YouSaid · the spoken record

Jamie Dimon

lines on the record: 68
first: 2016-05-23
most recent: 2016-05-23
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“We don't have data a thousand years from now, a huge cockpit with all the numbers and automatic stabilizers, the payroll taxes and investment tax cuts or tax credits. And we're still learning how to run a modern economy.”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“Exactly, but even big data can be moved there. So we will be able to see as states raise their minimum wages, tell you what it does to employment and spending. So, if you can prove with big data that raising it 10% improves both employment and spending, well, then it's a no-brainer. If you can improve that 20%, it reduces employment. Matter of fact, you can look at states that have various types of tax codes and tax things and say, this one seems to be helping business. And jobs, and this one doesn't, including healthcare, you could be doing that. So I think a lot more can be applied to come with good public policy. You can have a dream a thousand years from now. They're going to look at what we do with fiscal policy and monetary policy a little bit like bleeding the patient in healthcare like they did a couple hundred years ago.”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“So, metadata, and then prove that that works so well. And then you're rewarding people for working, and it could be a great thing. So we need more policy design.”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“No, but it's not the technology. I was talking about earn income tax credit. Real analytics can actually probably show, we actually have JP Morris Institute, which we do real analytics, so we can go city by city and see what actually happens and credit card spending, debit cards spending as minimum wages go up, as oil prices go down. So I'm saying if you designed a great earned income tax credit, far better than the one today, because there's multiple flaws that we have today, broader today so it can apply to individuals. Not married families. It could be more like a negative tax, it's automatic”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“3D print apologies for their brain power to figure out policies at work and then use some of that brain power to explain it to people in a way that people understand.”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“I would love I think the biggest risk society has, I mean, I think they do a great job inventing stuff. I think big companies too do, by the way. I don't think they're the only people out there inventing. I'm not sure they can fix this one problem Bad public policy could really put us in a bad position.”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“Tesla guy to me. I love play my music in here. Tesla's a beautiful car, but yeah. I'm a New York City kid. I mean, I literally didn't have a car until I”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“I don't, but my biggest technology is the iPhone, which I I do a lot of stuff on. I read our stuff. I read our research. I use the apps. I mail my kids. I do all my corporate email on this thing. I do some of my banking.”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“Maybe you're right. It'll be like driving a horse. You go to a speeding place to drive your car. I mean, again, these things would be great for older people. It'd be wonderful for society. Of course, there'll be some downside to it, which we should fix with training. And a hundred years from now, it'll be four or five times where they are today. People will be working three days a week. We have more leisure, more entertainment, and people be happier and healthier. But let's not stop the technology that's going to make that possible.”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“No, I think it would be more like you need a pylosization. We don't want humans driving cars because we now have gone from 35,000 deaths a year to 2,000. And therefore, if you're going to have to drive a car, you've got to get a special license.”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“No And forget entertainment. I've read about the real use cases in healthcare and anatomy. I'm sure there's going to be some. It's hard for me to, I've not spent enough time thinking about to give you the real answer about it.”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“I think big data and machine learning are real. Are going to drive huge benefits for people for a long period of time, whether it's in healthcare, processing, any form of business, stuff like that. I think augmented reality is real. And will make our lives easier somehow, though I'm not a futurist. I can't completely imagine it, but I do think it's real. VR is hard for me to understand.”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“We've had our own problems with the government Look, they have always made one very important case that this should not be decided by a judge or jury, which will be decided differently everywhere. It's a very complex case. It really should be decided by the Congress, by legislation, and to do it right, you really need to get the people in the room who have deep knowledge about Civil society data privacy misuse of data privacy, you know, what these backdoors really mean, all those various things because there are real issues here. And I don't think it should just be made out of anger or something like that.”