The best thing to do is muddle through and maybe, over time, create a solution of that, if someone really wanted to exit, the legal basis on which you could exit. Because right now there almost doesn't exist one. Jamie Dimon More Quotes by Jamie Dimon More Quotes From Jamie Dimon You know, the benefit in life is to say, 'Maybe you made a mistake, let’s dig deep.' Jamie Dimon benefits life-is mistake Our plate is full. We have a lot to do building our company organically and that is our key focus. Jamie Dimon building focus keys I advise other companies' CEOs, don't fall into the trap where you go, 'Where's the growth? Where's the growth?' Where's the growth?' They feel a tremendous pressure to grow. Well, sometimes you can't grow. Sometimes you don't want to grow. In certain businesses, growth means you either take on bad clients, excess risk, or too much leverage. Jamie Dimon risk mean fall Companies that build scale for the benefit of their customers and shareholders more often succeed over time. Jamie Dimon benefits succeed business Good regulation should be conducive to business and to customer protection. Jamie Dimon protection regulation should My father and grandfather were stockbrokers, and they would actually take stock certificates from a vault, give it to a runner, and send it to another vault. Then somebody said, "Let's digitize it and have one vault." Now the DTCC clears and settles almost everything, and the cost of doing a trade is a tenth of what it was before. Jamie Dimon cost giving father I also think you have to be very careful. I mean, the heritage of our company is very strong, and building some of these businesses into leading players is extremely tough. You and I can both build a trading business, and it looks like you're doing OK, and it looks like I'm doing OK. But, really, I am, and you aren't. It comes down to the quality of clients, quality of systems, quality of risk controls. Jamie Dimon strong player mean At Travelers, we were much more opportunistic. It was very successful, but it wasn't an integrated financial services company. We had a property casualty company, a life company, a brokerage company. We were a financial conglomerate. It wasn't a unified, coordinated strategy of any sort. When it merged with Citi, that became a big issue; Citi, at that time, wasn't yet a fully integrated, coordinated company. Jamie Dimon issues financial successful Look, every institution will make mistakes. I acknowledge we make mistakes, and they can hurt my reputation and our company's. But you also must be willing to let go a little bit, trust others, and not always be so stringent, provided you have robust controls. Jamie Dimon hurt letting-go mistake If business doesn't thrive, it hurts America. We need improved relations, more collaboration, more thought and more consistency as we go about trying to make sure we have the best country in the world. Not scapegoating and finger-pointing. Jamie Dimon hurt country america I'm not going to name anybody, but I think there are about five to 10 global institutions that will emerge as our primary competitors across the board. They're adjusting to this new world, like we are. Jamie Dimon boards names thinking JP Morgan always has higher capital liquidity, that is partially to make up for mistakes and problems and obviously its a tough economy. We support an oversight committee, we supported some of the compensation, new compensation rules, though we already follow most of them. We support a lot of it. Jamie Dimon tough support mistake It's hard in all countries. Democracy is hard, but it's better than the alternatives. Jamie Dimon alternatives democracy country Most CEOs are patriotic and most CEOs can see the problems in front of them, and they want to do something about it. We don't always agree about the ways and means, but the objective? We're totally together. Jamie Dimon patriotic together mean You read constantly that banks are lobbying regulators and elected officials as if this is inappropriate. We don't look at it that way. Jamie Dimon lobbying looks way I am not embarrassed to be a banker. I am not embarrassed to be in business. Jamie Dimon embarrassed bankers Men, age 25 to 55, the labor-force participation rate is down 10%. That's unbelievable. There are 35,000 dying of opioids every year. Seventy percent of kids age 17 to 24 can't get into the US military because of health or education. Obesity, diabetes, reading and writing. Is that the society we wanted? No. We should be working on these things, acknowledge the flaws we have, and come up with solutions. Not Democrat. Not Republican. Not knee-jerk. Jamie Dimon reading military kids I also believe that most of the emerging economies have a fairly large amount of foreign exchange reserves, relative to 10 years ago. Jamie Dimon economy believe years If you're making all your money simply betting on interest rates, that's not a business. Flow is a business. On the outside, they look the same for a while. But when you dig into them, no, they weren't exactly the same. Jamie Dimon interest flow looks I want you to say to me right from the start, "We are here to serve customers. We're not here for me to make a lot of money. We're not here to bet on interest rates or credit spreads. We are here to serve our customers really well over a long period of time, and that's how you build a successful business." And so I want to see that, too, you know? Jamie Dimon credit successful long
