Yesterday’s words by Jamie Dimon, CEO of JPMorgan Chase, claim that the U.S. economy is still in good shape and there are no conditions that make growth impossible.
However, he said at a forum at Harvard University that downturn is to be expected at some time in the future. He also said that it is certain that the U.S. economy would fall into a recession, though he was unable to specify when that could take place.
At the moment growth is strong thanks to creation of new jobs, increasing wages, solid consumer credit, as well as relatively good expansion globally, he said.
He believes that the next year and partially 2019 should be alright. Touching upon the issue of reviving Detroit, he pointed to the need in adequate public policies, which includes improvement of regulations, in order to enable the economy to move forward.
Dimon mentioned that if someone has plans to construct a bridge, it takes 10 years to obtain the permits, which is a disgrace and requires complete change. Dimon also unveiled his bank’s decision to open branches in Boston, apart from that they are considering going to Philadelphia and Washington, D.C. JP Morgan has developed a plan for enlarging their network by around 8% and opening some 400 new offices.