BOISE, Idaho (CBS2) — The CEO of the world's largest investment bank visited Boise Tuesday, speaking with local company management and several other leaders throughout the Gem State.
Jamie Dimon, the CEO of JPMorgan Chase & Co., does an annual bus tour, stopping off at several cities and towns around the country. While not his first visit to Boise, Dimon was thoroughly impressed at the state's recent economic boom.
"All economies have ups and downs, and agriculture as you know has its own cycles as does cattle farming, as does technology by the way. So, every business has to prepare for that but the state in general is doing great."
Dimon first visited Spokane Monday, visiting Boise on Tuesday, with the intention of seeing firsthand what's fueled Idaho's growth over the last several years. His main objective however, is to visit local management to find out how JPMorgan Chase & Co. can improve the company for both customers and the community. The bank works with several clients, including Boise State University and St. Luke's.
"We see clients, we go to call center and up centers, we see small business clients, consumer clients," Dimon said regarding his trip. "We go to branches, we see CEO's which we're doing today later in Bozeman, and we learn a lot."
He mentioned that future JPMorgan will continue to use the full force of the firm to invest in Idaho's future.
Dimon also gave time to focus on inflation and interest rates, noting that government spending is at an all-time high. He did add however, that he thought spending on certain programs was a necessity.
"Recently, you see a lot of government spending, more government spending around the world than ever before with already high debt levels," Dimon said. "And that will create some capital conflict as people have to raise capital, and of course some of the things we do which we need to do, the green economy, the IRA the Chips Act, is more spending."
Dimon noted the odds of a recession are still uncertain, but he added that it's important to plan for one even if it never comes.
"As an individual, it's always about having a 'rainy day' fund," Dimon said. "Being prepared and for different people a certain amount of money, and you may need that by the way for a health problem or a broken car, and we try to teach people, 'be prepared for an event you can handle.'"
He compared the economy and recessions to the weather, saying that just like "highs and lows" there will be good and bad times for the U.S. and world economy.
In terms of imminent threats to the economy, Dimon said that a few things stood out above the rest:
Dimon noted that the War in Ukraine is a major concern due to the humanitarian crisis it causes, but also because it harms military and trade relationships. He spoke concerningly on Russia's use of nuclear blackmail thus far, saying that it's something the world desperately needs to avoid before anything escalates further.
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