JPMorgan Chase (JPM) CEO Jamie Dimon said on Monday that the financial world looks a lot like its heyday in the years before the global financial crisis.
“Unfortunately, we did see this in ’05, ’06, ’07, pretty much the same thing,” Dimon said Monday at the company’s annual investor day in New York. “A rising tide lifts all boats, everyone is making a lot of money and people are taking full advantage of leverage. The sky is the limit.”
“My personal view is that people are a little bit comfortable with this situation – asset prices are high, volume is high, and we’re not going to have any problems. So we’re being very cautious about it,” Dimon added.
Dimon’s comments come at a time of market turmoil, with investors selling stocks on concerns that artificial intelligence will disrupt core businesses across industries. Within the financial sector, these challenges are most felt in private credit markets.
“All of our major competitors are back,” Dimon said. On Monday, he had one hand in a cast after recent surgery to treat arthritis. “It’s good for the world, blah blah blah. I don’t know how long it’s going to be good for everyone. I’ve seen a few people doing some stupid things,” he added.
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Dimon has warned about high asset prices for years, though his fears haven’t always materialized. His views on credit markets caused a stir last fall when he compared a string of bad loans at his own and other banks to cockroaches.
“I shouldn’t say this, but when you see one cockroach, there’s probably more,” Dimon said on the company’s earnings call in October. “Everyone should have been forewarned about this.”
Last year, Wall Street banks had their best year ever. So do their bosses, including Dimon.
Trading rebounded as the Trump administration pushed to loosen financial services regulations.
JPMorgan Chase late last year raised its 2026 spending forecast by $9 billion, sending its stock price lower; the company said on Monday it planned to allocate $19.8 billion of annual spending to technology. The agency also forecast on Monday that net interest income would rise to $104.5 billion this year, $1.5 billion higher than last month’s forecast.
As for how long Dimon plans to stay as boss of the largest U.S. bank, his answer was largely consistent with previous comments, saying on Monday that he would remain CEO for “a few years,” without giving further details.
