Jamie Dimon, CEO of US' largest bank JPMorgan, unhappy with global elites' meet in Swiss Alps’ Davos, says ‘you’re not doing a good job…’

Jamie Dimon, the boss of JP Morgan Chase, was asked whether there is a "climate of fear" among the CEOs of America, especially when it comes to speaking about the policies of the White House. While the question drew praises from the audience, Jamie Dimon gave a blunt feedback for what he called the "Davos elite". “I’ve been coming to Davos all these years and listen to chatter and stuff like that,” he said. “And you didn’t do a particularly good job making the world a better place. I think it’s great we get together and talk.” The Wall Street veteran levelled up his attacks amid questions throughout the interview on whether he thought President Trump’s policies had been good or bad for the economy and geopolitical climate.

Donald Trump's proposal to cap credit card costs would be "an economic disaster", the boss of one of the world's biggest banks warned at the World Economic Forum. Jamie Dimon said the plan would remove credit from the majority of Americans and hit restaurants, retailers, travel firms and schools.

Trump this month wrote on Truth Social that interest rates on credit cards should be limited to 10% for one year from 20 January. The cap has yet to come into force and the president did not say how it might be introduced or whether such a move would be legally enforceable.


Asked about the cap at the WEF in Davos, Jamie Dimon said: "It would be an economic disaster, and I'm not making that up because our business… we would survive it by the way."

He said capping interest rates on credit cards at Trump's suggested level of 10% would be "drastic" and cut access to credit for 80% of Americans, adding that it is "their back up credit".

"The people crying the most won't be the credit card companies, it will be the restaurants, the retailers, the travel companies, the schools, the municipalities because people will miss their water payments."

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'I am not a tariff guy', says Jamie Dimon

The 69-year-old banker, steering clear of more politically sensitive subjects such as Greenland, offered a forthright summary of his views. “I’ve made it clear I want a stronger NATO, a stronger Europe. Some of the things Trump has done are causing that, some are not. I’m not a tariff guy, though I’d use it in [some] cases. I think they should change their approach to immigration. I’ve said it," Jamie Dimon said. “What the hell else do you want me to say?”

The leader of America’s biggest bank has been a critical friend to the second Trump administration. He has backed some policies, for example, saying the White House was right to address trade imbalances between the US and its partners. He told Fox in an interview in May that at first, he thought tariff rhetoric was “too large, too big and too aggressive when it started.” He added: “It was part of a master plan to get people to the table.” At Davos last year, he also told people to “get over” tariffs if it meant better national security. He has been similarly complimentary about Trump’s drive for better border security, but said he was an advocate for “merit-based immigration.”

Rollout of AI may need to be slowed, says Dimon

Jamie Dimon also said artificial intelligence “may go too fast for society” and cause “civil unrest” unless governments and business support displaced workers. While advances in AI will have huge benefits, from increasing productivity to curing diseases, the technology may need to be phased in to “save society”, he said.

Dimon said companies and governments could not ignore AI or “put your head in the sand”. The Wall Street lender would probably have fewer employees in five years’ time as it rolled out AI, he told an audience at the World Economic Forum in the Swiss resort of Davos.

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“Your competitors are going to use it and countries are going to use it,” he said. “However, it may go too fast for society and if it goes too fast for society that’s where governments and businesses [need to] in a collaborative way step in together and come up with a way to retrain people and move it over time.”

“Should you do it all at once, if 2 million people go from driving a truck and making $150,000 a year to a next job [that] might be $25,000? No. You will have civil unrest. So phase it in,” Dimon said.

“If we have to do that to save society … Society will have more production, we are going to cure a lot of cancers, you’re not going to slow it down. How do you have plans in place if it does something terrible?”