Jamie Dimon, CEO of JP Morgan Chase
David A. Grogan | CNBC
JPMorgan Chase CEO Jamie Dimon has seen a new breed of fintech technology players, led by PayPal, Square and tech giants around the world, have exponentially increased users and market value.
His message to the management team of his $ 3.4 trillion bank goliath: Fear not.
“Absolutely, we should be less scared,” Dimon said Friday in a conference call with analysts. “We have a lot of resources, a lot of very smart people. We have to be faster, better, faster … As you look at what we’ve done, you’d say we’ve done a good job, but the rest of the people have done a good job too. work “.
Dimon’s blunt assessment answered questions from analysts, including Wells Fargo’s Mike Mayo, who noted that with rich, technology-like ratings, fintech technology players have “stepped” on traditional banks in recent years. years.
Dimon said he sent his deputies a list of global competitors and that PayPal, Square, Stripe, Ant Financial, as well as U.S. tech giants, including Amazon, Apple and Google, were names the bank needs to keep an eye on. Rivals are also clients of JPMorgan’s commercial and investment banking in many cases, he added.
Competition will be particularly tight in the payments world, he said: “I look forward to seeing very, very tough and brutal competition in the next ten years,” Dimon said. “I hope to win, so help me God.”
Dimon added that in some cases the new players were “examples of unfair competition” that the bank would do anything to end. It included players taking advantage of the richer debit card revenue for small banks and Dimon companies accused of not taking precautions against money laundering.
He specifically called for Plaid, the launch of payments whose acquisition Visa recently collapsed, and said that “people who misuse the data that has been given to them, like Plaid.”
Plaid CEO Zach Perret declined to respond directly to the indictment during an interview with CNBC’s David Faber, adding that Plaid spends time with the bank in a partnership.
– CNBC’s Dawn Giel contributed to the report.