My father and grandfather were stockbrokers, and they would actually take stock certificates from a vault, give it to a runner, and send it to another vault. Then somebody said, "Let's digitize it and have one vault." Now the DTCC clears and settles almost everything, and the cost of doing a trade is a tenth of what it was before.
Jamie DimonThe question is how do you do it [more consumer protection] so that it actually works that way? And that takes analysis, and sometimes collaboration between government and business, to understand how that works.
Jamie DimonIndia is a huge democracy. Prime Minister [Narendra] Modi has ambitions to try to fix the infrastructure, the rules, taxes, education, and to lift up the Indian people. And we're hopeful that that's going to create positive momentum.
Jamie DimonOur plate is full. We have a lot to do building our company organically and that is our key focus.
Jamie DimonUsually, something that is fairly expected is already factored in. I also think that you have to think that America is raising rates because the economy is getting stronger.
Jamie DimonI've asked our people, "Why don't we just put a revolver on top of our basic loan?" Make it easier for the client.
Jamie DimonThey have a policy in China for their big companies called "Go abroad." It's a rational thing for both the company and the country to say, "We want big, successful companies." Particularly in areas where they need it: agriculture, energy, technology. I think banking, too. One or two have bought a trading house. Some have already begun expanding around the world. Of course they're going to have those ambitions. Why wouldn't they? They're just doing it methodically. It's a logical strategy and, well-executed, they will succeed.
Jamie Dimon