JP Morgan’s Damon: ‘Being a US citizen is almost embarrassing’

New York: Since the election of President Donald Trump, Jamie Damon has emerged as one of Wall Street’s most prominent voices in Washington. Chief Executive Officer of JPMorgan Chase is employed at the White House Business Advisory Council and is the President of the powerful trade round table.

But on Friday to discuss the quarterly profit of the big bank, Diamond used his disappointment with the disturbances in Washington. Demon said in a conference, “It’s almost embarrassing to be an American citizen … and to listen to the idiots … we have to deal with this country.” The inability to make progress on important legislation is that “we are holding back, and it is affecting the average American, it is not a Republican issue, it is not a democratic issue.”

Demon opposed calls from shareholders to come down from Trump’s business council, and on Friday criticized Republican criticism. He said, “We have become one of the most bureaucratic, confused and disputed societies on the planet.” “And at one time we all have to work together, or we will not do what we want to do for the average Americans.”

Since the Great Depression, despite the “stupidity and political turmoil”, the country’s economy is growing at 1.5 percent to 2 percent – because the US business sector is strong and strong, “Daimon said.” What am I saying It will be very strong growth, we have made wise decisions and we have not been gridlock. ”

Usually the controversial Demon leads the largest bank with the property of $ 2 trillion in the country and whether Damon has described it as a “fort” balance sheet. This has made Dimon one of Wall Street’s most influential armies in Washington.

That strength starts increasing. In February, when Trump announced a comprehensive effort to resolve the special rules on Wall Street, in particular Dodd-Frank’s financial reform measures were adopted in 2010, he explained the possible contribution of Damon to Trump, “Jamie Against me, it’s better not to tell me about Dodd-Frank, “Trump said, sitting on the table by a 61-year-old executive officer.

Some of the country’s largest banks – Washington Chase, Wells Fargo and Citigroup, criticized Damon about Washington’s methods – on Friday, given a large number of information compared to the expected quarterly profit. Banks said that they were encouraged by the slight increase in interest rates.

JP Morgan’s second quarter profit grew 13 percent to $ 7 billion compared to the same period last year. Revenue increased 5 percent to $ 26 billion, Wells Fargo’s second quarter profit was $ 5.8 billion compared to $ 5.56 billion in 2016. Citigroup’s net income declined 3 percent to $ 3.87 billion in the second quarter, but still has lost analysts’ expectations.

Ken Leone, CFFA’s banking industry analyst, said, “Banks are leveraging the healthy economy and increasing their debt, and this will improve results in the future.”

But banking stocks declined, as investors are likely to be disappointed because JP Morgan and Citigroup have reported decline in business revenue. In the recent months, the US The volatility in stocks and bond markets has been relatively low, making profits from market swings more difficult. JP Morgan has reduced it even as it expects an important indicator of profitability of the bank to grow from net interest income this year.

After the election of some investors Trump, the banks are taking advantage of the increase in the prices of shares and are trying to gain profit, industry analysts said. Despite a slight decline on Friday, shares of JPMorgan and Citigroup have been up 6 percent and 12 percent, respectively, this year so far. Wells Fargo, who is still struggling to repair his image from scams of his fake accounts, is still flat in 2017.

Trump has promised to rig the rules on the banking sector, saying that they have become very strict after the 2008 financial crisis. It has expressed hope among the big banks how they use their money and will get more flexibility in relieving annually “stress tests”, to prove that they can avoid any other financial crisis, although the House Has exceeded the legislation involving the industry’s many wishes, the Senate has not yet taken up this issue, and many banking officers will now be interested in the next year Hole is not expected to act.

But the issues facing United States are larger than the quarterly profit of the bank, Daimon said. “Who cares about the fixed income business in the last two weeks in June? I mean, seriously?”

Damon said that he had recently visited many countries including France, Argentina and Israel, and met with the Prime Ministers of India and China. “It is amazing to me that every one of those countries understands that the practical policies that promote trade and development are good for employment and wages for the average citizens of those countries.” “Good business is good for citizens of the country.”

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