“Asset prices are somewhat inflated,” Dimon said in an interview with CNBC on Wednesday from the World Economic Forum in Davos, Switzerland. “You need pretty good results to justify those prices, and we all hope for that. I think having strategies pro-growth helps make that happenbut there are negative aspects and they can surprise you.
Dimon’s remarks come on the third day of Donald Trump’s second presidential term, and Wall Street has welcomed the return of Trump, whom financial executives consider more business-friendly and growth-oriented than his predecessor. Dimon said after the election in November that many bankers were “dancing in the street.” The S&P 500 index has risen 4.6% since Trump was elected.
The veteran CEO of JP Morgan He said earlier this month that he wasn’t surprised that Trump won the U.S. presidential election. In an interview at the World Economic Forum last year, Dimon commented that Trump was “kind of right” on some issues.
“What I was really trying to point out is that you have to respect the voter.“Dimon said Wednesday of his comments last year. “The problem with putting the voter in a box is that the voter may be voting for completely different reasons than what you think or I think or something, and you have to respect why they may have grievances or anger.”
The words of the financial guru
On the economy, Dimon reiterated that he remains cautious regarding global deficit spending, the potential for persistent inflation and geopolitics. Regarding deficits, he added that growth is “the only real solution” to reduce them
In the interview, Dimon also touched on the topic of Elon Musk and the effort to improve government efficiency that Musk is in charge of leading. Dimon said he and Musk have “resolved some of our differences” and wishes the panel the best.
“I think it’s completely rational for someone to look at our government and say it’s been ineffective.“Dimon said. “Government needs to be more accountable, more efficient, it needs to be results-based.”
JP Morgan reshuffled its top management last week, less than a year after its last major shakeup. Daniel Pinto, who has been the firm’s president and chief operating officer for about three years, will retire at the end of next year. Veteran executive Jenn Piepszak was named Pinto’s replacement as chief operating officer, although she was ruled out as a possible successor to Dimon when he eventually retires.
Source: Ambito
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