Just leave it this way. Alright. David i dont consider myself a journalist. And nobody else would consider myself a journalist. I began to take on the life of being an interviewer even though i have a day job running a private equity firm. How do you define leadership . What is it that makes somebody tick . , lets talk about your background. Your father was a stockbroker. Out with some background in this area come up and did you ever consider going into banking . Jamie i knew more what i didnt want to do. I don didnt want to be a doctr lawyer. I grew up around stockbrokers and wall street. My dad, who passed away recently, you should try this. Get the end or report, rip out the price, analyze it, and you will be humbled, immediately. Do it a couple of times. I was always in the financial i went to business school. I didnt have to go to the financial world. It is fascinating. They are global. You get involved in so many policy issues. I would have had just as much fun building something else. David you could have gone to goldman sachs, a great firm. You chose to go to work for sandy . Why did you do that . Jamie he was down to earth. He offered me to go to an investment bank. I said, no. I said i would learn more at these other places. He said, why dont you come be my assistant . He lasted about three more years. David when he left jamie i was offered a bunch of jobs to stay, but he said we will find something, build something great. We took over a Company Called commercial credit. Here. D down it had seven other little companies, a company in israel, amall International Bank small Life Insurance company, and that company is the same company that became citibank. Over those 12 years, so these names you will recognize, lifeon brothers, travelers and it was a conglomerate. We did a good job with shareholders and murdered with citibank. Of a run, and then he fired me. I called him. He didnt call me. We met at the four seasons restaurant. I wanted to do it privately. On the front page of the ft. There was civil war in chechnya. Anyway, he was a little nervous. All i want to say is you did the wrong thing to the company. I made a lot of mistakes too, and here are some of the mistakes i made. We had a very nice lunch. Life goes on. , you were in a small office of the seagrams building. Jamie after i got fired. This shows you how stupid Corporate America gets the company had been set up. Coceo. Ochairman and i was going to be the president and run the Global Corporate investment bank. Amonge of turmoil management, deals are very tough. Assete coheads of management, consumer, and risk, fans, and technology reported to me. They only reported to sandy and john. I said, you guys are crazy. This will destroy the company. The second you do this, people will build trenches and stockpile ammunition. By the time you two guys figure it out, a lot of people would leave the company. They were saying, it works for me. I said come it doesnt matter if it works for you. It matters if it works for the clients and employees. When you hear a ceo say, it works for me, you should question their intelligence a little bit. Thats not how you should look at business. It is what works for the client ultimately. David when you were fired and were looking for something to do , you are offered ceo of home depot . , a couple ofepot International Investment banks. Hank greenberg who ran aig said, why dont you come over here . You would have to have your head checked. Folks. Of private equity jeff bezos was looking for a president. I was thinking i would never have to wear a suit again. Im going to get a houseboat in seattle. I loved what he did. It was beyond i spent my whole life and financial services. It is like playing tennis your whole life, then going to play golf. I went down to have dinner with Bernie Marcus and arthur blank. I said, i have to confess to guys. Until you called me up, i have never been in a home depot. A guy who i worked with said, jamie, you have to go to one. They did not care. We are looking for the heart, mind, and spirit. A couple of other internet. Ompanies i figured this is my chance. How many. I figured this is my chance. David did you ever expect you would move back to new york, or you thought you were going to chicago and that would be your career . Jamie i had no idea. Chicago is a great city. There is a cartoon of me sitting at an airport and the person saying to me, mr. Dimon, there are no scheduled flights to new york. When i go to chicago, they did not believe i was going to move here. They said, are your kids going to school here . I said, yes, im staying here. I die chicago and they ship my ashes back to new york, they would say, i told you. I did not know. Remember the Banking Industry was consolidating, so i knew if i did a good job, i would be part of that. I did not know i would be an acquirer. It is not up to me. It is also up to a board of directors. You make a company as good as you can and that creates all the opportunities you have. David which you say the u. S. Economy is in reasonable shape . Jamie america has the best hand of any country on this planet, ever. Advise tot would you get the economy growing at a better clip . Are seriousere issues the country has come and they are not republican or democrat. They are not left or right. They are the issues we talk about, know about. , Innercity School education is a disgrace. We should be ringing an alarm bell. Those who do graduate are not assert qualified to have a job. Shouldho create jobs Work Together to make sure that certificate, high school, vocational, community college, college ins up in a job. Capitalriving american and American Businesses overseas every day. This inversion problem is making it advantageous for Foreign Companies to buy a american companies, for Foreign Companies to invest here, so it is more complicated. I also agree you would not have Corporate Tax reform without