One day after JPMorgan Chase & Co.’s fourth-quarter earnings report, chairman and CEO Jamie Dimon seemed less concerned about missing Wall Street’s estimates and more concerned about U.S. government policy.
JPMorgan’s fourth-quarter earnings marked the first time since 2015 that the firm missed estimates on both earnings per share and revenue — largely because fixed income trading revenue plummeted 18%.
One analyst called the plunge in fixed income trading revenue “very un-JPMorgan-like.”
However, Dimon, who spoke at an Economic Club of New York meeting on Wednesday, said that he doesn’t care “what their estimates are.”
“Wall Street estimates are what 20 people think are estimates. They’re smart people. They’re not smart people. I call them ‘smart-dumb-average,’” he said, adding that there’s too much focus on the short term. “You know what’s important to me? Market share. Number of clients. Products and services. New branches.”
What’s also important to Dimon? U.S. public policy.
In his conversation with the club, Dimon said that what he worries about most today is “bad policy.”
“Things like immigration reform, [and] we need a good trade deal,” he explained.
In addition to trade and immigration, Dimon also mentioned throughout his speech that regulation, college education, health care and infrastructure were other policies that needed to be fixed, as well as the current government shutdown.
“And it can all be fixed, so I worry mostly about our own public policy,” Dimon said, adding, “The government shutdown — I put in the same category.”