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Part of the reason some Japanese companies have underperformed financially was corporate governance and board structures.

Jamie Dimon

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Jamie Dimon
Age: 68
Born: 1956
Born: March 13
Banker
Business Person
New York City
New York
James Dimon
James Jamie Dimon
Company
Governance
Part
Structures
Reason
Japanese
Board
Boards
Corporate
Companies
Structure
Financially

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My operating assumption is we will always have very tough competition. And even with some European banks struggling right now, some of them can reemerge - and maybe even stronger.
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We invested in the downturn and we never stopped serving our clients.
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I think the free-enterprise system has been great for society. That doesn't mean it's completely perfect. And also, when people say capitalism, I'm not really sure what they mean.
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My father and grandfather were stockbrokers, and they would actually take stock certificates from a vault, give it to a runner, and send it to another vault. Then somebody said, Let's digitize it and have one vault. Now the DTCC clears and settles almost everything, and the cost of doing a trade is a tenth of what it was before.
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I was a normal human being, but I did like that. I read a lot. I also liked math and science.
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But in general, as countries get wealthier, there's going to be more savings, which means you're going to have intermediation. So part of it is just the huge growth in wealth, and part of it was globalization - these companies, these clients getting much bigger and much more global.
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We represent companies from around the world who say, I want to look at Japanese companies. I want to invest in Japan.
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It can take a long time to get the rules in place that are conducive to growing, sometimes.
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I don't think that [normalization] necessarily is going to damage the emerging economies.
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Just because we're stupid doesn't mean everybody else was.
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Our plate is full. We have a lot to do building our company organically and that is our key focus.
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I also believe that most of the emerging economies have a fairly large amount of foreign exchange reserves, relative to 10 years ago.
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I have gotten disturbed at some of the Democrats' anti-business behavior, the sentiment, the attacks on work ethic and successful people. I think it's very counter-productive.
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You read constantly that banks are lobbying regulators and elected officials as if this is inappropriate. We don't look at it that way.
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The question is how do you do it [more consumer protection] so that it actually works that way? And that takes analysis, and sometimes collaboration between government and business, to understand how that works.
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I'm a really big believer - this is not a statement about President [Barack] Obama, but whoever is president - that good policy is really important.
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I think the politics have gotten better in the United States, which makes it easier to pass legislation, budgets and treaties.
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JPMorgan was already, for the most part. Our businesses at JPMorgan share the same cash-management systems. The commercial bank, the private bank, the retail bank, they all use the branches. The cash-management system moves the money around the world - for global corporations, and for you, the consumer, too.
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If it is a small rate raises, [there will be] no impact.
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I advise other companies' CEOs, don't fall into the trap where you go, 'Where's the growth? Where's the growth?' Where's the growth?' They feel a tremendous pressure to grow. Well, sometimes you can't grow. Sometimes you don't want to grow. In certain businesses, growth means you either take on bad clients, excess risk, or too much leverage.
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