JPMorgan CEO Jamie Dimon Compares Current Market to 2008 Crisis: "Stupid Things Are Being Done"

Warning of Risky Competition in the Financial Sector JPMorgan Chase CEO Jamie Dimon stated that current competitive conditions in the financial world show similarities to the dangerous period preceding the 2008 global financial crisis.
Recalling that the uncontrolled lending race of that era ended in disaster, Dimon drew attention to the risks of the current market trajectory.
Expectation of Deterioration in the Credit Cycle Predicting that the credit cycle will inevitably deteriorate again, Dimon noted that it is difficult to give a precise date for this downturn.
He observed that some financial institutions are taking risky steps to increase net interest income, emphasizing that JPMorgan will not follow a similar path.
"I See Stupid Things Being Done" Comparing the current situation to the period between 2005 and 2007, Dimon evaluated the process with the following words: "It was almost the same thing.
A rising tide was lifting all boats, everyone was making a lot of money.
I see some people doing wrong and risky things just to create net interest income." JPMorgan's Strategic Choice Dimon underlined that JPMorgan will stay away from the strategy of providing short-term income growth by issuing riskier loans.
Stating that past mistakes should not be repeated, the CEO signaled that the bank will maintain its cautious stance without compromising credit quality.