WHEN: Today, Thursday, March 3rd
WHERE: CNBC's "Squawk Box"
Following is the unofficial transcript of a CNBC interview with JPMorgan Chase Chairman and CEO Jamie Dimon on CNBC's "Squawk Box" (M-F, 6AM-9AM ET) today, Thursday, March 3rd. Following are links to the interview on CNBC.com:http://video.cnbc.com/gallery/?video=3000498645 and http://video.cnbc.com/gallery/?video=3000498646.
All references must be sourced to CNBC.
BECKY QUICK: WELCOME BACK, EVERYBODY. ANDREW IS OVER AT JPMORGAN CHASE'S HEADQUARTERS IN MIDTOWN MANHATTAN. THAT'S WHERE THE COMPANY IS GEARING UP FOR ITS ANNUAL CEO SUMMIT. ANDREW IS SITTING DOWN RIGHT NOW WITH A VERY SPECIAL GUEST, JPMORGAN CHASE CHAIRMAN AND CEO JAMIE DIMON. ANDREW, TAKE IT AWAY.
ANDREW ROSS SORKIN: HEY, THANK YOU, BECKY. WE ARE HERE AT JPMORGAN AND THEY ARE HAVING THEIR CEO SUMMIT. THIS IS THEIR 18th CEO SUMMIT, BUT A LITTLE DIFFERENT THIS TIME BECAUSE THEY HAVE RENAMED THE SUMMIT AND THEY'VE RENAMED IT AFTER A MAN NAMED JIMMY LEE. JIMMY LEE WAS AN INVESTMENT BANKER, VICE CHAIRMAN AT JPMORGAN. AND IT'S GREAT TO HAVE YOU HERE, JAMIE. BEFORE WE GET INTO WHAT'S GOING ON IN THE WORLD, WE NEED ASK YOU ABOUT THE IDEA OF RENAMING THIS. FOR THOSE WHO DON'T KNOW WHO JIMMY LEE WAS, WHO WAS JIMMY LEE? WHY WAS THIS SO IMPORTANT TO YOU?
JAMIE DIMON: SO, THIS IS THE 18th CONFERENCE. IT WAS STARTED FIRST TIME IN DEER VALLEY 18 YEARS AGO BY JIMMY. AS YOU KNOW, WE HAVE CEOs, MOGULS, TITANS, POLITICIANS, FORMER GOVERNMENT OFFICIALS AND SO JIMMY WAS A FORCE NATURE. PROFESSIONALLY, JUST ABOUT EVERYONE KNOWS HIM. EVERYONE'S DEALT WITH HIM. HE TAUGHT A LOT OF PEOPLE HERE. HIS DNA IS EMBEDDED IN THIS COMPANY. JIMMY WAS ALWAYS ABOUT THE CLIENT. I SAID LAST NIGHT, WHEN JIMMY TALKS ABOUT WE, HE'S TALKING ABOUT HIM AND THE CLIENT. HE'S NOT TALKING ABOUT NOT JPMORGAN. SO HE'S PART OF THE DNA HERE. WE THOUGHT IN HIS HONOR, WE WOULD NAME IT THE JAMES B. LEE CEO SUMMIT. WE HAD THREE OF HIS CHILDREN HERE LAST NIGHT. WE DID A GREAT VIDEO. BUT ON A PERSONAL LEVEL, WHICH I THINK IS EQUALLY IMPORTANT, PEOPLE FORGET IN THIS WORLD, JIMMY WAS LOVED AND ADORED BY LOT OF PEOPLE. SO YOU SAW IN THAT TAPE YESTERDAY ALL THESE CEOs, MOGULS, TITANS, SOME WITH TEARS IN THEIR EYES, ALL SAYING I LOVE YOU JIMMY. AND THEY REALLY DID. YOU KNOW, JIMMY WOULD COME IN MY OFFICE LIKE EVERY DAY AND WANT TO GIVE YOU A HUG AND HOW YOU DOING. SO HE WAS AN EXCEPTIONAL GUY AND WE JUST WANT TO HONOR HIM AND REMEMBER HIM.
