Live podcast with Jamie Dimon, CEO JPMorgan Chase: Corporate culture, risk and the global economy

Hi, everyone. I'm Nicolas Tangen, the CEO of the Norwegian SoHo and Wealth Fund. Today, I'm in really good company because I'm here with the one and only Jamie Dimon. He runs the largest bank in the world, twenty years at the helm, and his annual shareholder letters are mandatory reading for everybody in the financial sector. We recorded this live on stage at our investment conference in Oslo. We are proud investors in JPMorgan. Jamie, welcome to In Good Company. JPMorgan's origins trace back to 1799 to a company founded to supply water to a growing New York City. It quickly evolved into a bank and shaped its lasting legacy. Over the next two centuries, it grew alongside the economy, financing railroads, supporting industry, and expanding with global trade. But its role became most visible in moments of crisis. In nineteen o seven, as panic spread through the financial system, JPMorgan helped organize a response, stabilizing markets at a critical moment and exposing the need for a central bank. Through the Great Depression, it endured one of the most severe economic downturns in modern history. In 2000, the merger of JPMorgan and Chase Manhattan created a new kind of institution. And in 2008, it stepped into the center of the crisis, acquiring Bear Stearns and Washington Mutual. Built on generations of decisions and culture, today, JPMorgan Chase stands among the largest and most influential financial institutions in the world. Welcome. It's George. You are there. Well, warm welcome. Warm welcome. When we look at these pictures showing the history, the first question has to be what what is the culture that has made you able to be so successful now after two hundred years? Well, first of all, welcome everybody. Thrilled to be here. He is persistent by the way. When he asked me about do I come in 2025, I said I can't. He said what about this date in 2026? So here so here I am. I am thrilled to be here. It's wonderful. Cultures are but my whole life I was always cautious about when we talk about culture because you could say all the words, a lot of clients say employees, customers, and they don't mean it. So the real way you develop a culture is you just you're just driving it with grit and courage, like, every meeting, everything you do, every trip you make, every person you hire, every person you fire, that that you it really is about doing the right thing for the customer eventually. Now, obviously, do they gotta take care of your employee? A lot of cultures on Wall Street as you know, it was about money. How much money can someone make and, you know, some of the some of the things in Wall Street are built on the compensation schemes. They're not serve a client scheme and so so I've just been relentless. You know, when we first did the JPMorgan Bank One merger in 2004, I …