individual, and i would propose expanded earned income tax credit. The democrats are right, we need more infrastructure, 100 50 billion a year, a drop in the bucket, tunnels, bridges, roads, airports. The democrats are right, but theyre afraid of raising taxes to do more spending. They hear that great sucking sound in washington. This is a Perfect Place to get people in the room. How can we do this in a way that you can approve it . I believe the president took care of all those things. , not democratnt or republican, we would be booming. We are not booming because of all the issues we selfcreated that have slowed down growth. , growth willages fix wage inequality. Cutting Corporate Taxes will help wage inequality and make it better, so we should be thoughtful about policy. That we get it right and not over politicize. David you come to washington to meet legislators and regulators. What kind of experience is that for you . [laughter] jamie first of all, i think it is important that business get involved in washington, so i am not a person who says you never go there. There are a lot of people who do care about making it a better country, and if you dont get obviously the Regulatory Environment for banks, not just for us. When i go to people in any city, your full about regulations. Earfull about regulations. When you come down as a business person, the interest of the country should be put before the interest of your industry or company. [applause] jamie businesses are asking for that one little thing to help them. I hear these horror stories. Just do it right for the country. Your business will be fine. Business has to be careful. It is too selfserving. That does not appeal to the american public. That does not help politicians to get things done. Earned income tax credit, those would be good things for america. [laughter] jamie we should do that and help them at the lower end with education, all those things we need, but have Corporate Tax reform. David the interview is over. [laughter] jamie you can afford it, david. [laughter] david the economy, you get data from all over the world that j. P. Morgan gets. Would you say the u. S. Economy is in reasonable shape . Jamie where are the potholes . In 2007,e potholes 2008 there are no real potholes they are. America has the best hand ever dealt of any country on the planet today, ever. Ok . Americans dont fully appreciate what i have to say. We have peaceful, wonderful neighbors in mexico and canada. The biggest military barriers ever built, the atlantic and pacific could we have all the food, water, and ever need. We have the best military on the planet. If you are a liberal, listen to me. The chinese would love to have our economy. We have the best universities on the planet. Law which ise of exceptional. If you dont believe me, britain, russia, brazil, argentina, china, india believe me, it is not quite there. We have a magnificent work ethic. You can ask anybody in this room what we can do to be more productive. It is not just steve jobs. We have the widest and deepest Financial Markets the world has ever seen. I just made a list of these things. It is extraordinary. It is extraordinary. We have it today. Yes, we have problems, but you travel around the world get in an airplane and travel around the world and go to these other countries and tell me what you think. Go to europe. Talk about tough regulations and bad politics. We have it all. A pretty good job shooting ourselves in the foot. [applause] david you would never consider running for office, which you . [laughter] jamie i would love to be president of the United States of america. Trump, ill he said you would never have a rich businessman who has never been in politics be president , so i was clearly wrong about that. It is just too hard. You have to be a senator, governor. It is why Michael Bloomberg would be imminently qualified. I also think by the way this collaboration you know, get the experts out of the room. We have heard that before. We need policy come a thoughtful people. We need analytics. We need it done right and need to do it together. A hundred 45 Million People work in america, 125 million work for private enterprise. Government cant do it all by themselves. Im reminded of the post office, the department of motor vehicles. The only thing they do really well is the United States military. [applause] jamie so collaboration works. If you go around the country, it works and all of these cities, all of these states. Here for some reason we just get bogged down and maybe it is just too complicated for mankind. David what is the greatest pleasure of running a bank . Artist, tennisan player, politician this is my contribution. David so youd think the country is better off for having doddfrank now or not . Systemlook, the banking , j. P. Banking system morgan. We do the stress test. J. P. Morgan has 500 billion in capital today. The enough capital whole Banking System in america has recovered. Part of that is doddfrank. I dont know anyone who would agree with doddfrank. Of theed that some things put in there after the fact should not have been put in, but it is what it is. Unfortunately because doddfrank , it is what it is. I have to deal with it. That is the law of the lamb. Land. It basically says make the system better, so the regulators have a huge amount of authority to interpret these rules. Is better, doddfrank is partially responsible, but doddfrank was passed 100 democrat, 0 republicans. None of us can possibly say you cant make things better. Rational people should sit down and say what ports work, what parts dont work, what should be changed. A lot of good work was done and a lot of flaws need to be fixed. David you were quoted as saying you would have to move people out of london. Jamie brexit is what we expected. Unknowns a vote for the that we thought would reduce the gdp of the duke. It is going to. Going to withuch foreign direct investment, people opening factories, construction. It is not a disaster. We think. 