Dec 12 JPMorgan Chase & Co CEO Jamie
Dimon said the United States could have a "booming economy" in a
couple of months if lawmakers in Washington reach agreement to
deal with the looming spending cuts and tax increases known as
the "fiscal cliff."
A budget deal could mean 4 percent economic growth and a
drop in unemployment, Dimon said Wednesday at a New York Times
conference in New York. A deal would need to link any tax
increases with spending cuts, he said.
"The table is set very well right now," Dimon said, citing
healthy businesses, an increase in jobs and an improved housing
market. "Let's just keep it going."
On another topic, Dimon said the timing of recent changes in
his executive team at JPMorgan was due in part to the company's
$6.2 billion loss this year on large derivatives positions
established by a trader known as the "London Whale."
Since the loss was first disclosed in May, the company has
named a new chief financial officer, new heads of its segments
for investment banking and retail banking, a new head of its
Chief Investment Office, where the losses occurred, and new top
officers for risk management.
"The Whale accelerated certain things," Dimon said. The
changes were made primarily to make room in the bank's top ranks
for his potential successors, he said.
"If I don't move up the people who could be my successor, I
could lose them," he said.
Dimon, 56, said again that he does not want to become the
next U.S. Treasury secretary. Berkshire Hathaway Inc CEO Warren
Buffett recently said Dimon would be good for the job.
"I do not believe I am suited to it," Dimon said. "I don't
believe a CEO from Wall Street can get confirmed."