Exclusive | JPMorgan CEO Jamie Dimon on Inflation, AI and Bolstering America’s Supply Chains

Alan Murray (0:01)

Thank you all for being here. Thanks to all the members of the Wall Street Journal CEO Council who are here. Warming to see you all, and thank you Jamie for hosting us.

Jamie Dimon (0:11)

Good to be here. Thank you.

Alan Murray (0:12)

Nice digs you have here.

Jamie Dimon (0:15)

We earned it. Well, the bankers earned it. But I was scared of our people.

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Alan Murray (0:51)

I mean, here you're at the top of the world here, you know, your most important financial institution, tallest building in the city, most important city in the world. Does it ever go to your head?

Jamie Dimon (1:02)

Not really.

First of all, I am thrilled to be here. I hope you all notice the American flag when you come in, blowing in the wind. I salute that every morning.

Alan Murray (1:11)

You're not joking.

Jamie Dimon (1:12)

I'm not joking, no.

And it reminds me of the values it created, this great country of ours that should be celebrated and taught everywhere, freedom of speech, free religion, freedom of enterprise. A lot of these entrepreneurs, Mike was talking about, are from other countries and how deeply I love this country and they came here to be, to actually have the American dream, the American principles, and that is kind of foundational even to SRI, by the way.

Alan Murray (1:37)

I want to talk about SRI, but this is a monument to the American dream in some ways. I mean, you must feel some real emotion when you come in here.

Jamie Dimon (1:48)

I just got back from London last night, and every morning I walk in, I do. This is labor of love. Remember, we're paper pushers.

We move paper around and we move electrons around and money and stuff like that, but the whole management team worked on this very building. The entryway, these spaces, the dining rooms, the first eight floors are trading floors, trading $2 trillion, $3 trillion a day with the securities. There are security floors. There's a Morgan's Pub on 13, which I insist they put in. You actually get Guinness Beer after 4 o'clock.

Alan Murray (2:20)

Pretty nice bar on 57

Jamie Dimon (2:21)

There's a Patriot. We call it the Patriot's Bar. There are flags up there from the USS Constitution, which is the Revolutionary War boat. One of the flags are from the top of Pont du Hoc, June 6, 1944

There's a picture up there. The Rangers are still taking prisoners. There are flags from Apollo missions, from Vietnam, from Revolutionary War. A black regiment is the 25th Regiment. I think it was one of the first fighting regiments that actually helped take Richmond. It's very touching. And the first event I did here was up there having cocktails for the veterans that work in this building.

And I'm telling you, there were a lot of tears in those eyes. You know, both being thanked. They came from of all ages. And it was extraordinary.

Alan Murray (3:07)

Well, it leads right into the Security and Resilience Initiative, because that is about national security, right?

Jamie Dimon (3:12)

Yep.

Alan Murray (3:13)

What do you, you look back at the last year, one year anniversary, what are you most proud of that you've accomplished?

Jamie Dimon (3:19)

I mean, this is, first of all, it's really lifted up our people. I mean, you know, Mike said it was for the purpose. And we have a couple of guys here, the prior departments of mine, and they heard about it and said, I'm coming back.

And advanced markets over there, and advanced manufacturing. But it's also been an amazing learning thing. It's been far more than that we would have expected. Other companies are doing it. I think that's great. The purpose is security resiliency. And it's the breadth has just gotten bigger. We'll be, we'll blow way past that $2.5.

I know Todd Comer is not here, but I see a bunch of his partners. That $10 billion is direct investing in security resiliency. And also opened up a lot of other issues. You know, one of the, we go to a lot of these vendors that Mike was talking about. Those companies have tons of vendors, the prime contactors, everyone in this space. A lot of those vendors need help. And often it's not capital. They need the skills. So the American dream is kind of another side of this part. This is actual security and resiliency in drones and space and missiles and an advanced manufacturing and farm and health care and grids and all the things that we all know we need. And obviously we should have done some of this before. But the other side is skills and training in small businesses and vendors and other things we could do.