Jamie Dimon talks the future of banking, global economy and student laons



welcome back to wife I am a Yahoo Finance we've got our editor-in-chief Andy serwer sitting down right now live with JPMorgan Chase chairman and CEO Jamie Dimon Andy thanks Dan that's right I'm here with Jamie Dimon JPMorgan Chase CEO Jamie nice to see you here so we're in this new flagship branch of the bank and I want to ask you about that but first I've got to talk to you about the stock market because we're at record highs and yet we have a trade war with China tensions in North America with trade and with Europe and now we've got this simmering dispute with Iran so if the markets so high and there's so much trouble how do you reconcile those thanks the branch though we're going to come back to the branch of course so the the the market sometimes inscrutable but if you actually look at geopolitics they really affect the global economy they could you know these things get worse but they really affect the global economy I think trade is serious so you have the United States for example it's a very strong consumer good balance sheet household formation wage is going to a particularly low end consumer confidence very high and business calm has been very high but it's been rattled a little bit by trade so we've seen a little bit as business confidence drop business investment drop people are worried about the supply lines and I think that may be hampering the economy a little bit so type of tell to cities and that's this down a little bit down a little bit but still quite hot right and so we have those two things collide and what effects what I don't really know the better thing is to have a deal in China there are serious trade issues you know so we all want the president deal with the issue seriously what she's been doing a resolution would be good but we don't expect a quick resolution at this point what do you expect out of the g20 in osaka' later this week James I think the best you can expect is that they have a good meeting that that they start reading ago Shane that the tariffs are off for now and give the teams a chance to negotiate a deal which maybe if you're if we're lucky it could be done by the end of the year so let's talk about this branch I mean obviously you guys have invested a lot here but I thought that all banks were doing was shutting branches down and yet you know this is a whole new way of doing banking for consumers people in business facts okay we have a million people day visit branches so Millennials are doing unless they're still doing it we've got 50 million people and digital we've got 21 million different customers a year going to a branch these brands to support local small businesses they support middle market companies report consumers so and these new branches are great so we started this whole expansion 500 new branches in 20 major cities right at the heart of some of our competitors in some cases and we always would love an uber format but this format is meant to be a flagship brand and a community center so that when the people come here those have come here T we have thing called chase chats so you've come here for a small business or individuals learning about investing or strong small businesses you know we'll have community groups come in and talk about some of the things we do to help affordable housing so we hope that these things will be just great for for JPMorgan Chase and we're thrilled to be on the expansion trail again I mean it's very experienced all right isn't it expansion trail is thousands and thousands of jobs right new branches DC Philadelphia Boston actually open quite well it's early but they're doing quite well it's very experienced and I want to ask you then how does that dovetail with those 50 million online customers I mean is it either online or these super branches nothing in between actually we try all these different formats and over time those will change and obviously these formats have more ATMs less tellers more advisors private client advisors small business advisors and mortgage advisers so the advice part is going up the operational part is going down an average the branch looking smaller this obviously is not one of the smaller ones but on average looking smaller you got to remind yourself people the average customer visits branches uses the call centers and does digital they do all of it and we do more for them bill pay online you can if you are a chase customer a good customer you can buy and sell stock for free you're gonna get Robo investments as really good phone you will give you guys advice and stuff like that I'll be safe for your kids futures and we're coming out new products and new services all the time that so people using them more not less over here they've got a piano now people can see that but you know that's pretty cool to you know go play tune there may be okay so I want to ask you about the business mix because obviously consumer is a huge part of what you're doing I mean it's almost when 40 to 50 percent of the bank's business is consumer what is the it's gonna look like say five to ten years from now I hope our share goes up every year and we're gonna fight you know in the trenches for every customer buy better products better services better technology and more things like so you know we've been growing both investments investments in the pods combined eight hundred billion dollars we're gaining share in both those areas and we're just rolling out some these new products we just have some clinical chase offers like free credit you can get your credit score now you go on and we're gonna take you on a journey about how to improve your credit score we don't even market it 19 million people use it already and a lot of people use it all the time so we can help you improve your financial your financial life by something like that which would give you for free so we'll find a million ways to help our customers do better and hopefully earn more and more of their business remember 25% of the business takes place in these branches is small business small businesses need help they need to come by and drop off coin and currencies and sign things etc so we so we support both the banks like JPMorgan Chase have sort of an unfair advantage though Jamie over smaller banks at this point because you need that scale and the capital to invest in technology to be able to succeed and attract and retain consumers there's definite kinds of scale that's true in most businesses but remember some of the smaller banks community banks they also have other things they can do think of very low costs they buy some of these services from third-party providers and they also have you sometimes you have a unique experience but the small businesses they are the real estate there so they could they could do a great job but you're gonna I think you can see some more in the middle of merge to try to get some of the kindest Galvis right back to some news yesterday senator Bernie Sanders introduced a plan where he would wipe out student debt essentially by levying a tax on Wall Street fifty basis points so inequities ten basis points on bonds what do you think about that plan first of all is there an issue with student debt that there is and but you got to stop the creation of bad debt so look what we did with student debt the government took it over in 2010 they've lent out a trillion dollars irresponsibly and now they want to forgive it okay and now your universities half the kids don't graduate and it takes six years the university should feel more responsibility so they're going to make loans make good loans that people need that get them to where they're going and get them good jobs at the end the other thing there's a lot of people get those college degrees they don't need help the computer need help the inner city school kids the kids who want to graduate in high school you know some of the kids at community college you need Pell grants and stuff like that so you should help it make sure you direct it to those who really need it how you pay for you can debate it all day long you know financial tax will be paid for by investors at the end of the day so would you support the plan no I think they should look at all parts of student lending fix the broken parts and then forgive those people need forgiveness and then help people get into school and then make sure the schools are responsible and gain the kids out that what we've done is a disgrace and it's hurting America we see it hurting household formation mortgages etc how they go about taxing I'll leave that to the politicians to figure out all right Jamie Dimon




Comments
  1. Jamie is a only filling his own pockets nothing more. He isn't restarted but he is very egotistic and old school. If the banks don't bail him out in the coming years when the dollar collapses he and his customers will loose a lot of money.

  2. Everything here is business, in other countries broadband, education, healthcare is free and should be human rights. We spend so much on the war machine, why not a piece of that on the citizens? Is this wrong?

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