Jamie Dimon, who built the biggest and most profitable U.S. bank in history, is warning shareholders his industry’s disruption by technology is finally at hand.
Shadow lenders are gaining ground.
Traditional banks are being consigned to a shrinking role in the financial system.
“It is possible that we will have a Goldilocks moment — fast growth, inflation that moves up gently (but not too much) and interest rates that rise (but not too much),” Wall Street’s leading banker said, adding that sustained spending could fuel a years-long hot streak.
Though the “Goldilocks” scenario was probable, Dimon assured investors that JPMorgan was also prepared for the possibility of runaway inflation or yet another wave of lockdowns.
Jamie Dimon, chairman and CEO of JPMorgan Chase & Co.
The shadow banking system and The Volcker Rule