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The head of JPMorgan Chase, Jamie Dimon, told Tony Dokoupil that he recognizes the American dream is slipping out of reach for many and said he’s “on a crusade to change that.”
“We have a lot to do to fix parts of our society,” Dimon said. “We should get at it and roll up our sleeves and acknowledge what the problems are and fix them.”
Dimon described the bank’s role in communities and affordable lending: “We’re one of the biggest affordable lenders in the country. We can do more of that. So we’re going to make it a crusade to do our part to do more for this part of America and try to lift up all of society.”
Asked whether big businesses could “take a little less” to ease others’ burdens, he pushed back: “I don’t think that would solve the problem at all. And we only try to earn a fair return on our capital, not trying to take anything with anybody.”
On economic and geopolitical risks, Dimon warned about disruptions from the Strait of Hormuz and broader uncertainty: “The economy is one big, complex beast. And even AI can’t figure it out. I tell people anything that happens is a straw in the camel’s back. So maybe one day, a straw is going to cause that tipping point and push us into a recession, hopefully not stagflation.” He added that the successful conclusion of the war is “more important for the future of the world.”
Addressing Americans who feel they’re already in recession, Dimon said, “No, I think it is for them… Oh, absolutely. I mean, there are parts of society that are not doing very well, and I completely acknowledge that.” He emphasized the problem is “fixable,” while asserting that the U.S. remains “the most prosperous nation the world’s ever seen.”