The APEC CEO Summit 2024 auditorium was the setting where Jamie Dimon, CEO of JP Morgan and the most influential banker in the United States, spoke publicly for the first time since Donald Trump’s election victory. A few weeks ago, the newly elected U.S. president expressed his respect for Dimon but stated that he would not invite him to join his administration as Treasury Secretary.
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“In my opinion, whoever won will face the most complex geopolitical, military, and economic situation the world has seen since World War II. (...) I wish the president all the best, but I’d also like to say: I haven’t had a boss in 25 years, and I’m not ready to start now,” Dimon told the audience.
Dimon also addressed the need to continue promoting key reforms in both the United States and the region. “I’m not saying we should eliminate regulation, but the regulatory environment in most countries is stifling. This has led many economies, including Peru, to grow at 2% or 3% instead of 5%. I believe there’s reason for reform that goes beyond regulation and can unleash capital, investment, and other opportunities,” he stated.
“I applaud any government that says, ‘I need to be more efficient.’ An inefficient government is why its citizens feel dissatisfied.”
When asked about which regulations should be eased in the United States, Dimon responded: “The financial system has faced years of consecutive regulation, which restricts credit. You can keep banks healthy while also promoting credit. For example, an average bank in the U.S. typically has around $100,000 in deposits and $100,000 in loans, but that’s no longer the case. The fact is, any industry could give you examples of how deregulation can promote business, create jobs, keep the country safe, and protect the environment. I’d focus on those points,” he explained.
Is there a possibility that the new U.S. administration will implement restrictive tariff policies, potentially driving inflation? For Dimon, the solution lies in pro-growth policies. “It must be a pro-growth policy. The best way to address our deficit, which stands at 7% of GDP, is growth. Growth is the best strategy,” he added.
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