Jamie DimonChairman & CEO

We are currently in an environment of high volumes and high asset prices that is almost as good as it gets for banking. While this environment can continue for a while, it will eventually end. We run the bank for the long term, focusing on client service and investing through thick and thin rather than chasing short-term profit peaks.

There are several complex geopolitical risks that are not fully baked into market expectations. These include the war in Ukraine, conflicts and terrorism in the Middle East, rising global deficits, remilitarization, and America's relationship with China. These tectonic plates can interact in unpredictable ways to cause significant market shocks.

The adjustment was remarkable because the global economy is highly diversified and less reliant on energy as a component input. When we lost twenty million barrels a day, China cut back and drew down reserves, and the U.S. did the same. While this diversification provides resilience, tipping points in history are often triggered by a concurrence of multiple unforeseen events.

Preventing Iran from obtaining a nuclear weapon is a matter of global survival. We must separate existential national security from short-term economic metrics like gas prices. A president should be honest with the American people and apply severe, coordinated economic pressure to resolve this threat, even if it leads to temporary economic friction.

The initiative aims to address the Western world's dangerous over-reliance on potential adversaries for critical resources like rare earths, semiconductors, and active pharmaceutical ingredients. We are organizing big corporations, venture capital, and vendors to secure local supply chains across drones, cyber, space, APIs, and defense production.

Debt-to-GDP ratios are at one hundred percent across the U.S. and Europe, with deficits hovering around five to six percent during good economic times. Historically, these numbers only occurred during depressions or wars. If we do not address this maturely, the bond vigilantes will eventually rattle the market and drive interest rates higher.

Personally, I would not buy long-dated government bonds. Even if inflation drops to two percent, the ten-year bond yield should naturally sit around four to four and a half percent. Having studied economic history, I remember how inflation climbed steadily after the 1974 recession, and I do not see the upside in buying bonds today.

AI is a real, transformative technology that will help cure cancers, prevent medical errors, and invent new drugs. Like the internet, the total corporate investment in AI will pay off, but it will not pay off on the exact timeline or in the way that people expect. We are already finding cheaper, automated ways to run models.

AI is currently creating jobs, as evidenced by the millions of available open roles in cybersecurity and AI engineering. The solution to job displacement is rapidly retooling and reskilling our workforce into high-paying trades and technical positions rather than panicking over automated tasks.

Space-based data centers are technically viable and offer massive advantages, including very cheap solar energy, natural cooling, and structural stability free from planetary vibrations. Starlink's network of thousands of lasers can transmit data back to Earth and reroute signals dynamically around bad weather.

No, there was zero chance of JP Morgan going bust. We maintained far more capital and liquidity than our peers. I had been doing stress tests since 2004, assuming a worst-case scenario where every business unit failed simultaneously. This conservative planning ensured we were prepared to handle the crisis.

Chasing size gets banks into trouble. I focused on daily execution, branch networks, and systems, modeled after athletes who master their craft. We remained critical of ourselves, admitting when competitors like Goldman or Stripe outperformed us in specific areas, and focused on rapid recognition of errors to fix mistakes.

Yes, it is lonely. Even with extensive due diligence and an army of experts checking loans and trades, the final call is yours. When the board votes and you sign the paper, you know you have committed one hundred and fifty thousand employees to backbreaking work and put your shareholders under pressure. That realization creates a pit in your stomach.

Headcount follows economic attractiveness and where employees want to live. New York has dropped from thirty-five thousand to twenty-six thousand employees, while Texas has grown from eleven thousand to thirty-five thousand. Municipalities must compete on taxes, housing, transit, schools, and overall quality of life to retain major corporate employers.

It is unprincipled to punish healthy companies that did not cause the financial crisis. JP Morgan is a great citizen in the UK, hiring veterans, training workers, and providing medical coverage. Special bank taxes have cost our shareholders five billion dollars, which ultimately discourages capital formation and drives companies to delist from London.

Combating bureaucracy requires active leadership. I conduct road trips and branch visits, giving tellers and managers beer and immunity to tell me what is broken in our systems. A leader must be relentlessly curious, read customer complaints, and remain willing to learn from competitors and mistakes.

When executives get promoted, they often know very little about the new departments reporting to them. Insecure leaders try to hide their lack of knowledge by surrounding themselves with sycophants who tell them what they want to hear. A secure leader welcomes criticism and is not embarrassed to admit they have a poor product.

Surviving throat cancer and emergency open-heart surgery left me with no major regrets. I realized I was leaving behind a great family and a strong company. It reinforced my focus on the present moment, keeping me relentlessly organized so that I can dedicate my weekends and vacations entirely to my family.