Jamie Dimon, NEW Bloomberg 640
JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said fixing "stupid" trade issues between the U.S. and Europe would pave the way for better growth.
"If you asked me what the goal should be for our economic relationship with Europe, it should be having a stronger Europe," Dimon said in a Bloomberg Television interview Tuesday from the bank's annual Global Markets Conference in Paris. "Both the economies would grow better."
Dimon has long warned of issues with Europe, saying in December that the continent has a "real problem." On Tuesday, he said the US would benefit from a stronger NATO and allies in Europe. Repairing trade issues is one way to strengthen the relationship, he said.
"Fix them," Dimon said. "The economy will go better for all the citizens, not just the big companies."
Dimon, the longtime boss of the biggest US.. bank, repeated his assessment that markets at record levels don't reflect current risks and called the Middle East conflict a "big deal," warning that it's getting worse every day. Iran has been a threat for years and the Western world should have gone for the "head of the snake" years ago given the Middle Eastern country's push for proxy wars in the region, he said.
"I hope it gets resolved," he said. "I want us to prevail in a way that makes sense."
Dimon urged in his annual shareholder letter this year for the U.S. to "get stronger" to maintain its military and economic might. Last year, his bank announced a plan to plow $1.5 trillion into industries vital to U.S. economic security over the next decade, and has since expanded the scope to include the UK and Europe.
Dubbed the "Security and Resiliency Initiative," the bank's push follows years of Dimon issuing increasingly stark warnings about geopolitical tensions.
Busy Trading
This year's conference follows a record trading haul for JPMorgan. The bank generated revenue of $11.6 billion across fixed income and equity markets in the first quarter, beating its previous high by nearly $2 billion.
JPMorgan's clients are actively trading and generally bullish, according to Scott Hamilton and Claudia Jury, global co-heads of sales and research. Balances in the firm's prime brokerage business are at a record, the pair said in an interview ahead of the conference this week.
President Donald Trump's policy moves since he took office in early 2025 have whipsawed markets. That's been a boon to trading shops across Wall Street, prompting record after record at JPMorgan and its closest rivals.
"When volumes are high, all things being equal, it will be good for trading," Dimon said.
Broadly in markets, Dimon warned that investors are over-exuberant, which may not be justified given all the risks that have popped up in recent months.
"There is a little too much exuberance," Dimon said.
(Credit: Bloomberg)
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