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While Dimon didn’t absolve bank management of responsibility, he did point out that this was not the finest hour for many players involved. When uninsured depositors of Silicon Valley Bank realized it was losing money selling securities to keep up with withdrawal requests, they pulled their cash, causing regulators to step in and seize the bank.
“This is not to absolve bank management – it’s just to make clear that this wasn’t the finest hour for many players,” he said. “All of these colliding factors became critically important when the marketplace, rating agencies and depositors focused on them.”
JPMorgan’s future tied to AI
Dimon, the last big-bank CEO still standing from the 2008 financial crisis, has the industry hanging on his every word.
According to Dimon, JPMorgan’s future is tied to artificial intelligence, which he called “extraordinary.” He even named ChatGPT, the natural language processing tool, as one of the ways it is looking to “augment and empower employees.”
But don’t be fooled, AI isn’t just for marketing and spotting risks; it’s also a key weapon in the fight against fraud and cyberattacks. “Because you can be certain that the bad guys will be using it, too,” Dimon warned.
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