ETF News

JP Morgan's Dimon rolls eyes up at gloom and Davos billionaires

Feb 23 (Reuters) - JP Morgan Chase & Co Chief Executive Jamie Dimon said on Tuesday that current worries over the state of the global economy reminded him of excessive talk of gloom at the elitist World Economic Forum in Davos, Switzerland.

“They (the attendees at Davos) have always been wrong. I went there in 2007 and 2008 and they were wrong back then and then in 2009 they were completely panicked about the whole world,” Dimon told an annual investor day in New York.

“Everyone has become a risk expert, fear, fear, fear, fear, fear, fear, fear. Every report that comes out from official institutions says they are worried about the fate of this, there are going to be fire sales of that. It is getting overdone,” Dimon said.

The World Economic Forum, held every year in the Swiss ski resort of Davos, focuses on trying to solve the world’s problems, such as income inequality.

But Dimon said the best description he had heard of the meeting was that: “It is where billionaires tell millionaires what the middle class feels.” (Reporting by Carmel Crimmins; Editing by Tom Brown)