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JPMorgan Chase CEO Jamie Dimon on the security services industry, the Volcker Rule, dividends, and whether he will run for office.
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You should be.
Lot of people knew we were doing this interview sent me questions they wanted to ask Doug media at a couple of on that's not I'm going to be there -- Friday.
For dinner this mom and this sort of -- my dad my parents anywhere DO.
It's.
They're watching now all right let me you different -- question.
He said -- -- -- price -- security services.
To new York State Street need to raise the prices immediately but they can't because you warrants.
Bob are you taking market share in this area are you.
We -- definitely not start a price war.
So I don't -- I don't know we've you may have -- -- about specific opinion heard.
And I think we're maybe take a little bit share but not a lot thank -- they're they're very strong competitors.
And we -- -- maybe a little bit more than they have in the last year.
Assessed our line of business -- that we got elements that job.
The fact when the big operates centers is right here in Tampa we're -- were removed trillions of dollars and they around the world.
For -- for global clients like you know GMs and AIG's in G -- that are so that we love the business that are growing.
Lot of people wanted to ask you about the -- overall.
I -- you broke comments on how it should be different what do you think so.
So.
There two -- the -- wasted no proprietary trading we'll find.
We've never had issued that report about market making.
Is the -- did everything right and -- issues about like being aggressive market maker we -- -- store.
OK we will you come to JPMorgan we give -- great prices -- corporate bonds you know what FX interest rates most of the business is driven by clients.
And we have the widest and keep this capital markets in the world but that means is if you're selling you get a better price or if you're buying get a better price spreads have come down.
So that spread coming down is very good for the buyer or seller.
Who's the buyer seller retirees.
Pensions state plans veterans your mother -- my parents.
That's a wonderful thing with the cost -- -- come down dramatically save a lot of money just like wal -- a -- a lot of money or Costco so I just hope we affordability bath -- And you know Paul Volcker by its own admission is citizens can capital markets I think -- that to -- And that you know we got be very very careful that we don't take the best.
Widest deepest and most transparent capital market and because there -- some flaws destroy it and would orchestra but it just simply gonna go overseas.
And so remember when the client calls of JPMorgan.
If we don't give the best price we don't get the business put the best price is a huge benefit for them.
That's not insult and we don't make huge bets by understand their goal to make sure these companies don't take huge bets the balance sheets the market making.
Just like restored down the street when they buy a lot of polka dot dresses they hope they're gonna sell -- make a judgment call they may be wrong.
So protecting the system I agree with.
But what we have started to -- the intent -- every trader we have to have a lawyer compliance officer doctor to see what their testosterone levels are.
And -- what your intent.
Well we're gonna make more if required to give the best products the best service is the best research and the best prices that's a good thing despite it would pull all this does.
Everyone wants me -- ask you pay dividends tactic stock buyback young every dividend and buyback -- -- Yes so the dividend -- -- -- -- to publicly dividend we we -- back toward dollar we told the world we start the dividend will probably the point is to try to country still but every year.
You know because -- -- want a dividend and mystery book back nine billion dollars of stock.
We're going through very stress test of the Fed now I would have passed with flying colors -- so we hope to be by -- be able buyback -- that.
I didn't go there but the mistrust has voting is important I -- gonna show that American banks -- very project.
But they can go through and this is stress stress this is thirteen -- unemployment.
Home prices down another 20% stock market down 50% GDP down 8% a catastrophe in Europe Pickett has been trading -- United States.
No problem capital.
-- we went to the left real crisis and -- -- capital.
And we doubled -- doubled since them fight ice could prove that we don't work for pushing capital beyond the point of we're you know could return to the world so.
-- -- can -- you're just getting warmed up here but we're we're -- running at a time everytime we do this you blast may have run for office now never know not even consider why not.
I I don't consider -- about -- And I I just want to tell the -- the deficit every day I don't wanna get involved in trying to make every constituent.
How much like -- it JPMorgan -- five years plus I'm.
-- -- thank you say how much is always a pleasure out of back to --
