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Jamie Dimon Says Intellectual Property Theft Is A Serious Issue

Jamie Dimon, the CEO of JPMorgan Chase has said that the trade dispute was one that should be dealt with. “Absolutely a must”, he says.

The 63-year-old CEO says, “I am not in favor of tariffs, but when it comes to intellectual property theft, it is a serious issue”. They affect global companies, he says.

The trade war has been extending for long between the U.S. and China. It’s been a stalemate with each country imposing tariffs on the other. But recently, trade talks seem to look conclusive and negotiations are continuing towards an agreement.

The U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin have been heading the talks on behalf of the U.S. Dimon says that he is glad that the trade talks are progressing on, as they are disrupting the economy.

Jamie Dimon says that cybersecurity is the biggest threat to the nation’s financial system. He says that JPMorgan Chase spends almost $600 million annually on cybersecurity. About 3,000 people are employed towards cybersecurity protection of the company.

Similarly, David Solomon from Goldman Sachs considers cybersecurity as the top risk in the world. He lays emphasis on the proper coordination between the government and companies.

Dimon says that thoughtful policies have to be framed towards protecting data. However, protecting the democracy is even more crucial, he adds. Free speech should also be protected he says.

The tariffs hit out by Washington and Beijing against each other has affected the economy of both countries. They have brought a slowdown that has severely hampered growth. However, Dimon says that he is more optimistic about the U.S. economy. There are no worries about an immediate recession in the country, he says.

The economy “is chugging along”, says Dimon. Data released about the country’s performance are quite positive as unemployment is coming down, wages are moving up, there is short supply in housing and business confidence is good.