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Quote by Jamie Dimon

“We use technology to make it cheaper, better, and faster for the client. And then if you have the most flow, you can win. Now, having said that, Silicon Valley wants to take on this business. They think they see an opening.”

Quote by Jamie Dimon

Author

Jamie Dimon is an accomplished businessperson currently serving as the Chairman and CEO of JPMorgan Chase & Co. Since 1995, Dimon has held various key positions at JPMorgan Chase, becoming CEO in 2005. Under his leadership, the bank has achieved significant performance growth and emerged as one of the most influential financial institutions globally. more

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“Let's look at lending, where they're using big data for the credit side. And it's just credit data enhanced, by the way, which we do, too. It's nothing mystical. But they're very good at reducing the pain points. They can underwrite it quicker using - I'm just going to call it big data, for lack of a better term: "Why does it take two weeks? Why can't you do it in 15 minutes?"”

Way Looks Doe Two Bigs Pain Sides Term Week Minutes Very Good Credit Data Mystical Reducing Two Weeks Lending

Author:Jamie Dimon

“I've asked our people, "Why don't we just put a revolver on top of our basic loan?" Make it easier for the client.”

People Easier Clients Loan Revolver

Author:Jamie Dimon

“It might be harder for us to charge a higher interest rate, like they do, so it might not be as profitable for us. But we can either compete or partner, like we've announced with On Deck, which does some of the stuff we just spoke about.”

Doe Might Stuff Interest Higher Harder Rate Partners Spokes Profitable Deck Interest Rate

Author:Jamie Dimon

“One of the issues with some of these lenders is going to be, where will their provider of credit be when there's a crisis? That's why some of these smarter services, to support their operations, are courting more permanent capital. They want a source of longer-term funding that can survive a crisis.”

Want Term Support Issues Source Crisis Credit Permanent Operations Smarter Funding Providers Lenders

Author:Jamie Dimon

“The government isn't going to say, "We're going to regulate banks, but we'll leave these other companies alone." I think the regulators want to make sure that they have some form of regulation on anything systemic. We like our hand. But, you know, honestly, who owns the future?”

Thinking Knows Want Hands Government Form Company Honestly Regulation Regulators

Author:Jamie Dimon

“Just because you have a good hand today doesn't mean it's good tomorrow. And some of the things we're doing may become very disadvantageous at some point.”

May Mean Hands Today Tomorrow

Author:Jamie Dimon

“Banks don't want certain asset classes, and that's created opportunities for private equity, hedge funds, Silicon Valley. In this case I think he was referring to some of the European banks shedding assets, and the big buyers are probably not going to be big American banks. Someone like Blackstone may have a very good chance to buy those assets, leverage them, borrow up a little bit, and do something good there.”

“You've seen certain credit type products that are going to be in nonbanks, like sophisticated CLO [collateralized loan obligation] tranches and stuff where the capital charge is so high that a bank simply will not own it. Someone will buy it, hedge it, trade it. But it won't typically be a bank.”

Certain Stuff Products Type Trade Credit Obligation Sophisticated Loan

Author:Jamie Dimon

“I haven't studied it deeply, but the American banks started the crisis with far more capital and what I would call "good liquidity." The riskiest funding is unsecured wholesale funding. It's the most fickle. Not repo, which the government focused on, too. Unsecured. JPMorgan Chase had almost none of that - virtually zero.”

Government Havens Crisis Focused Zero Funding Fickle Wholesale Liquidity

Author:Jamie Dimon

“I am a great friend to public amusements; for they keep people from vice.”

People Vices Entertainment Amusement Great Friend

Author:Samuel Johnson