JPMorgan Chase CEO Jamie Dimon: How to Lead America's Largest Bank Through a "High Inflation" Cycle

Ask AI · How Dimon’s Management Philosophy Shapes Bank Resilience

“In this position, I am like a fine wine, getting better with age.” — Jamie Dimon, who has led JPMorgan Chase since 2006, summarized his outlook during a conversation with Fortune editor-in-chief Alyson Shontell. Photo credit: STUART ISETT FOR FORTUNE

Jamie Dimon, CEO of JPMorgan Chase, has guided this banking giant through multiple upheavals and epic disruptions. As of January 1, 2026, he will have served for twenty years. He led Wall Street through the 2008 financial crisis, managed the closures of First Republic Bank and Silicon Valley Bank, and after the chain reaction triggered by the April 2025 “Liberation Day” tariffs, he has advised leaders in multiple countries.

During this period, JPMorgan Chase has become the largest bank in the U.S., with operations worldwide and assets under management exceeding $4 trillion. Dimon himself has become a trusted policy advisor to presidents from both parties. Meanwhile, he has overcome two major health challenges: beating throat cancer and undergoing heart surgery during the global COVID-19 pandemic.

These experiences have cemented his belief in “living with clarity”—to quote him, his three top priorities are clear: family, country, and career. In October 2025, at the Fortune Most Powerful Women Summit in Washington, D.C., I had an in-depth conversation with Dimon, during which we also addressed audience questions about where his cautious approach might lead. Below are edited excerpts; for the full interview, visit fortune.com.

Please give us an overview of the current global economy.

The global economy has always been complex and unpredictable—that’s normal. The key is to compare it to “average levels.” But measuring this average has become increasingly complicated. Trade tensions, tariffs, and massive global deficits make the situation more intricate. Inflation remains stubborn, and geopolitical instability and the wave of re-militarization worldwide pose serious challenges.

I tend to be cautious, and with asset prices high—some already in bubble territory—I can’t afford to be complacent. The market seems to have already priced in a “soft landing” scenario for the economy.

Looking ahead to 2026, how likely is a recession? The market prices in about a 10% chance, but I believe 20% to 30% is more accurate. It’s rarely a single factor that causes a collapse; it’s usually multiple forces resonating together.

What long-term cycles are you watching that aren’t yet reflected in current data?

You can’t just focus on current data—you need to anticipate future trends. I have some predictive conclusions: the deficit problem won’t disappear and will eventually backfire—though I’m not sure exactly when.

Regarding inflation: healthcare costs are rising at about 10%, and food prices remain high. Immigration policies will push inflation higher, global rearmament will add to inflation, and restructured trade patterns will also contribute. The massive capital investments needed for AI and infrastructure will likely be inflationary in the short term. The risk is that if interest rates and inflation rise together, the Federal Reserve will lose room to cut rates and may even have to change its current policy stance.

We are much better prepared than most peers. All else equal, rising interest rates could benefit us. But if rates increase due to inflation and stagflation occurs, our lending volume could decline sharply, and many unpredictable situations could arise.

Let’s cut through the hype and get to the core. First, what’s your view on gold: is it overvalued or undervalued?

In today’s environment, gold could easily surge to $5,000 or even $10,000 an ounce. I’ve rarely said that holding some gold in a portfolio makes sense, but now is one of those times. With asset prices generally high, I factor this into my valuation of nearly all assets.

And Bitcoin? Is it still just a “pet rock”?

Blockchain technology has real applications. Stablecoins may indeed have a role. JPMorgan has launched JPM Coin. Tokens will become a reality, and programmable currencies will be implemented. As for Bitcoin, I won’t say much more—otherwise, you know, I might face death threats again.

What’s your take on the artificial intelligence bubble?

AI is not just hype. Everyone should actively adopt this technology. There’s no need to argue about open-source versus closed-source AI, or small models versus large models—these will develop in parallel. Its computing speed will only increase, and costs will decrease. JPMorgan has over 2,000 people dedicated to AI research, deploying hundreds of applications since 2012. AI helps us cut costs and increase revenue, with benefits of $2 billion to $2.5 billion precisely measurable. Today, AI is an integral part of JPMorgan’s daily operations.

But AI could also threaten many jobs.

