The JPMorgan CEO has hiredTodd Combs, one of Buffett's two investment managers at Berkshire Hathaway, to head up a new $10 billion group at the bank and be his special advisor. Bringing Combs into the JPMorgan fold might be as near as Dimon can get to having Buffett himself on his team. "Dimon may very well have viewed Combs as a close proxy for Buffett himself," David Kass, a finance professor and longtime Berkshire blogger, told Business Insider. "Although Dimon could not hire Buffett, he could hire one of his protégés."
This 10-year plan commits $1.5 trillion to finance and bolster industries vital to U.S. national economic security, building on an existing $1 trillion pipeline for facilitation and financing, while adding up to $500 billion through heightened focus and resources. A standout element is up to $10 billion in direct equity and venture capital investments targeted at U.S.-based companies in key areas like supply chains, defense, energy resilience, and frontier technologies - including quantum computing, AI, and cybersecurity.
Scott Lucas, JPMorgan's global head of markets digital assets, outlined the bank's approach in a CNBC interview, emphasizing an "and" strategy that balances existing financial infrastructure with emerging blockchain opportunities. On trading crypto, Lucas said that, "Jamie [Dimon] was pretty clear during investor day that we were going to be involved in the trading of that, but custody is not on the table at the moment," The bank has been experimenting with deposit tokens and stablecoins, tools that enable cash-like digital assets on distributed ledgers.
Dimon said in an interview with Bloomberg TV on Tuesday that the bank spends about $2 billion a year on AI and is seeing about the same amount in direct benefits. "We have shown that for $2 billion of expense, we have about $2 billion of benefit," Dimon said. "We did this, we reduced headcount, we saved this time and money."
But there's one thing the Wall Street veteran does know: The qualities he wants to see in his successor, and he doesn't need that individual to be the "smartest" person across the board. What he is looking for is the ability to rally and shape a workforce of more than 300,000 people, leading them through times of both economic prosperity and downturns.
We reported another quarter of strong results, generating net income of $15.0 billion or net income of $14.2 billion excluding a significant item. Each of the lines of business performed well.
The JPMorgan Equity Premium Income ETF (NYSEARCA:JEPI) has become a top choice for many investors. It is a covered call ETF that offers an attractive yield over 10%, much higher than the S&P 500's 1.5%. The ETF invests in low-volatility stocks and manages to pay a higher yield through the options call. It outperforms the traditional equity income approach and has a low expense ratio of 0.35%.
"Build trust before going public." - This advice emphasizes the importance of establishing a foundation of confidence among potential union members before making their intentions known.
The administration's recent dialing down of some of the more draconian tariffs placed on China should reduce the risk that the US economy slips into recession this year.
