Govts must accept what they don’t do well, like banking: Jamie Dimon

Govts must accept what they don’t do well, like banking: Jamie Dimon

Governments should acknowledge the things they don’t do well, JPMorgan CEO Jamie Dimon has said, explaining why he thinks the Indian government‘s asset monetisation and divestment programme is a good idea.

Dimon, the longest serving CEO of JPMorgan, told the TOI in an interview that banking is one of those things that governments don’t do well.

“If you start making loans for political purposes, they will be bad loans. I’m optimistic because your government has generally tried to do the right things, and this is one of them,” Dimon said in the interview.

When it comes to bank privatisation what matters is what rules and constraints are imposed on those banks, Dimon said.

There would be vibrant banks, he said, if the government got it right on transparency, rule of law, ability to operate governance and accounting.

Dimon said India could attract a lot of foreign direct investment if it did “a lot of things properly around financial market transparency and international banks.”

On being asked whether his plans for India changed with the pandemic, Dimon replied his company was in the country for the long run.

“India has a great long-term growth capability. And how good that growth will be, will be predicated upon the seriousness and detail of your policies and the implementation of policies, ” he said.

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