Jamie Dimon says economy is 'weakening,' warns of uncertain outlook

Economic Outlook - JPMorgan Chase CEO Jamie Dimon emphasizes caution regarding the U.S. economic outlook due to ongoing uncertainties related to tariffs and geopolitical issues [1][3] - Dimon notes that the economic impact of tariffs, immigration policy changes, and tax reforms under President Trump's One Big Beautiful Bill Act is still uncertain [3] Economic Conditions - Dimon expresses concerns that the economy is weakening, stating he is unsure if it is heading towards a recession or simply experiencing a slowdown [3] - He previously indicated that economic conditions could deteriorate soon, citing declining business and consumer confidence, a potential weakening labor market, and rising inflation [4] Banking Industry Insights - Dimon predicts further consolidation in the banking industry but downplays the likelihood of JPMorgan Chase acquiring banks domestically or internationally [7] - The company plans to launch a digital bank in Germany in 2026 after establishing a presence in the UK [7] Leadership Transition - Dimon has led JPMorgan Chase for over 19 years and has not provided a specific timeline for his retirement, although he anticipates stepping into the role of chairman of the board [10] - The board has identified potential successors, including Daniel Pinto, Jennifer Piepszak, Troy Rohrbaugh, Marianne Lake, and Mary Erdoes, for when Dimon eventually departs [13][14]