00:00 Speaker a
Well, JP Morgan Chase CEO Jamie Diamond did not announce his retirement today, but he did issue a market warning on the company's Investor Day. Here, Yahoo funded David Hollrith. Jamie Diamond warned that ii was not.
00:17 David Hollrith
Well, Diamond, uh, everything he said today stands out, and most importantly, his current focus, uh, the market may mistakenly believe that tariffs are effective, uh, that fact may be misunderstood.
00:36 Speaker a
It's interesting because a few months ago, didn't he say he wanted to overcome the tariffs? He said he was a little bit early in the year, didn't he? This is before we get the worst deal case. Yes, it's anyway. He did it.
00:54 David Hollrith
That's what he has to say. Listen.
01:00 Jamie Diamond
My own point of view is that you know where people feel good because you haven’t seen the impact of tariffs yet. The market fell 10%, up 10%. I think it's an extraordinary complacency.
01:23 David Hollrith
His warning is generally so complacent, and Diamond is not alone. Well, Jane Frazier
01:37 Speaker a
CEO of City Group.
01:39 David Hollrith
Since then, everything has happened, well, April’s tariffs are rolling out. So, well, the overall uncertainty was mentioned about 13 times during the investor day, just to track it. So, well, this shows where the bank is and its income remains unchanged. However, investment banking looked a little bad in the second quarter. Well, the deal is lighter than expected.
02:15 Speaker b
What about the retirement plan? Any other colors and comments?
02:28 David Hollrith
Well, they talk a lot about things, well, just II can't tell you about retirement plans. Have you heard of it today?
02:42 Speaker b
No, I just wonder if he was there to give any firm answer.
02:47 Speaker a
I mean, there are some potential diamond successors today. His retirement, not the retirement plan they offer us, but his retirement, which is people’s retirement plan, although I’m interested in both. I mean he mentioned this too. Yeah yeah.
03:10 David Hollrith
They talked about both. Well, as far as successors are concerned, it's interesting, he says everything he says is the same as last year, and, uh, he says, obviously, if I stay for three more years, it's consistent with what he says, but it's also OK than the basic case. So we get more clarity there.
03:35 Speaker b
Did he say things like five years last year? Yeah?
03:42 David Hollrith
He said it was less than five years. knew. So now we are in this case, the clock is still ticking, and obviously that's a huge thing. He has built the bank in today's reality. So no matter who his successor is, we need to know that they are not ready for delivery will indeed put investors in some internal, uh, uncertainty. so
04:11 Speaker b
must. OK, thanks David.
