Why JPMorgan CEO thinks Europe has a 'real problem'
What's the story
JPMorgan Chase & Co. CEO Jamie Dimon has warned that Europe's slow bureaucracy is a major economic risk for the US. Speaking at the Reagan National Defense Forum on Saturday, he said "Europe has a real problem." He praised European leaders who are aware of these issues but cautioned that politics in the region is "really hard."
Economic concerns
Dimon highlights Europe's economic challenges
Dimon, who heads the largest US bank, has long warned that a fragmented Europe could be one of the biggest risks to the world. In his earlier letter to shareholders this year, he had said Europe has "some serious issues to fix." At the forum, he praised Europe's commitment to peace and creation of the euro but warned against reduced military efforts and internal EU disagreements.
US implications
Dimon warns of potential US impact
Dimon warned that if Europe were to fragment, it could have a major impact on the US. "If they fragment, then you can say that America first will not be around anymore," he said. He emphasized that a weak Europe would be bad for the US and called for a long-term strategy to help strengthen the continent.
Bureaucratic reforms
Dimon acknowledges Trump's efforts to reduce bureaucracy
Separately, Dimon lauded US President Donald Trump for his efforts to reduce government bureaucracy. "There is no question that this administration is trying to bring an ax to some of the bureaucracy that held back America," he said. The comments come as JPMorgan ramps up its investment in national defense sectors, and plans to invest $1.5 trillion over the next decade in industries bolstering US economic security and resiliency.