5 to 1 . The second, now we have this uncertainty, and it isnt going to go away because you will be reading for the next year or two years about all the complexity. E dont know the outcome i usually look at best case, worst case. The best cases it looks like today. I give it only 10 . They will not get away with that because the eurozone is angry and they are saying you were not have free access to our markets without Free Movement of people. That is why britain voted against it. There was logic for it. Their logic was why tell the yourself to europe when brussels are passing europes that affect british citizens, and that was true. ,aybe the eurozone will say lets fix the problems for everybody, all 27 nations, not just britain. What worries me the most about theit is that it causes eurozone itself to unravel. You have elections in france and germany, populism. It is tough. ,f you see the eurozone unravel that has potential catastrophic issues associated with it. Maybe just a big recession, but it could be worse than that. We know what that continent has been through for hundreds of years. To me keeping the union together would be a better outcome. If they dont, we will deal with that too. David what about the banks in europe or china . Are you worried about the banks there . In europe areks way behind america. I say it with sympathy for them. Does notpeople china have food, water, energy. Its neighbors or north korea, philippines, pakistan, russia, indonesia. Tough part of the world, folks. That changes peoples mindset when it comes to managing their country. So to europe is behind us. They still have not fixed their capital, profitability. Important to the Financial System in europe than here. , butit is like 20 or 30 if i was running the european aternment, i would lay off them at this point. Let them do their jobs. It is causing europe to grow a lot slower than it would otherwise grow. Unwinding constantly, loans, issues, and credit. I dont want to see them hurt anymore. I would like to see them get strong. Banksna, the four big earn twice as much as we do now. I told american politicians, that is my competition too. Some of them earned 40 billion a year. They may have problems with their loan books, but they are ambitious. Chinese companies are going abroad, which is very smart. Chinese are quite smart in dealing with their situation. Bey want their banks to winners. They want the next j. P. Morgan chase. I dont want them to have it. I think we should have it. They can buy us one day. We have to be very careful when we talk about American Business what we want for American Business and how important it is for the success of america, and not just us. Ive put a lot of these companies in the same boat, ge, caterpillar. We have to compete with some tough competitors globally. Avid you have been running bank for about 16 years, so what is the greatest pleasure of running a bank . Jamie this is my contribution to making it a better world. I tell people that if i dont do a good job for j. P. Morgan chase, i heard the opportunities. We cant be philanthropic. If i do a good job, we can do all those things. Tennis an artist, player, musician, politician. This is my contribution. David im sure your shareholders would be happy for you to stay forever, but you have any plans how long you will stay in this position . Jamie as long as i have the energy to do it. David your health is good . Jamie my health is good. Thank you. As long as the board is happy with me. I do think there is a time when the right person is ready that i should leave. Maybe i will be chairman for a year or two or Something Like that. I will have an afterlife. I will go on a board, teach, do something to help the government somewhere. I will be fully engaged in business and stuff like that and also try to make it a better country. My wife does in her city schools in the south bronx, trying to get those kids jobs, jobs, and she is doing a great job of that, so i will probably help her with that and things like that. The biggest week in tv is back. Wow, watchathon has netflix . Hey, drop a beat. [ beatboxing throughout ] show me orange is the new black. Wait, no bloodline. How about bojack . Luke cage. Oh, dj tanner. Maybe show me lilyhammer. Mmm, show me last chance u. On second thought, maybe pompidou. Narcos, fearless, cooked, the crown. Marco polo, lost found. Grace and frankie, hemlock grove. Season one of. Show me house of cards. Xfinity watchathon week starts april 3. Get unlimited access to all of netflix and more, free with xfinity on demand. The dinosaurs extinction. Got you outnumbered. Dont listen to them. Not appropriate. Now im mashing these potatoes with my stick of butter. Why dont you sit over here. Something for everyone is awesome. Find your awesome with the Xfinity Stream app. More to stream to every screen. 9 20 9 a. M. In hong kong. Victoria harbor there. I am Rishaad Salamat coming to you from bloombergs asia headquarters. I am haidi lun in sydney. Rish, it is interesting, this sluggishness we are seeing for the moment. We did not get a particularly violent reaction when we had that article 50 being triggered, but we are seeing that selloff ahead of the china open at the moment. Looking atsolutely, these airlines as well. China southern, air china, china eastern out with earnings today. A story in marked contrast to cathay pacific. This has all been boosting these companies ultimate lines, so we might reflected in the earnings statement. We will see how they open and find out what is going on. Here is juliette saly. A mixed picture coming through. China and hong kong opening up her to hong kong higher by. 1 . 300 down by. 1 , adding to this next picture across the board. On this strong surge, the asx at a twoyear and part ofe. 4 , that is due to the commodity picture. We have seen crude oil conti