AI will inevitably eliminate some jobs. We shouldn’t ignore or deny this. If the pace is too fast, society, government, and companies must work together—through job protection, retraining, transitional income support, or early retirement policies. Something must be done. We can’t just push people earning $150,000 a year into low-wage jobs of $30,000—this would cause social unrest and must be handled carefully. Meanwhile, everyone should learn AI skills and leverage them wisely.

In some ways, to address the ongoing fiscal deficits, President Donald Trump almost ran the U.S. government like a profit-making enterprise. Treasury Secretary Howard Lutnick suggested new revenue sources, like tariffs or mimicking Intel’s investment model—injecting capital in exchange for equity.

I believe the government should follow a pro-business, growth-oriented approach. While tariffs could generate about $400 billion annually, this revenue would partly offset the spending from the “Big Beautiful Bill,” which is essentially a new round of fiscal stimulus, mostly front-loaded.

The government must be cautious with such disparate deals. Their partnership with MP Materials, a rare earths company, was very successful—our firm served as financial advisor, and they signed long-term contracts vital for their survival. The Intel deal involves national security: advanced chips are crucial for security, but whether that transaction is appropriate is for experts with full details to judge.

You’ve been leading JPMorgan for nearly twenty years—what’s the secret to such longevity?

First, I love this job; it’s deeply fulfilling. But I also need rest—managing is tiring. I often tell people, managing is fun, except for two groups: clients and employees.

This role means a lot to me. We create opportunities for employees, do substantial charity work, support cities, schools, states, and hospitals, and are the largest small-business lender in the U.S. I’ve met presidents and prime ministers from various countries—those experiences are fascinating. But I want to emphasize: you must truly love this career and be diligent. You can’t just hold a position and do nothing—Tom Brady wouldn’t step onto the field and say, “I’ve played so long, I’m tired, I’ll sit this one out.”

A management tip: before meetings, I always thoroughly review pre-read materials, then focus entirely during the meeting—100% attention, no distractions. No dozing, no handling emails. If someone shows up with a tablet, pretending to check emails or notifications, I tell them to turn it off—disrespectful. If I can’t do these things myself, I should step down.

Another key: stay humble in learning. Whenever I don’t understand something, I call others for advice—I’m not an expert in all our businesses. If you become arrogant or lose curiosity, you risk dragging down the entire company.

I often mention our “road trip” tradition: every year, we wear jeans and Polo shirts, travel by bus with the management team to visit branches, small business clients, and service centers. We talk face-to-face with tellers and loan officers, buy them beers, and let everyone speak openly.

“Beer and candid talk”—that’s a management secret!

Today, I can easily find an assistant or teller for a one-on-one chat, and after each conversation, I note three urgent issues. I require the management team to do the same. This open, honest communication drives continuous improvement.

Audience question: The U.S. is eager to lead in AI, but current immigration policies hinder attracting top global talent. How can we achieve this goal?

We remain the “mountaintop city” attracting the world’s best talent. I once met with President Trump, who said, “Once I get border control in place—he did it quickly, and I give him credit—I will give green cards to everyone who gets a degree in the U.S., including advanced degrees.” I still agree with that. We should also provide pathways to citizenship for DACA recipients. Hopefully, one day, the U.S. will implement real immigration reform. Do you know how many H-1B visas are currently available? Only 600,000. Some companies will go to great lengths to bring in needed talent, so I believe solutions will be found.

Audience question: Many women here hope you will run for public office someday.

In this role, I am like a fine wine—better with age. But I think I’m still a bit too young to run for the highest office.

Shontell: Do you see yourself running for office in the future?

No. I love my current job. Running for office would mean giving up what I do wholeheartedly now, and pursuing an unrealistic goal. Right now, I can do my best for the country in my current role. In October 2025, we announced the “Security and Resiliency Initiative,” a $1.5 trillion plan. We support veterans, help low-income communities, and have recruited 15,000 veterans; we support schools, cities, states, and Detroit. That’s where I find my purpose. Focusing on these efforts already makes me satisfied.

Translator: Ren Wenke

Best Management Tip

Jamie Dimon emphasizes that effective leaders actively seek honest feedback from all stakeholders. “The military has a very good system called ‘after-action review,’ implemented even during training: What happened? How did it happen? The key is, it’s not just officers instructing soldiers unilaterally, but equal dialogue where everyone sits together and discusses. This open dialogue mechanism drives continuous progress.”

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