JPMorgan Chase CEO Jamie Dimon is urging caution about the outlook for the U.S. economy amid persistent uncertainty over the impact of tariffs as well as geopolitical headwinds.
“I think you better be careful on that one [on the economic impact on the U.S.], because some of these things have long cycles. So we don’t know yet. People are expecting these things to happen right away. But actually, a lot of them haven’t happened,” Dimon said in an interview on the “Office Hours: Business Edition” podcast released Wednesday morning.
Dimon warned that the economic impact of tariffs, shifts in immigration policy, geopolitical challenges, as well as the tax and spending changes in President Donald Trump’s One Big Beautiful Bill Act remain to be seen.
The JPMorgan CEO separately warned in a Tuesday interview that he thinks the “economy is weakening.”
“Whether it’s on the way to recession or just weakening, I don’t know,” he told CNBC.
His comments this week come after he said earlier this summer that economic conditions could deteriorate soon, pointing to diminished business and consumer confidence along with an anticipated weakening of the labor market and rise in inflation. Dimon said at the time that he hoped that there would be just a “little bit” of a decline in employment and uptick in inflation.
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On this week’s podcast, Dimon said that he believes the banking industry will go through more consolidation but downplayed the prospects of JPMorgan Chase buying banks in the U.S. or abroad.
“We’re not allowed to buy a bank in the United States of America. We could overseas if we wanted to, but I probably wouldn’t,” Dimon said.
The firm is launching a digital bank in Germany in 2026 after establishing a presence in the United Kingdom.
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Dimon has run the largest U.S. bank for over 19 years and opted against giving a timeline for his eventual retirement but did offer insights on his potential successor.
He said that JPMorgan Chase’s next CEO will likely be an insider, while he steps into the role of chairman of the board.
“It’s when they are ready and it’s time for me to go – or some combination of the two,” Dimon said. “I have a great relationship with all the people here. The board is likely to make me chairman for a couple of years.”
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Last year, Dimon said that he expects to depart JPMorgan Chase within the next five years, though he didn’t offer a specific timeline.
JPMorgan’s board in April 2024 identified potential successors to Dimon on a short- and long-term basis.
Daniel Pinto, the bank’s president and chief operating officer, who is set to retire at the end of 2026, was identified as a potential short-term CEO. Pinto was the acting CEO in 2020 when Dimon underwent emergency heart surgery.
Jennifer Piepszak and Troy Rohrbaugh are candidates for the top job when Dimon eventually departs. They are co-CEOs of the firm’s expanded commercial and investment bank. Piepszak has been with the firm for nearly three decades, and Rohrbaugh has worked for JPMorgan since 2005.
Other candidates identified by the board include Marianne Lake, CEO of consumer and community banking, and Mary Erdoes, CEO of asset and wealth management.
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