Sen. Warren ‘belittles’ JP Morgan CEO over bank overdraft fees: Bankers Assoc. CEO
Consumer Bankers Association CEO Richard Hunt reacts to Sen. Elizabeth Warren and JP Morgan CEO Jamie Dimon clashing over overdraft fees at the Senate hearing.
JPMorgan Chase & Co. CEO Jamie Dimon said COVID-19 appears to be "in the rear-view mirror" for American consumers, who are emerging from the pandemic with more money in their pockets and the desire to spend it.
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During his second-quarter earnings call with investors on Tuesday, Dimon was asked for his take on how things look today amid talk of "peak inflation" and "peak growth" compared to 2011 or so as the U.S. emerged from the financial crisis from a few years prior.
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"I think they are completely different, fundamentally," Dimon replied, saying, "coming out of the '09 crisis, the world was massively over-leveraged…the consumer was over-leveraged, companies were over-leveraged."
The CEO said that is not the case today.
"The pump is primed," Dimon said on the call. "The consumer, their house value is up, their stock values are up, their incomes are up, their savings are up, their confidence is up, the pandemic is kind of in the rear-view mirror – hopefully, nothing gets worse with it."