SORKIN: HE WAS AN AMAZING MAN. I DO WANT TO READ A QUOTE REAL QUICK. THIS IS FROM DAN LOEB LAST YEAR RIGHT WHEN HE PASSED. HE SAID, "JIMMY LOVED WALL STREET MORE THAN ANYONE I'VE KNOWN. HE WASN'T DRIVEN BY MONEY OR DEALS, BUT HIS PASSION FOR PEOPLE." AND IT'S ONE OF THOSE THINGS I GO BACK AND I READ THAT OFTEN. LET ME ASK YOU THIS. JIMMY WAS A DEAL MAKER. VOLATILITY IS THE ENEMY OF DEAL MAKING. WHAT WOULD JIMMY MAKE OF THIS MARKET? I KNOW YOU SAID IT IS OVERDONE, WHAT WOULD JIMMY SAY?
DIMON: JIMMY WAS A CLIENT GUY. SO IT WAS WHAT THE CLIENT NEEDED, WHAT THEY WANTED. HE WOULD GET ON AN AIRPLANE AND GO ANYWHERE. AND THE DEAL WAS JUST PART OF IT. IF SOMEONE WANTED TO DO A DEAL AND STUFF LIKE THAT, SO HE PUT HIMSELF LITERALLY IN THE CLIENT'S SHOES AND HE ALSO PRIDED HIMSELF AND WHEN HE DOES THOSE THINGS, HELPING THE COMPANY GROW AND EXPAND AND HELPING HIS COUNTRY. YOU KNOW A LOT OF PEOPLE DON'T KNOW HE WAS VERY RELIGIOUS. HE DEEPLY BELIEVED IN AMERICA. REMEMBER HE WOULD ALWAYS MAKE THIS QUOTE WHICH I HOPE THE WORLD REMEMBERS. HE WAS SHORT PESSIMISM AND LONG AMERICA. AND THAT IS THE WAY HE FELT. AND HE BONDED WITH SOMEONE, AS HE BONDED WITH YOU. HE LOVED YOU. HE WOULD CALL YOU AND WANT TO TALK TO YOU. AND IF HE THOUGHT HE COULD HELP YOU, HE WOULD CALL YOU UP AND GIVE YOU SOME ADVICE OR A SPANKING EVERY NOW THEN.
SORKIN: BOTH OF THOSE THINGS. WHILE I HAVE YOU HERE, AND AS I DID MENTION, VOLATILITY. YOU LAST WEEK SAID IT'S OVERDONE. YOU ARE NOT A PESSIMIST. YOU'RE LIKE JIMMY.
DIMON: WHEN I WAS IN DAVOS I SAID WHAT WE SEE IS THE AMERICAN ECONOMY, THE ACTUAL ECONOMY, THE 145 MILLION PEOPLE WORKING, MORE PEOPLE WORKING, WAGES GOING UP, THEY ARE SPENDING MONEY, THEY'RE SPENDING T&E, THEY ARE SPENDING THE GAS. WE SEE THE ACTUAL DATA. THEIR BALANCE SHEETS ARE IN BETTER SHAPE THAN IT'S EVER BEEN OR AT LEAST SINCE IT'S BEEN RECORDED, THE CONSUMER. THEY ARE BUYING CARS AT ALL TIME RECORDS. HOME SALES ARE GOING UP. HOUSEHOLD FORMATION IS GOING UP. THAT'S PRETTY GOOD. WE ALL WANT TO BE BETTER TO LIFT UP MORE PEOPLE.
SORKIN: SO WHAT'S THE MARKET MISSING?
