JPMorgan Chase CEO Jamie Dimon is urging caution over the U.S. economic outlook, warning that the full consequences of tariffs, immigrations, and global tensions have yet to play out. He noted that many expect immediate effects from these issues, but in reality, they often unfold over longer cycles.
Dimon highlighted that the ultimate impact of President Donald Trump’s tax and spending initiatives remains uncertain, and the bank is ramping up its involvement in policies it believes are favorable for the U.S. economy.
Recent data shows the U.S. economy grew faster than expected in the second quarter—thanks partly to investment in areas like artificial intelligence—but persistent tariff-related uncertainty remains a concern.
In a separate interview with CNBC, the CEO stated that while recent data looks resilient, economic momentum is slowing, and expected Federal Reserve interest rate cuts are unlikely to have a significant effect.
Dimon has long maintained a cautious stance on the U.S. economy, flagging risks around recession, widening credit spreads, and persistent inflation, even when other industry leaders are more optimistic.
He also predicted further consolidation within the banking industry and ruled out acquiring banks abroad or in the U.S. Meanwhile, a preference to focus is on launching JPMorgan’s digital bank in Germany in 2026, following the success of its U.K. rollout.
Having led JPMorgan for over 19 years, Dimon declined to specify a timeline for his own succession but confirmed that the next CEO could come from within the company, while he would likely transition to chairman for a period.
