That is why Jimmy Damon is very dark for the economy

more Jimmy Damon Fears, the more it is better for his bank to do.

like Jpmorgan Chase The greater, more profitable and more important has grown for the American economy in recent years, Star CEO has grown more about what could happen – all of this while things continue to be right for its bank.

At the best times and at the worst times, Damon’s general view is dark.

Whether his expectation for 2022 to “tornado“The American economy was struck, and its concerns about the global system of post -World War II to caution On America’s one punch of recession and inflation, Dimon seems to link each profit report, a TV appearance and an investor event with another warning.

“His record in the bank’s leadership is incredible,” he said Ben McovacBoard of Directors in four banks and investor through his partner at the Strategic Value Bank. “A busy record of making economic alcohol predictions, not good.”

For two decades, Damon, 69, helped build a financial institution unlike any world.

Dimon’s Bank is a sprawling giant in both Banking Main Street and Wall Street High winner When it comes to money. It contains more branches, deposits and online users more than any counterpart, which is a leading credit card and small business concession. It has a share in the higher market in both trading and investment banking services, and more than $ 10 trillion on global payment bars daily.

A 20 -year review of the annual investor in Damon Messages And his general data shows a distinct development. He became the CEO in 2006, and his first contract was consumed at the head of JPMorgan by the American Housing Bureau, the 2008 financial crisis and the long later, including the acquisition of failed competitors, Stirins bear Washington is mutual.

By the time when the second contract that leads JPMorgan began, however, as the legal drafting of the mortgage crisis began to fade, Dimon began seeing the clouds of the new storm on the horizon.

“There will be another crisis,” he wrote at the CEO of April 2015 letterMeditation on possible operators and indicating that the recent courses in American debt were a “warning” of the markets.

This clip represents the beginning of more frequent financial warnings than Damon, including recession fears – which did not occur until the pandemic of 2020 a Disruptment for two months In addition to concerns about the collapse of the market and the bloating of deficit in the United States.

But it also represents a contract in which Jpmorgan’s performance began to mode competitors. After obtaining an annual profit for nearly $ 20 billion for a few years, the sprawling machine began the parties that Damon supervised his steps.

JPMorgan achieved seven record annual profits from 2015 to 2024, more than twice their number in the first decade of Dimon as CEO. Jpmorgan is now the most financial companies that are traded in the world and spends $ 18 billion annually on technology, including technology, including artificial intelligenceTo stay this way.

While Damon seems always concerned about the economy and the high geopolitical turmoil, the American economy continues to overcome. This means that unemployment and spending on consumers were more flexible than expected, allowing Jpmorgan to rid standard profits.

In 2022, Damon told that a professional investor room to prepare for an economic storm: “At the present time, it is a type of sunny, things are fine, everyone believes that the Federal Reserve can deal with this,” referring to the federal reserve that runs the post -guardian economy.

“Who – which tornado He is directly there, on the road, and comes on our way. “

“This may be the most dangerous time the world has witnessed for decades,” Damon said in the following year. Release.

But the investors who listened to Dimon and made their wallets more conservative, they have missed the best two years S & P 500 In decades.

According to the former president of an American financial institution, bankers know that it is wise to broadcast caution against optimism. former Citigroup Chuck Prince, for example, is famous for his fateful comment in 2007 about the mortgage works that “as long as music plays, you have to do so Red and dance“

“One learns that there is a lot of the downside of your reputation if you are excessively optimistic and the worst things.” “It is harmful to Lebanon, and it looks stupid, while the opposite looks like a very careful and thoughtful banker.”

The banking analyst Mike May ofnce said that they could not pay them on their loans Wales Vargo.

Mayo said: “It is the old cliché that a good banquet holds an umbrella when the sun is bright; they are always looking for the angle, and they can always happen.”

But Damon’s monitors have long see something else.

Dimon has a “hidden motivation” for his general comments, according to Portales Partners Charles Pepodi.

“I think this speech is to maintain the concentration of its management team on future risks, whether it happened or not,” said Pepodi. “With high performance and highly developed, he tries to prevent them from becoming satisfied, so I think they are inherent in their culture a steady war room atmosphere.”

Damon has no shortage of things that worry about these days, despite the fact that his bank has achieved a record worth $ 58.5 billion last year. Conflicts in Ukraine and Gaza, anger, grows the American national religion and the president Donald TrumpTrade policies in vibrators and allies alike continues.

“It is fair to notice that he is not all knowledge and not everything he says is achieved,” said Troet Bank analyst. Brian Furan. “It comes more than one perspective that you need to be ready for X, instead of being convinced that X will happen.”

Furan pointed out that JPMorgan was in a better position for higher interest rates than most of its peers in 2023, when the rates rose and those who have long -term bonds were punished.

“For many years, he said,” Be prepared for 5 years by 5 %, and we all thought he was crazy, because he was like 1 % at that time. “It turned out that the preparation was not a bad thing.”

Perhaps the best explanation for Dimon’s expectations is, regardless of the large and powerful JPMorgan size, financial companies can be fragile. The date of financing is one of the rise and fall of institutions, sometimes when managers are satisfied or greedy.

In fact, the cemetery of banking slogans that no longer use three – Stirins, Washington is mutual. The first republic – It was included by JPMorgan.

During his bank Investor Day meeting Damon this month indicated that in the past decade, JPMorgan was one of the only companies that have received annual returns more than 17 %.

“If you go back to 10 years before that, well, many people earn more than 17 %,” Damon He said. “Almost everyone has succeeded. Do you hear what you just said?

“Every main financial company in the world has not made it,” he said. “It is a harsh world there.”