At JPMorgan Chase’s 2016 annual meeting of shareholders, CEO Jamie Dimon took the occasion to point toward the marriage, established and ongoing, between finance and technology, which may be viewed as a tailwind for market presence on a global scale and in new greenfield opportunities as well. In his remarks delivered at the meeting on Tuesday (May 17), Dimon said: “When I travel around the world and we do business in over 100 countries, our clients are almost uniformly pleased with us. In fact, most cities, states and countries want more of JPMorgan Chase.”
Just what do those locations, writ large and small, want from JPMorgan? Dimon answered: “They want us to bring more of our resources from our financial capabilities and technology, our human capital and expertise to their communities. While we do not know what the next few years may bring, we are confident that … our clients around the world will continue to grow and our consistent strategy of building for the future and being there for our clients, in good times and bad, has put us in very good stead. Whatever the future brings, we believe that we’ll face it from a position of strength and stability.”
With reference to individual market presence, Dimon said: “To date, virtually all of our businesses are close to best-in-class in overhead ratios and in return on tangible equity. In addition, our businesses have been gaining markets in the recent years and that can only happen when you are creating happy clients.”
“And importantly,” added the executive, “we continue to make sizable investments for the future. These investments are in technology and infrastructure, as well as other organic growth opportunities, including new retail branches, new wholesale branches outside of the United States, new Chase private client locations, commercial banking expansion cities and the addition of small business bankers … We are also focused on other exciting investments and innovative initiatives, including digital banking, payments, Big Data, segmentation, electronic trading and the IB and the JPMorgan Chase Institute.” In addition, Dimon said that a strong regulatory climate means that banks that are meeting those stricter requirements must also be on track towards satisfying consumer demands.
In shareholder voting seen that day, an overwhelming 97 percent of voters rejected a proposal to break the bank down into smaller entities.