Jamie Dimon was in Bournemouth, where he was announcing an investment of about \u00a3350m in JP Morgan’s campus there, as well as a \u00a33.5m philanthropic investment in local non-profits.<\/p>\n
Commenting on the investment, Chancellor Rachel Reeves said: “As one of Dorset’s biggest private sector employers, JP Morgan Chase expanding their Bournemouth campus is fantastic news for the local economy and people who live here.”<\/p>\n
Ahead of the interview, Dimon appeared before a town hall on the campus – cutting a figure more akin to an off-duty rock star than bank CEO – wearing an open-collar shirt and jeans, and high-fiving staff on his way to the stage. <\/p>\n
Opening with his take on the UK’s economy, Dimon said he felt Rachel Reeves was doing a “terrific job”, and he felt optimistic about some of the government’s attempts to boost innovation and cut regulation.<\/p>\n
However, in the broader economic picture, he felt there were increased risks US stock markets were overheated.<\/p>\n
“I am far more worried about that than others,” he said.<\/p>\n
There were a “lot of things out there” creating an atmosphere of uncertainty, he added, pointing to risk factors like the geopolitical environment, fiscal spending and the remilitarisation of the world. <\/p>\n
“All these things cause a lot of issues that we don’t know how to answer,” he said.<\/p>\n
“So I say the level of uncertainty should be higher in most people’s minds than what I would call normal.” <\/p>\n
Much of the rapid growth in the stock market in recent years has been driven by investment in AI.<\/p>\n
On Wednesday, the Bank of England drew a comparison with the dot com boom (and subsequent bust) of the late 1990s – and warned that the value of AI tech companies “appear stretched” with a rising risk of a “sharp correction”.<\/p>\n
“The way I look at it is AI is real, AI in total will pay off,” he said.<\/p>\n
“Just like cars in total paid off, and TVs in total paid off, but most people involved in them didn’t do well.”<\/p>\n
He added some of the money being invested in AI would “probably be lost”. <\/p>\n","protected":false},"excerpt":{"rendered":"Jamie Dimon was in Bournemouth, where he was announcing an investment of about \u00a3350m in JP Morgan’s campus…\n","protected":false},"author":2,"featured_media":62586,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[114,184,85,46],"class_list":["post-62585","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-il","tag-israel"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/62585","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=62585"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/62585\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/62586"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=62585"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=62585"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=62585"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}