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Jamie Dimon says that China's claim that the U.S. is 'incompetent and lazy' is 'true,' but that it's wrong to say that the U.S. is getting the short end of the stick.
Forbes puts Dimon's net worth at $1.5 billion. He said that "storm clouds" were coming for the US economy and that the odds were in favor of either a "harder recession" or "maybe something worse."
The comments were made by the billionaire bank executive who runs the Wall Street investment giant JPMorgan Chase. They were made last Tuesday during a free-flowing client call. Yahoo! Finance was the first to report on what was said in the call over the weekend.
The CEO of JPMorgan talked about geopolitical problems and said, "China has serious problems."
Dimon said of China, "Autocratic management can work in some situations, but it doesn't work in the long run."
"They kind of look at America and say, 'You have been stupid and lazy.'" "That is true," he replied. "We've made a mess of infrastructure. We have messed up schools in the city."
Dimon then said, "But I think it's wrong to say that America's situation is bad."
The head of the banking industry also said that the US needs to "take the lead" like China.
"You can see what China does in Asia and Africa. Dimon said, "We also need to do that."
He also said that climate activists were wrong to try to stop more oil and natural gas from being made.
"Why can't we get it through our thick heads that if you want to solve climate change, it is not against climate change for the U.S. to pump more oil and gas?" Dimon said.
The CEO also said that remote work made it harder to make companies more diverse because it made people more likely to stick to their own racial and socioeconomic groups.
Dimon said, "You have to look at the problems with the Zoom world."
"It doesn't work for a program that trains people to work. It doesn't work for things that happen on the spot."
Dimon said, "When you come to work, it looks like a rainbow. But if you live in some parts of the country and go out to eat, everything is white."
"You're missing out on meeting new people. I think they add up to bad things."
Dimon also defended what he called "woke capitalism" because "society is worse off if we don't help everyone."
This year, JPMorgan gave about 40% of its workers a more flexible, hybrid model in response to complaints from workers who didn't like having to go back to the office.