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“In that vein, look at what's happening with Apple, for example, with the federal government and encryption. Now there's a big business, lots of jobs, lots of economic opportunity from the company over the decades. One of the most important technology companies at war with the government over an iPhone or an encryption. How do you look at that”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“I know, but I think we're educating people the wrong way, and we're going to end up driving public policy the wrong way. And we need leader to lead. That means explaining things to people and then coming up with policies that fit the downside of it. There are downsides to a lot of things, but you don't want to stop them all. There are downsides to flying. People die every now and then. Do you want to stop all air flights? Their downsides to pharma Sometimes they're misused. Do you want to stop using pills?”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“Okay, and so again, I understand the fear, but we need our politicians to say, okay, let's get the good part of technology and fix the bad part. A great story one day that someone, oh, Milton Friedman was walking through Vietnam or China or something like that, and they were building a road. And they were building a road with shovels. They said, Why are you building a row with shovels? You can do it so much faster with less people with backhose, which you have. And the person said, Ah, Mr Friedman, that's a very good question because we want the employment. And Mr. Friedman said, Well, that's great. Why don't you do it with spoons?”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“We probably wouldn't do a lesser job of feeding people. Technology is a wonderful thing that's helped mankind enormously. Like look at healthcare alone.”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“But look Warren Buffett wrote about farm workers has gone from 11 million to 200,000, or I forgot the exact number, but if you could have said back then, we're not going to allow those jobs to go away. So we still have 11 million people in farms.”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“No, but the point is don't kill the golden goose has made society so great for people. It's going to double the income of the world and the average person in the next 20 years. This could take another one or two billion dollar people out of property. Fix the problem that it does create, acknowledge it, and then fix it. And again, that's education, training, income assistance, retraining. Exactly.”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“But we live like we live today because of technology. The health is better, the air is better. You know, you got a supercomputer in your pocket. The food is getting better”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“Look, I hope, I don't know if it's going to die down. I hope that policies are made not because of populism, but they're made because they're going to help the very people the populace are talking about. There are rational collaborative policies. You go all around the world. You know, I meet presidents and prime ministers. There are things that work. There are things that don't work, okay? And you can see evidence of this in Venezuela, Argentina, East Germany, most of Eastern Europe after the war. Greece, they don't work. We've been there and China before they start changing policies 20, 30 years ago. And we know policies that do work. And you can see them in evidence all over America, Singapore, South Korea, and that's what we need to do. Acknowledge the problems and fix them, but don't kill the goose. So you even hear anger these days about technology. Technology has taken away jobs.”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“It's not even to the left or right. It's both sides. If you spoke to most bankers, they expected to be part of the political season.”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“I know, but I think whoever's the next president, if they'd fix immigration, we got to reduce corporate tax reform. The great bargain, because that is pushing cap, we are pushing capital and brains out of America today. And then we need to do something in education to help the lower income, the underprivileged and inner city, particularly inner city schools. I would greatly expand the earn income tax credit. I think raising minimum wages is a completely rational thing to do. I just be careful about doing it equally everywhere. I think I would let states do different things, and I'd come up with training programs that if people lose their jobs because of trade. So I would be a big promoter of trade, which is great for growth, but acknowledge the fact that it causes damage in a limited part of business. And where it does, we should have retraining, relocation, income assistance, and all those things so that that community can recover too.”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“And I look at it, look, there was legitimate reason that the American public got mad both at Washington, big banks, et cetera. And I pointed out this bank is not true that all banks were bailed out. That one statement has made it just as unbelievable that people think about banks. Banks provide an absolutely necessary thing. So, you know, all of our clients do business because they want to. We don't make anyone do business with us. We hold their money. We move their money. We lend them money. We raise money for them. That's true for middle market companies, for small businesses. Our client SaaS scores are high. But I understand the anger. I think we've had in America slow growth and lopsided growth in terms of the middle income people. I think that's true. I think what we need to do is grow faster and then come up policies, better tax policies for like, I would greatly expand the earnings credit. We've got to fix some of these things. So I would ask all these people raging, tell me what you're going to do that's going to fix the problem that you're talking about. And I give you, if we're not saying.”