At the Atlantic Festival held in Washington, D.C., on September 19-20, 2024, Jamie Dimon, Chairman and CEO of JPMorgan Chase, shared his thoughts on the current state of the economy and political climate. Dimon addressed a variety of topics, focusing on the broader economic environment, corporate responsibility, and the role of leadership in navigating uncertainty.
Dimon expressed his skepticism about the likelihood of a soft landing for the U.S. economy, stating, “I wouldn’t count my eggs.” This comment reflected his cautious outlook on the economic situation, particularly as it pertains to the Federal Reserve’s interest rate policies. Dimon emphasized that while many are hopeful for a soft landing, the outcome remains uncertain.
In discussing his experiences visiting cities across the U.S., Dimon pointed out that outside major urban centers like New York, San Francisco, and Washington, D.C., people are focused on community-building rather than political or ideological divisions. According to Dimon, “People are working together… they’re not obsessed with everything people are obsessed with in New York City.” He praised these smaller communities for their efforts to tackle real-world issues such as homelessness, education, and jobs, noting that “they’re not angry at each other; they’re building parks, trying to get jobs in place, and helping the local community.”
Dimon also highlighted the importance of collaboration between various sectors—business, government, and nonprofit organizations—citing Detroit as an example of how effective teamwork can revitalize cities. He referenced Michigan’s Governor Gretchen Whitmer and Detroit Mayor Mike Duggan as leaders who have successfully brought together different sectors to address key challenges like crime, homelessness, and education. Dimon’s view was that “these problems are not Democrat or Republican,” but instead require practical, non-partisan solutions.
Shifting the conversation to politics, Dimon was asked about former President Donald Trump’s impact on business. He acknowledged that Trump’s policies had been “good for business” but also noted the broader risks that come with any presidency. Dimon stressed the importance of understanding and preparing for “tail risks” — extreme, unpredictable events that could impact the economy. He stated, “There are risks to all the things happening for any kind of president… his views may create more uncertainty in the world.” However, Dimon was clear that JPMorgan’s role, as with any major business, is to serve clients through periods of uncertainty and to adapt to whatever challenges arise from political leadership.
Dimon also reflected on the responsibility of CEOs and businesses in such a politically charged environment. While he refrained from commenting on specific political events like January 6, he acknowledged that such events could affect how the world perceives the United States, potentially creating instability. However, he reiterated that businesses must navigate through these uncertainties and continue to focus on serving their customers. For Dimon, the key is to adapt and remain resilient, regardless of who holds political power.
