Jamie Dimon delivers a masterclass in managing up
Open the White House viewing newsletter for free
Your Guide to What is the US 2024 Choice for Washington and the World
Every year, JPMorgan’s chief JPMorgan Dimon uses his gift as the largest bank manager to explain how the world works, the shareholders through a long letter. This year the primary audience is not so investors as the white house and its new action. However, JPMorgan stock owners will also thank him for that.
The Dimon is 58-page mission It is an exercise in the mixture with political posters. It is given to us to the new administration of US President Donald Trump, on the back for misunderstanding mistakes. He says that there are few in the team of Bayden, he really understood the business. Now the red ribbon is cut. Wrong policy is ignored.
Dimon also avoids saying anything on tariffs. He can worsen the full theme in full, given JPMorgan’s shares from mid-February to about a quarter. And he is inferior to that they can cause inflation and maybe fallA number of the message is sweetened, pointing to the possible phase of post-Soviet talks with America’s commercial partners, and how they can make positive consequences.
It is much more diplomatic than the investor of the fence fund by Bill Akkman, who sparks the trump card to catch the broken system, warned “Sunday.”Self, economic nuclear winter“
As happens, JPMorgan is quite well positioned against trade issues. True, global banks are doing the best when goods and services flow through free limits. Investment bank payments now look hardly back because he had once hoped; Pre-public proposals scratch left, right and center. But the transaction income is only one-tenth of JPMorgan income in any case.
The recession will certainly be bad for borrowers, and for the credit card of $ 233 billion worth of JPMorgan. And it makes it easier for lending and capital to increase, surprisingly little remains in balance. In fact, one of his complaints is that enough capital rules have been headed by banks less than they would like.
He saw that path, the pointless white house is a greater threat than an economic storm that can explain the changing tone of the Dimon on other subjects. Have gone promises to The division of combat racial wealthA number of climate change when prioritizes receives only a flight note. Trump did not leave a secret of his views on any topic.
The messages are, of course, full intelligent. Trump is really the boss of the Dimon because the bank’s fortune is intertwined with the fortune of the US. Veteran Banker can also bet that the president is more likely to be a warning of sugar than heated.
In addition, after almost two decades of work, the leader of JPMorgan really does not really need to win his shareholders. Even in the last five years, he has given them more than 20% annual income over the past five years. If these love letters will help maintain this performance, investors must allow the content of his heart to embrace the Dimon.
English