JPMorgan CEO Sees Parallels With The Pre-crisis Era Of 2008

What's going on in the financial market?

The CEO of the largest American investment bank JPMorgan Jamie Dimon drew a parallel between the current fierce competition in the financial market and what happened shortly before the global crisis of 2008. He said this in a speech to investors, Bloomberg reports.

Dymon emphasized that JPMorgan has no intention of sacrificing caution for short-term gains: the bank is not willing to make risky loans to boost net interest income, despite the intense competition. At the same time, he sees that many market participants in pursuit of profit "do stupid things".

The banker noted that during any credit cycle there are "surprises", and at the moment such a surprise could be the impact of artificial intelligence on the software industry. Bloomberg recalls that a number of investors have already announced their exit from the securities of technology companies amid AI giants' plans to increase capital expenditures. According to Dimon, shares of financial companies have also suffered as a result of the AI race, although he considers JPMorgan - the winner among competitors.

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