By coinnews 
00:00 Speaker A
Well, JP Morgan Chase CEO Jamie Diamond did not announce his retirement today, but he did voice a market warning at the company’s investors day. Here with the details, Yahoo Finances David Hollrith. Jamie Diamond giving a warning, I I say it ain’t so.
00:17 David Hollrith
Well, so diamonds, uh, what stood out today of all of what he said, the most important thing is his present concern in, um, the fact that markets could be misjudging the effective, uh, impact of tariffs.
00:36 Speaker A
It’s pretty funny because a few months ago, didn’t he sort of say get over it about tariffs? He said he kind of at the beginning of the year, didn’t he kind of? This was before we got the worst case of the trade. Yes, exactly. He did.
00:54 David Hollrith
Here’s what he had to say though. Take a listen.
01:00 Jamie Diamond
My own view is you know where people feel pretty good because you haven’t seen an effect of tariffs. The market came down 10%, it’s back up 10%. I think that’s an extraordinary amount of complacency.
01:23 David Hollrith
So complacency was on the whole what he was warning about, and Diamond’s not alone in this either. Uh, Jane Fraser, she wasn’t really talking about the complacency so much as how much of a change, um,
01:37 Speaker A
The City Group CEO.
01:39 David Hollrith
everything has happened since since, uh, the April tariff roll out. And so, um, overall uncertainty was mentioned about 13 times during investor day just to keep track of it. So, uh, that goes to show just where, um, the bank is and their earnings are unchanged. Investment banking though, looks a little bit worse for the second quarter. Uh, trading also is a little bit lighter than expected.
02:15 Speaker B
What about retirement plans? Any more color and commentary there?
02:28 David Hollrith
Um, they talked about a lot of stuff, um, as far as like I I couldn’t tell you retirement plans. Did you listen to that today?
02:42 Speaker B
No, I just wondered if he gave any kind of firm answer there.
02:47 Speaker A
I mean, there were potential successors to Diamond who spoke today. His retirement, not retirement plans that they’re offering us, but his retirement, which is what people, although I’m interested in both. I mean he mentioned that too. Yeah, yeah.
03:10 David Hollrith
They talked about both. Um, as far as successors, what he did say, which is kind of interesting, he said he said everything is the same as it was last year, but also, uh, he said, obviously, if I stick around for another three years, which is in line with what he said, but also it’s more than the base case could have been. So so we got a little more clarity there.
03:35 Speaker B
Did he Was it the terms of Was it last year that he said like five years or something? Was that it?
03:42 David Hollrith
He said less than five years. Got it. So now we’re in this scenario where it’s the clock is still ticking and obviously this is a huge thing. He has built the bank into what it is now today. And so whoever his successor is, we need to know and the fact that they aren’t ready to deliver that does leave investors in a little bit of internal, uh, uncertainty too. So
04:11 Speaker B
For sure. All right, thank you, David.