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Jamie Dimon Quotes

American banker and businessman, Birth: 13-3-1956 Jamie Dimon Quotes
1.
Companies that grow for the sake of growth or that expand into areas outside their core business strategy often stumble. On the other hand, companies that build scale for the benefit of their customers and shareholders more often succeed over time.
Jamie Dimon

2.
The government has the right to change laws and rules and regulations.
Jamie Dimon

3.
I've always wanted to help build a better society and build a better company, and I always wanted a healthy, vibrant company, a healthy, vibrant society. We take care of our people, we provide them with opportunity. But I've always believed business is here to serve your clients, your shareholders, your communities. If we do this well, everyone benefits. We have to do a good job for all of them.
Jamie Dimon

4.
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

5.
Don't do anything stupd. And don't waste money. Let everybody else waste money and do stupid things; then we'll buy them.
Jamie Dimon

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6.
And if you're going to be a leader, you know what I ask myself? Would I want to work for you in this job? Would I let my children work for you? Would I give you this job if I wasn't there to provide oversight? If you went to run another company, would I, as an investor, invest in that company?
Jamie Dimon

7.
The toughest are people mistakes, when you put the wrong person in a job. Sometimes you're too slow to move them out. Or not getting the right people involved to solve a problem, or doing something out of anger; you learn, just don't do that. But I'd have to say the Whale was one of them, and I would also have to put Bear Stearns and Washington Mutual on the list at this point.
Jamie Dimon

8.
Remember that banks aren't markets. The market is amoral. The market doesn't care who you are. You're a trade to the market. The market will sell you if they think you're riskier. Banks didn't do that
Jamie Dimon

Quote Topics by Jamie Dimon: Thinking People Mean Country Japan Years Government Jobs Issues Growth Mistake Giving America Looks Regulation Together World Way Successful Strong May Long Economy School Hurt Want Believe Running Moving Needs
9.
Just because you have a good hand today doesn't mean it's good tomorrow. And some of the things we're doing may become very disadvantageous at some point.
Jamie Dimon

10.
My daughter asked me when she came home from school, "What's the financial crisis?" and I said, it's something that happens every five to seven years.
Jamie Dimon

11.
Our plate is full. We have a lot to do building our company organically and that is our key focus.
Jamie Dimon

12.
We're going to do the right thing for the company and our customers, all things considered.
Jamie Dimon

13.
Businesses can be opaque. They are complex. You don't know how aircraft engines work either.
Jamie Dimon

14.
I always tell people, "There's a book on everyone." I get some of that book before I do anything. If I want to deeply understand someone's reputation, I'll talk to their friends, their former bosses, their peers, and I'll learn a lot about them. I want them to be trusted. I want them to be respected. I want them to give a s - -. Then there are the intangibles: physical and emotional stamina, the ability to confront issues. I can ask all I want about those things, but I also have to see a lot of it.
Jamie Dimon

15.
We have built a very good company, and we're proud of it. We also recognize that much of it has been built on the shoulders of the thousands of employees and leaders who have worked here before us.
Jamie Dimon

16.
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

17.
You never know exactly how new policies are going to work. That doesn't mean you shouldn't try them.
Jamie Dimon

18.
You know, the benefit in life is to say, 'Maybe you made a mistake, let’s dig deep.'
Jamie Dimon

19.
We were a land of opportunity. You can never have equal outcomes, but you can have equal opportunity.
Jamie Dimon

20.
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

21.
I hate the word universal, because I don't know exactly what it means. The question is, does it work for the client? Travelers was a diversified, financial conglomerate that did very well. The businesses had nothing to do with each other.
Jamie Dimon

22.
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

23.
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

24.
When the secretary of treasury, the head of the central bank, the head of the FDIC (Federal Deposit Insurance Corp.), and the head of the New York Fed say, "We want you to do this because we think it's in the best interest of the United States of America," you know, we're like the Japanese. We're a little patriotic that way. We said, "Yes, sir!"
Jamie Dimon

25.
I want Japan to think and say that we are better off for JPMorgan having been here through thick and thin.
Jamie Dimon

