JP Morgan’s Dimon Criticizes US Policies During Earnings Call

JP Morgan’s CEO Jamie Dimon turned a routine earnings call with analysts into a an opportunity for sharp political commentary on Friday.

Reflecting on recent trips to China, Israel, Argentina, and Ireland, Dimon blasted US policies regarding education, infrastructure, and taxes, saying that it was “almost an embarrassment being an American citizen traveling around the world and listening to this stupid s— we have to deal with.”

When a UBS analyst asked about political gridlock being responsible for stunting the US economic growth, Dimon only stated that the US economic growth —which has risen between 1.5% and 2% each year—was indifferent to politics.

However, he did suggest that growth could be “stronger had we made intelligent decisions and we were not gridlocked,” but also took jabs at US government policy compared to the rest of the world.

“It’s amazing to me that every single one of these countries understands that practical policies that promote business and growth are good for the citizens of these countries for jobs and wages and that somehow, this great American free enterprise system, we no longer get it,” he said. 

Moreso than the bank’s financial results, Dimon seemed intent on discussing the country’s social ills. He identified  high incarceration levels, opioid deaths, and a failing education system chief among them.

Dimon was also dismissive of the media focus on the day-to-day happenings of financial markets.

“Who cares about fixed income trading in the last two weeks in June?” he said.