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Top quarter for JPMorgan Chase the company posting its lowest revenues since the 2008 financial crisis so the question is is that a blip on the radar or a bad side of things to come -- claimant live at the World Economic Forum in Davos Switzerland speaking.
JPMorgan Chase international chairman Jacob Frankel list here -- I'll tell you something right now that that's the perfect question to ask Jacob Frankel.
And welcome to the program thank you very much for being here live in -- on Fox Business what is going to I would assume you're going to say.
Make sure that JPMorgan is going to be very strong that the numbers will get better from here now.
-- -- more than he's very strong in fact last year was then they -- the best event.
Lines will be in this we have been doing extremely well and and defect to JPMorgan.
Has recognized Leon.
That -- globally Konami.
-- much wider than -- United States.
Has reflected itself -- our results because we -- rating all over the world and the world.
Some part of the world logo is going very very -- You being -- chairman of the international business I I have to ask you because everybody here is talking about the debt crisis in Europe.
How worrisome that is troublesome it is everybody knows that banks like Goldman Sachs and JPMorgan do have exposure just to the distressed European nations.
Should shareholders be concerned about that exposure.
Well today -- the game of the success of JPMorgan.
During this past crisis -- Has been in risk management and of course we do -- expose you to Euro -- for about fifteen billion dollars.
But even under the worst -- and -- yield JPMorgan would be fine -- commitment to your rope.
-- up so don't let go commitments to all the -- clients so some banks may decide to -- -- because in the next fuel to Europe would be in a recession.
That's -- JPMorgan.
-- and you will keep the businesses in there and growth them in Europe you will not shrink away from what.
Currently looks like a worrisome situation we we though clients -- no -- so when the sun shines declined recognizing ending the long run.
We would benefit from that OK we're here in Davos and there is a lot of discussion about.
Everything from taxing the rich and income inequality.
Two other problems that luck guys talk about with Europe but let's talk about what the president discussed last night in his State of the Union Address saying that taxing the rich war.
Is the way to go in getting our country at least in part out of our asset stock.
As you said.
-- but the problem of the country is not that -- we need to go on the whole.
The really -- of the United States today he's how to resume economic growth on a sustainable way.
And the best way to produce jobs.
The resumption of growth and IDM just wondering whether tax hike on whoever.
He's the mechanism to promote growth so I just hope that he sees only one pile all -- More complete package the package that is designed to resume economic growth -- United States the package that is designed to have canary.
To their regulatory into the policy side because invest else.
And everyone -- in fact.
Looks into the future needs to know how the future looks like what's that end point and the cleric of the regulation and a father reported -- instruments.
Will become the key point that we and unlock.
-- situation of the United States is the regulation that you see right now if it's stopped there would you be comfortable with that level operating as a -- financial institution with Dodd-Frank as it stands right now.
What did you moments of halted most of the changes in the regulatory framework because we recognize.
That the red and all the patients who fixed.
However we did that releasing the details.
And we -- sound about several area as.
That to me throw the baby with a -- tub especially.
In -- does that going to with the gains the benefits of globalization.
You know -- to promote growth you must maintain.
Open -- this open flows of trade open flows of capital.
Level playing field we are concerned that -- the regulatory side there are pockets he reached a level playing field he's not maintained -- football American days.
-- Jacob Frankel chairman of JPMorgan Chase international thank you so much for joining us here on Fox Business live in Davos and and taken and -- wanted to point this out you this is the front page here of the European addition to the Wall Street Journal saying.
The IMF cuts global growth forecast big picture of Davos here and all of the snow.
I had an opportunity earlier today to ask muhtar Kent the chairman CEO and president of Coca-Cola who does business in hundreds of companies countries.
If indeed that reflects the real business landscape here's what he had to say.
I don't think so I think.
We have to.
Business whether your small or larger of a medium sized.
And government whether you're national or sub national.
And civil society.
In all forms NGOs education we have to all work.
Closer together in greater collaboration.
To ensure that we come up with -- Solution for the current levels of confidence we have which -- no good very low levels of confidence we have in the world.
We have to raise confidence levels we have to have a that'll work better to to have a better.
Governance model in the world.
Better social harmony.
And more sustainable growth and and and government.
Make absolutely sure both at the national sub national level that the conditions are right for business to continue to invest.
Don't miss my full interview with guitar can 3 PM eastern on countdown to the closing bell again.
We are here for the next two days speaking with the biggest names Bill Gates of Microsoft of course Eric Schmidt of Google the list goes on Bob Diamond at Barclays tomorrow.
So bankers business people philanthropists all that much more life here from the World Economic Forum in Davos Switzerland.
Wish you were here -- getting back.
I'm like Carl -- With thank you that Bob -- will be on in this hour --