Behind the Curtain: Jamie Dimon's warning
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Illustration: Aïda Amer/Axios. Stock: Getty Images
JPMorgan Chase chairman and CEO Jamie Dimon tells me the U.S. is facing the most concurrent risks in 80 years — and that's before AI starts displacing a large number of American workers.
Why it matters: Dimon, in an interview for "The Axios Show," says American business leaders need to step up, and speak up, to help guide the country through these high-risk, tumultuous times.
- "We in business made a mistake in not getting more involved earlier," Dimon told me at his new global headquarters in Manhattan. "I do not think the problems of society will be fixed by politicians alone."
- Dimon's annual shareholder letter, out next week, will dive deep into geopolitical threats. "There's more geopolitical risk than we've seen since World War II," he said.
A top threat: He told Axios that AI is likely to displace lots of workers in the medium term and increase the likelihood of a large-scale cyberattack.
- "AI makes cyber — and these [AI agents] make cyber — far worse," he said.
- Dimon was briefed on Anthropic's unreleased Mythos model, which the company fears may dramatically increase the ability of hackers or foreign adversaries to carry out potentially catastrophic attacks.
Dimon's other risks, in no particular order:
- China.
- Cyber.
- Iran war escalation.
- Russian aggression.
- Rogue AI.
- Private credit crisis.
- Unsustainable U.S. debt.
- Political dysfunction.
- Economic uncertainty.
- Nuclear weapons.
When asked why so many CEOs seem "chickenshit" when it comes to speaking honestly to employees and the public, Dimon downplayed fear of upsetting President Trump as the reason.
- But his own on-camera caution when critiquing the president captured the unease vividly.
The other side: Dimon remains optimistic about the country's ability to navigate myriad risks. But he didn't sugarcoat the ever-growing threats to business and safety:
- "We still have the most prosperous nation the world's ever seen [and] the best military. We're in a great position — and we have issues. ... You can't fix problems when you don't acknowledge them."
On Jeffrey Epstein, Dimon believes that high society was willing to continue to accept the financier even after his 2008 sweetheart plea deal because many didn't appreciate the full magnitude of his crimes — or care.
- "I think some people, they'll do anything to be in the inside club or something like that," he said.
- "The government knew a lot. Why didn't the government do something about it? All those years, he was abusing those young women. They knew."
- JPMorgan Chase agreed to hundreds of millions in settlements in 2023 in cases related to its banking relationship with Epstein.
What's next: Dimon said an independent candidate might be needed to fix things. But, at 70, he's not running — for anything, under any party: "I do get asked, but I'm not sure I'm suited to it."
- "We're so tough on our politicians," he said. "We just annihilate them, and I just think it's wrong."