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“Well, you know, some people have different opinions of you. I don't have any. You did get the rage from the Wall Street bailout is certainly manifesting itself in this election. How do you look at that? I mean, because it's clear they're talking about the big banks, Hillary Clinton, Trump is using it. It's really become a topic that's come back”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“I will go back to the clean kombucha living that I have in San Francisco. We're talking with Jamie Diamond, the CEO and chairman of JP Morgan Chase. He's just a big banker, essentially. That's what you are. Let's talk about trends. Let's finish up today.”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“But very often what they're doing here, they can do it over a much broader base of companies. So sometimes you're building the system, it'll be used by 40 people. It's very expensive to build it for one. So, I mean, I just give you one example. We torture clients now with know your customer. So we have to have a huge amount of data in a customer before we can even onboard them and then run it through AML and anti-money laundering. If someone could get all that data in these big clients and has done its subsidiary, it's got to be updated. It's done by officer. We get that money information or client, so do eight other banks sometimes. So, of course, the far better idea is to have a utility that does it once. We can all rely on the information. It's better for us and is far better for the client. Going to maintain one file.”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“Well, if we're going to partner with them all, that we think they're very good at what they do, they're going to get a lot of value. It's something we're not going to do ourselves. They need our business and we'll probably be giving them business for a long period of time, and we have it evaluation that we think will probably make some good money. In addition to having a great partner.”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“Please do. No, but usually we partner with them and we're going to give them a lot of business. We're buy five or ten percent of the company What are you looking for?”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“But usually some of the companies, and I always get this wrong, so I'm not giving you any names because they always get mad at me and say, Jimmy, that was private. You shouldn't have said that.”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“It's not critical. Again, I look at that like the weather. We will be doing here banking for clients. And if the IPO market's not good or bad the next six months or nine months, it's not going to change our strategy Silicon Valley, San Francisco are creating great companies over time. We will be here forever. So, you know, you've never seen JP Morgan, at least during my tenure, you know, jump in and out, try to guess how good the mark's going to be, cut way back. In fact, we've added nothing but resources, more specialization, better research, all the things that I hope companies would want to see if they want to go public”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“Because our clients, they rely on us. And whether it's a government or a company or a private company, and we've been the same here. So remember, part of our heritage here is Hampton Quist. So a lot of our bankers have long-term tenure. They're trusted by their clients, and they support enormous brain power by the rest of the company. So think of we can get you the best advice anywhere you need in the world. We know the fancy markets all around the world. We always talk banks, be honest. Treat people like you would treat your mother in terms of what their options are, what the pros and cons are, what all their things are. We support them before they go public. We support them after they go public, and we provide plenty of other services too.”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“But I hope that first of all, we are very steadfast with our clients. So all around the world, they're in good times and bad times. We did not need TARP, which most American public does not know. We helped the federal government, the state government, in the crisis, including by buying Barrett. We stayed in Spain, Italy, Greece, Argentina all those years”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“I don't know. Normally, it's something like that. There's a triggered event. Some company has a great victory. You've seen sentiment change how many times.”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“I think the number of public companies has gone from something like 8,000 or 7,000 to 4,000. And I'm not saying this terrible thing, but I'm not sure it's a great thing for America. Because you sit there on all these companies who want to go public, there's a long list of negatives. painful corporate governance a lot of focus and compensation all the public interest groups get involved in what you do inside the company your shareholders”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“Really have other sources of capital too. And so in the old days, sometimes people didn't. Now there's a little more staying power. Venture capital's got plenty of money to continue funding some of these companies. And being a public company, unfortunately, has become more painful.”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“That have been done at pretty damn good valuations. If companies who want some money but they didn't want to go public. So it isn't that companies can't raise money.”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“This has been unusual. I think, again, I don't remember the exact number, but there were five or six or seven private equity placements.”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“So, this competition in Silicon Valley to Silicon Valley, I think it's clear that not all the competitors are going to away like banks. They're going to be here competing. So I think it's a wholesite. There's all these stories about the unicorns being unicorpses. I heard that today.”