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JPMorgan Chase & Co. (JPM) CEO Jamie Dimon Presents at Goldman Sachs U.S. Financial Services Conference (Transcript)

Dec. 04, 2018 3:51 PM ETJPMorgan Chase & Co. (JPM)
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JPMorgan Chase & Co. (NYSE:JPM) Goldman Sachs U.S. Financial Services Conference Call December 4, 2018 11:00 AM ET


Jamie Dimon - Chairman and CEO


Question-and-Answer Session

Q - Unidentified Analyst

Okay, so we're delighted to have Jamie Dimon with us this morning. Jamie is now in his 12th year as CEO and Chairman of JPMorgan. Since the merger with BANK ONE, JPMorgan has outperformed the market by almost 100%, and they have distributed about $150 billion to shareholders. I think the first time Jamie that you spoke at this conference was back in December 2000 when you were CEO of BANK ONE. And we really do appreciate you coming back to talk to us over the years.

So I thought we could start off with just a broad question around your outlook for 2019. Obviously a lot of conflicting signals from financial markets, lots of concerns around where we are in the cycle. When you look across the business, what are the trends that you see, how do you think 2019 is going to unfold and how do you think it will differ to what we've seen this year.

Jamie Dimon

So welcome, happy to be here Dan. And so I'll ask the question, but it’s very important to understand we don't run the company guessing about what 2019 is going to be. We build bankers, systems, people, ops and stuff like that. If you look at the immediate economy, it's actually doing fine and so is the global economy.

So the IMF warned about slowing growth, but they still project 3.5% for the global economy, which is actually rather good. Europe doing it better, China 6%, Japan 1% and America looks like, something like 2.5%. The financial companies are in great shape, households are in good shape, debt service ratio is low, confidence is high. I know that Tim Sloane

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