Simon Jack
Business editor
and
Michael Sheils McNamee
Watch: ‘I’m more worried than others about stock market fall’, says JP Morgan boss
JP Morgan’s head warns of a significant risk of a stock market decline in the U.S., which he believes isn’t adequately represented currently. Jamie Dimon, the CEO, expressed that he is “far more worried than others” about a market correction that could occur within the next six months to two years.
In an extensive interview, Dimon characterized the U.S. as a “less reliable” global partner, addressing ongoing concerns regarding inflation while affirming his belief in the independence of the Federal Reserve, undeterred by past criticisms from the Trump administration.
During his visit to Bournemouth, Dimon announced a £350 million investment in JP Morgan’s campus, alongside a £3.5 million charitable contribution to local non-profits. Chancellor Rachel Reeves applauded this expansion, positioning it as beneficial for the local economy.
Dimon was seen engaging with employees in a casual manner, dressing in jeans and an open-collar shirt. He acknowledged the government’s efforts to foster innovation and favorable regulation while raising concerns about what he perceives as overheated elements in U.S. stock markets.
He highlighted various geopolitical risks contributing to market uncertainty, emphasizing that the situation demands greater caution than is generally accepted. The recent surge in the stock market, driven by AI investments, prompted parallels to the dot-com bubble from the 1990s.
Dimon argued that while AI investment holds potential, a significant portion of it may ultimately result in losses, reflecting the unpredictability of tech-driven markets. His focus on global security included a call for increased military spending to combat emerging threats.
While Dimon expressed concerns over the independence of the Federal Reserve, he acknowledged positive moves by the Trump administration towards trade negotiations with India, indicating a desire to normalize tariffs imposed due to India’s trade relations with Russia. Despite speculation regarding potential political ambitions, Dimon emphasized his commitment to leading JP Morgan effectively.
