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Dimon on Succession Plans at JPMorgan

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    JPMorgan Chase CEO Jamie Dimon on the stock price decline and succession plans.

  • Duration 6:41
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-- go back to JP more -- permitted the -- shares fell 22% this year.

Is that something that worries you do you follow the stock price -- you came -- really done a great job managing risk.

Share -- has fallen from about where was 5053.

When he came into where it is now.

Is that and that we're should not that surprising not really so we -- -- -- bit of work this -- for so long in the stock has gone down not up.

Then we did have record earnings right but I look at it you know I say if you -- -- company serve clients open branches -- -- -- people marketing.

-- a fear profit.

Do great stuff the communities are in the stock will eventually would reflect that so I can -- and ball build a company.

But if you look at banks today on publishing investors later today in -- they say look between litigation and mortgages and and -- Basel capital and -- can no financial taxes and is it good that advertising targeting health concerned person but I think they -- -- so elephants in a bank stocks.

You know those things will eventually.

Be resolved and lift and they won't all be debt.

So to me just just just keep working through the mall and keep guy involved do great job for the client.

And will be OK a lot of people than what people that value I know people value they say GA me wanna -- these goals before he leaves here could you trust you gonna do something else that some at some point.

Is to get the stock above where was where he -- is that accurate.

-- assemble more ambitious and -- profit but -- -- -- -- of course I wanna get enough yeah I think the stock -- -- fine -- -- we have a great company with great people.

And overall consolidated systems we've got.

Great clients around the world we've been doing nothing -- investing in the downturn.

We've opened hundreds of branches movement for new offices overseas are a lot of bankers people better systems and so.

We will show we have a but wonderful compass -- sixty dollars next year would you leave the I -- I would not leave or not because the stock -- OK in terms of running JPMorgan I want to see yourself in this job hopefully many years.

So you ever says that I'm sure the closure of border army tomorrow right but it hope you are you my intent would be to be here for 35 years or more terrified -- interest what -- -- -- doing next.

-- I would Virginia we once he said to me no one more big venues that should be the Arkansas banker I -- here -- investor particularly I'm but I -- bring -- I've been running because before one time.

I'm not going to run of the big company.

So it'll -- -- -- going to stop unlikely he'll probably a bunch of stuck between teaching investing in.

You're doing deals with friends and get involved -- so you don't -- of ever being Treasury Secretary.

Are likely really.

Is that -- you like to see your name on -- doubtful now.

Went.

I've had a great career here and I got the hello you know we tried a long time I guess that we didn't have this February have suited to be secretary of treasury.

I think the country would.

-- would benefit from -- -- -- because of that I appreciate I don't think I'm sort of worked so academia likely.

I love teach I don't think to be -- full time teacher by love going to schools and teaching classes and sit in classes and legacy I guess have you bunch of stuff -- teaching professor diamond I'm starting getting as good as we speak.

Professor diamond fascinating stuff OK professor -- here's what -- -- -- me.

Three to five years or more I mean that.

Three to five years that's the shortest time horizon well I've heard so far I mean if -- noticed when I -- three to five years he said yes I mean you know he's not gonna be CEO -- that you know internally he -- I talked a lot of people there.

I think it's it was at five years is a long time housing -- in this mid fifties to get 56 -- 56.

I think five years is on the upper end I really think that I've had everybody -- to listen here's the thing.

What else is yet to do now a lot of case he kind of down played it in the interview but I to know a lot of people -- -- home.

What eats at Jamie Dimon is the share price.

Jamie took Cheney has done a great job running this company keeping it out of out of.

I'd -- of the mock you know obviously we -- -- -- later need to order on this later as he addresses we know what happened during 2008 how he was forced.

To take to TARP money to bail out money and I kind of wishes he didn't and it was pale penalize I was penalized with a because of all this.

-- so he's got a good job running this company he didn't he believes I think he's right you need the TARP money but I'll tell -- get that share price is weighing on -- and I think I think it's fascinating.

Also that he moved out Treasury Secretary.

-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Is what he said about the president.

Those were not do every Jamie Dimon was was behind the scenes one of the biggest supporters of prison Obama at least talking to people.

JPMorgan gave them a lot of money have to go to present -- more.

Go to pushing it more was I mean -- -- what and he basically said -- -- from a Democrat he's always been always told me he's a liberal Democrat.

To someone someone who's -- -- side and I think.

So many other you have to say -- -- because -- he's on a Federal Reserve board of new York and I'll -- -- don't have a party candidate about what he said he's not out he said.

I support Obama political thing you say he said I supported Obama supported past 2008 likelihood though that yes he -- other way this time around.

I think behind the scenes yeah JPMorgan as he said it's not surprising we're supporting.

Mitt Romney can I ask you about the -- that the strategy here in terms of the six dollar share price cutting back to this he talked about investing in the downturn and they've hired a lot of veterans and how -- this worked out for the strategy and day.

Does it at the end of the cat as it hasn't she well I don't think that that that's I mean this is what is Jamie -- worried about because that sounds good and that's the right thing to -- -- I think that working.

I think what he's doing here and what we reported earlier she's going adopt those to press his case.

About regulation -- -- what every bank CEO every investment bank you know whether it's Lloyd Blankfein of Goldman Sachs.

James Gorman at Morgan Stanley were Jamie Dimon they're worried about regulation.

Dodd-Frank.

Volcker Rule which is really squeeze him he said earlier if you take the Volcker Rule of the -- the prevents proprietary trading but if you take as it's written.

It only prevents proprietary trading -- using your own capital to take risk it prevents you from using their capital to make markets for clients if that is the case.

All that business is going to go overseas that is very damaging.

For US banks -- we're gonna get into this later he dresses that specifically it is he says he thinks they're gonna work to try to change but right now the way it's written.

It's very damaging so I will say this couple things that register here.

Big hedge on the president.

Big -- John politics and I think three to five years I think he's -- five years.

I tally thankful for the rest of the -- thanks again and apple are.

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