JPMorgan: We considered quitting troubled eurozone
JPMorgan chief executive Jamie Dimon has admitted the bank considered pulling out of the eurozone’s most troubled nations on economic grounds.
Speaking to the FT, Dimon said the firm considered quitting Ireland, Italy, Portugal, Greece and Spain, but said it ultimately decided to stay based on social grounds.
The firm has around £9.5bn across the five countries. Dimon said the firm was aware of the risk and that it hoped to be doing business in those countries in 50 to 75 years time.
Speaking at the World Economic Forum in Davos, Dimon said that he was tired of banks being viewed as focusing solely on the short term.
He said: Short term profit means nada. If you asked me to increase your profit by 50 per cent next year, I could do it. Take a little more risk.”
Dimon said that would not be in the long term interest of customers, employees and shareholders and that his focus was on the next “five, 10, 15 years”.