Asks about Iran developments and market reaction given Dimon's previous warnings about underappreciated geopolitical conditions.
Leslie Picker
Jamie Dimon
Expresses hope for Middle East peace, notes markets not reacting dramatically, says economy not driven by such events unless prolonged.
Asks if Iran situation could lead to sustained inflation via higher oil prices.
Leslie Picker
Jamie Dimon
Doesn't think isolated event will cause sustained inflation; sees more inflation risk than people think; gas prices may rise slightly but not major unless prolonged.
Asks about risk of retaliatory cyber attacks on banks.
Leslie Picker
Jamie Dimon
Says keeping Western world safe for democracy is paramount; expects cyber/terrorist attacks; banks may be targets; considers cyber among highest risks banks face.
Asks about credit environment and 'dumb things' happening, referencing 2005-07 comparison.
Leslie Picker
Jamie Dimon
Individuals and corporations in good shape; governments not (especially US with record debt). Expects a credit cycle one day, possibly driven by geopolitics.
Jamie Dimon
Credit will have a normal cycle but believes it will be worse than normal when it happens due to complacency, high asset prices, low credit spreads, and poor underwriting across banks and private credit.