credit market is not a systemic risk
“So there, it may, there may be something in there that would become a problem one day. I don't think it's systemic. So that two trillion, the mortgage market when the time it blew up was, I'm going to say, nine trillion, and a trillion dollars was lost.”
Dimon: US critical infrastructure protections are inadequate for cyber war
“But it is, you're talking about grids and communications companies and water and even part of the military establishment. The protections are not what you need. If we ever get any kind of war where cyber is involved, and China is very good at it, and so is Rus…”
Dimon: Venture capitalists caused SVB and First Republic runs by telling startups to withdraw
“What happened with Silicon Valley Bank and kind of First Republic is some of these large venture capital companies, call them there hundreds of them, maybe a thousand, told their constituent clients that they invested in, who all banked in Silicon Valley and F…”
Dimon: SVB and First Republic took excessive interest-rate risk known to regulators
“Both those had, they took too much interest rate exposure, known to management, and it was known to the regulators, and, you know, ah, and fixable.”
Dimon: Citigroup's conglomerate acquisitions like truck leasing lacked strategic fit and added risk
“Whereas, you know, Citi had consumer, consumer finance, that didn't fit. Life insurance, that didn't fit. Property, that didn't, they eventually got rid of them all. Sandy just wanted to do more of them. You know, he bought an American general, which did truck…”
Dimon: JPMorgan wealth management decision required approval from 14 committees
“Someone told me to approve some of his wealth management that they had to go to 14 committees.”
Dimon: JPMorgan stress tests fat tails beyond Fed requirements like 8% rates
“And so I always look at what I call the fat tails, and manage that we can handle all the fat tails, and not the stress test the Fed gives us, but all the fat tails.
Markets down 50%, interest rates up to eight percent, credit spreads back to worst ever.
Of cou…”
Dimon: You Can Drive a Truck Through Accounting Rules
“And accounting, you know, of course, accountants hate it when I say this, you can drive a truck through accounting rules.”
Dimon: JPMorgan merger required 75% board vote to deny him CEO role
“Inside the merge agreement, and this is almost unheard of, when we get the premium, is that to not have me become CEO 18 months later, 75% of the board would have to vote me out. And the board was eight Bank One people and eight J.P. Morgan people.”
Dimon: Big investment banks increased leverage from 12x to 35x before 2008
“The leverage, if you may not remember this, but the leverage, because of accounting rules in Basel III, Basel I, investment banks, particularly the banks, the big investment banks, went from 12 times leverage to 35 times leverage.”
Dimon: JPMorgan Wrote Off Bear Stearns' Entire $12B Tangible Book Value
“It was three hundred billion of assets and a twelve billion dollar book, tangible book value. We wrote off the whole tangible book value in the, when we bought the company to pay, we had to liquidate the loans.”
Dimon: JPMorgan Would Still Rescue the Financial System, but With Legal Protections
“If the government called me up, they did it again. If they called me again and said, we need your help to save our country, well of course I'm gonna, I'm a patriot that way. I just, I would just try to come up with some ways to avoid the punishment by the next…”
Dimon: JPMorgan bought WaMu at a $30B discount to book value
“We bought it for a thirty billion dollar discount to tangible book value. Because they had debt, and we left the debt behind. And so, and that thirty billion was approximately what the mortgage loss was gonna be.”
Dimon: Zoom multitasking reduces efficiency and breeds rudeness
“And if you don't think that slows down efficiency, creativity, creates rudeness, and stuff, it does, ok?”
Dimon met with Jeff Bezos about becoming Amazon president
“I went to visit Jeff Bezos, who was looking for a president at the time. He and I hit it off. We've been friends ever since. He's an exceptional human being.”
Dimon invested half his net worth into Bank One stock as incoming CEO
“And I put half my money in the stock at the time. Yeah, you, I tied my, I was going to be the captain of the ship, I was going to go down with the ship, You know, I made it clear to everyone I was here permanently, and it'll be what it is, and so I got to work…”
Dimon: Bank One's 21-Member Board Was Divided With 11 Hating 10
“I, there were 21 directors. 11 hated the other 10.”