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“There's a lot of competition. So, talk about peer-to But when you're the first to 2 Peter Pier, it's kind of exciting when you're the sixth or seventh, it's not quite as exciting.”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“It's different for every company, but people have higher ideas of valuation than the market's going to give them right now.”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, exactly Certain fashion We are one of the biggest investment banks here, probably the biggest investment bank in MA and IPOs. We've been doing nothing, we're growing here with 3,000 people here. This is one of kind of a home of ours. So the IPO market, I mean, first of all, it's always open and closed. It's always been true. That's not different today than it was before. And it's a little bit like an accordion. And it reacts to a whole bunch of different things about what people think the future is and valuations. And so I think last year there were, I forgot, 27 IPOs. I think so far this year there's been one. Which we did, I believe. And so it'll open again”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“Today, with London Club, CEOs, hedge funds, individuals, securitizations, they are not there in bad markets. I've been saying it for years, that's what someone just learned a January event. Well, I think they need some permanent sources of funding. So you could look at that as being a deposit, a long-term relationship with the bank. You could raise long-term capital.”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“Know, and you don't have to go through the torture process of a bank, but we should be doing that ourselves too, right? I mean, shouldn't we be if you're a client of ours, you have a $200,000 loan. Maybe just give you an automatic $30,000 line of credit. These startups are looking at weaknesses in banks and providing services, and some will end up partnering with banks and some won't. The lending side, whether you're lending to a person or a business, I mean, all of us can get credit right. All big data could improve credit. So whether you're a bank or a startup, those things could be done. Making the pain points less, banks have to redo their systems and stuff, which is doable. Sometimes it takes a longer period of time. But one issue that I always raise about P2P, and I'm not saying this because I disagree with them. I'm saying this because it's something they should deal with. The lender to them might not be always be there.”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“Some are niche businesses we're not going to do. We are not going to do student lending for a whole bunch of different reasons Some are loans on top of our loan, some are actually do a better job now because it's cheaper. Jeff Bezos says your margin is my opportunity. In some cases, these things are more expensive, they're not cheaper, but the clients love them because you can pay it off in 12 months, it might be 15%, you want to buy a truck.”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, oh, yeah, we could do a lot of that stuff for ourselves. But some of these people are very good and they have very good ideas, and we may partner with them because they've already built the system of software. You know, we're partnering with On Deck. It'll be a chase loan, chase credit. But then we also look what they do. There are a lot of these loans we can also make in one day, not 15.”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“No, no, no, of course. Well, sometimes I can't aggregate. Well, I probably could aggregate data from four different banks. I'm not against an aggregate saying I get permission from the client. I aggregate this data because the client wants an aggregated basis. Here's what I'm going to do with it. So I'm fine with that. It's just how they use it. If I'm helping the client or just selling their data, those are two completely different things as long as they understand that maybe that's the way the aggregate is paid. But robo investing will probably be doing at one point. A pure online bank”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“Right. So, talk a little bit about innovative startups. I mean, some of these that they were talking about in this article are aggregators, and they try to aggregate your information and use bank data and all kinds of things to give you advice, the mints, the acorns, or savings. Should you be more into that? Or are you letting them do that?”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“We found a couple examples that we don't think is accurate. So to me, this is just a good discipline put in place where people take how they use it, why they use it, sunset, the taking of information if you signed up for a service and you stopped using it. You shouldn't be giving your information outside forever”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“All he says, we're going back to be responsible to say to these companies that you have to make it clear the data you are giving and why you need it, that you have to make it clear if you're going to remarket it, and you have to make it clear to the client what you're going to do by your fault that the money is taken or something like that. And those conversations taking place. And I've heard it from everyone here I spoke today, acknowledges this is a big deal. Data people have, how they market the data, how they sell the data, how they use the data, and then you all you on the phone right now, I guarantee you push that I agree button 30 times. But we actually took out all the contracts that you agreed to. So I'm not going to do all the names of the company. And you'd be shocked what you agreed to.”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT