00:00 Speaker A
Well, JP Morgan Chase CEO Jamie Diamond has not announced his retirement today, but he did a market alert on the company's investor day. With the details, Yahoo finances David Hollrith. Jamie Diamond who gives a warning, I say it is not.
00:17 David Hollrith
Well, so diamonds, uh, what stood out of everything he said, the most important thing is his current care in, eh, the fact that markets can misunderstand the effective, UH, impact of rates.
00:36 Speaker A
It is pretty funny because he did not say a few months ago that he is going over rates? He said he was not the case at the beginning of the year? This was before we got the worst case of the trade. Yes, exactly. He did that.
00:54 David Hollrith
However, this is what he had to say. Listen.
01:00 Jamie Diamond
My own opinion is that you know where people feel reasonably well because you have not seen any effect of rates. The market fell by 10%, it is 10%back. I think that is an extraordinary amount of complacency.
01:23 David Hollrith
So the complacency was generally where he warned, and Diamond is not alone in this. Uh, Jane Fraser, she was not so much talking about complacency as how much change, eh, eh,
01:37 Speaker A
The Cito -CEO of the city group.
01:39 David Hollrith
Everything has happened since, uh, the rate of April rolls out. And so, UM, the overall uncertainty was mentioned about 13 times during the investor day to keep track of. So, uh, that shows where, UM, the bank is and their income is unchanged. Investment banking, however, looks a bit worse for the second quarter. Uh, trade is also a bit lighter than expected.
02:15 Speaker B
What about pension plans? Even more color and comment there?
02:28 David Hollrith
Uh, they spoke about many things, EHM, as far as II could not tell your pension plans. Did you listen to that today?
02:42 Speaker B
No, I just wondered if he gave a strong answer there.
2:47 AM Speaker A
I mean, there were potential successors from Diamond who spoke today. His retirement, no pension plans they offer us, but his retirement, that is what people, although I am interested in both. I mean, he said that too. Yes, yes.
3:10 AM David Hollrith
They spoke about both. Uh, as far as successors, what he said, what is a bit interesting, he said he said that everything is the same as last year, but also, uh, he said of course, if I stay for three years, what he said, but it could also have been more than the basic store. So we became a little more clarity there.
3:35 AM Speaker B
Was it the conditions last year that he said for five years or something? Was that it?
3:42 AM David Hollrith
He said less than five years. I have it. So now we are in this scenario where the clock still taps and this is clearly a huge thing. He built the bank in what it is today. And therefore whoever is his successor, we need to know and the fact that they are not ready to deliver that investors also leave a little internal, uh, uncertainty. So
4:11 AM Speaker B
Certainly. Okay, thank you, David.