26.
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

27.
I've asked our people, "Why don't we just put a revolver on top of our basic loan?" Make it easier for the client.
Jamie Dimon

28.
Good regulation should be conducive to business and to customer protection.
Jamie Dimon

29.
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

30.
I am not embarrassed to be a banker. I am not embarrassed to be in business.
Jamie Dimon

31.
I think immigration has been one of the vital things about the growth of America. I'm the product of grandparents who all immigrated from Greece. I hope eventually we have proper immigration.
Jamie Dimon

32.
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

33.
We're trying to win business by doing a good job for the clients, as opposed to, "We think being big and universal is just a great, wonderful thing." It's not a morality thing. It's a "Does it work for the client?" thing. Everything we do is because a client uses us. Everything we do is because a client chose to use us of his own free volition.
Jamie Dimon

34.
Companies that build scale for the benefit of their customers and shareholders more often succeed over time.
Jamie Dimon

35.
It's hard in all countries. Democracy is hard, but it's better than the alternatives.
Jamie Dimon

36.
I am struck that so many of our leaders in the U.S. forget how strong our country can be.
Jamie Dimon

37.
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

38.
The real story in housing will be a recovery in the economy that will drive a recovery in housing, When people are working, when there are more jobs, more households forming and people go back to buying cars, they're going to want their apartments and homes. And that's when you'll start to see a recovery in home prices.
Jamie Dimon

39.
Well, if you were the American public, you saw a catastrophe. In general, you would say, "The biggest institutions of America - Washington, broadly, and Wall Street, broadly - they're to blame." And, broadly, they're right.
Jamie Dimon

40.
From my point of view, the American financial system - including banks and investment banks - is far safer because of capital and liquidity requirements. Despite all the turbulence so far this year, I don't think anyone's questioning our system. And that, obviously, is a good thing.
Jamie Dimon

41.
I wanted to start by saying that the eurozone - there are two reasons they formed the European Union. One is for political peace and rationalization. And I think that's a good thing for a continent that went through hundreds of years of wars.
Jamie Dimon

42.
They'll [China] probably be a fully developed nation. The road there just is not going to be that easy. You're going from a macromanaged, top-down economy to a market-managed, micromanaged type of economy, with all the potential corruption issues, SOE [state-owned enterprise] reform, and market reform that come with it.
Jamie Dimon

43.
You cannot prove this in real time, but when economists 20 years from now write a book on the recovery, it may well be entitled, It could have been much better.
Jamie Dimon

44.
The United States has the best, deepest, widest, and most transparent capital markets in the world which give you, the investor, the ability to buy and sell large amounts at very cheap prices. That is a good thing.
Jamie Dimon

45.
If the government wants to do social policy, it should not be done in a quasi-public company. If you have a mortgage guarantee company which is done by the U.S. government, it should be guaranteed by the originators, i.e., the shareholder.
Jamie Dimon

46.
Banks don't want certain asset classes, and that's created opportunities for private equity, hedge funds, Silicon Valley. In this case I think he was referring to some of the European banks shedding assets, and the big buyers are probably not going to be big American banks. Someone like Blackstone may have a very good chance to buy those assets, leverage them, borrow up a little bit, and do something good there.
Jamie Dimon

47.
As a matter of fact 25% of our U.S. investment banking business comes out of our commercial bank. So it's a competitive advantage for both the investment bank - which gets a huge volume of business - and the commercial bank because the commercial bank can walk into a company and say, "Oh, if you need X, Y and Z in Japan or China, we can do that for you."
Jamie Dimon

48.
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

49.
Banks also have to say no to customers. We can't always give clients what they want; it may not be in the client's best interest.
Jamie Dimon

50.
Let's look at lending, where they're using big data for the credit side. And it's just credit data enhanced, by the way, which we do, too. It's nothing mystical. But they're very good at reducing the pain points. They can underwrite it quicker using - I'm just going to call it big data, for lack of a better term: "Why does it take two weeks? Why can't you do it in 15 minutes?"
Jamie Dimon