DIMON: NOTHING. THE MARKET IS SOMETIMES IRRATIONAL AND SOMETIMES RATIONAL. THERE'S THIS LONG LIST OF WORRIES THAT PEOPLE HAVE NOW FROM YOU KNOW, QE – THE UNWINDING OF QE, THE NEGATIVE INTEREST RATES. AND I THINK PEOPLE ARE KIND OF BREATHLESS ABOUT THAT ONE. YOU KNOW, CHINA. BUT THE FACT IS, THERE'S ALWAYS A LIST OF WORRIES. SO IF YOU GO BACK – ACTUALLY, THERE WAS A REPORTER WHO WROTE A THING SAYING, YOU KNOW, WE GET BREATHLESS TODAY, GO BACK AND SEE WHAT YOU SAID A YEAR AGO WHEN YOUR BREATH WAS ABOUT SOMETHING DIFFERENT. AND THOSE THINGS REALLY MATTER. SO YOU KNOW, THOSE ARE REAL CONCERNS. I'M NOT GOING TO DIMINISH THOSE CONCERNS. BUT YOU KNOW, IF CHINA GROWS AT 4%, 5%, AND AMERICA IS GROWING AT 2%, THAT'S A GOOD THING. WE ALL WANT MORE. WE ALL THINK IT'S NOT ENOUGH TO ACTUALLY HELP ENOUGH PEOPLE.
SORKIN: JIMMY GREW IN A TIME WHEN BANKS TRADED AT MULTIPLES OF THEIR BOOK VALUE. TODAY THEY TRADE UNDER THE BOOK. WHAT WOULD JIMMY THINK ABOUT IT AND WHAT DO YOU THINK ABOUT IT? WHAT TURNS THAT OR DOES IT?
DIMON: I DON'T CARE WHAT BANKS TRADE AT. I CARE WHAT JPMORGAN TRADES AT. I DON'T THINK WHAT YOU SAID IS TRUE. IF YOU LOOK AT THE HISTORY OF BANKS, IT'S BEEN QUITE A CYCLE. SO LIKE EARLY ON, SOME OF THESE BANKS – I MEAN, IF YOU GO BACK TO WHEN I STARTED WORKING – CHEMICAL BANK, MANNY HANNY, BANK ONE, FIRST CHICAGO, JPMORGAN, CHASE – ALL WORTH LESS THAN A BILLION DOLLARS. OKAY? AND THEY, IN CERTAIN RECESSIONS, THEY WERE DOWN AT THEIR KNEES, TOO. SO, JIMMY WOULD SAY WHAT I SAY. BUILD A COMPANY, SERVE THE CLIENT, DO A GREAT JOB. SYSTEMS PEOPLE, TECH OPS, RESEARCH – ALL THE THINGS WE DO AND WE OPERATE IN 100 COUNTRIES AROUND THE WORLD. WE HAVE SERVED SOME OF THESE COMPANIES IN 50 COUNTRIES. HE WOULD BE TELLING YOU JAMIE TELL THEM WHAT A GREAT JOB WE DO AND THAT WE ARE GOING TO DO MORE OF IT. WE WOULD BE AND STEADFAST. YOU ARE THERE FOREVER FOR YOUR CLIENT AND THE COUNTRIES. YOU'RE NOT IN AND OUT. YOU'RE NOT DOWN, YOU DON'T RUN. YOU DON'T RUN AND HIDE WHEN THINGS GET A LITTLE BAD. SO LIKE, WHAT ARE WE DOING IN THE OIL PATCH TODAY? WE ARE GOING TO TRY TO WORK WITH OUR COMPANIES TO GET THEM THROUGH THIS. NOT RUN AND HIDE.
SORKIN: HOW BAD IS THAT, BY THE WAY?
DIMON: YOU'RE GOING TO SEE BANKRUPTCIES AND PROBLEMS AND STUFF LIKE THAT. I THINK A LOT, YOU KNOW, WE'RE IN A VERY SENIOR POSITION, SO WE'RE ABSOLUTELY FINE. BUT WE WANT TO HELP THEM THROUGH IT. I WANT TO GO TO HOUSTON IN A YEAR AND HAVE PEOPLE IN HOUSTON SAY JPMORGAN THANK YOU FOR STICKING BY US AND HELPING US THROUGH THE TOUGH TIMES. NOT YOU KNOW, YOU GUYS, WHEN IT GOT TOUGH, YOU UPPED AND RAN.
SORKIN: WILL IT STILL BE TOUGH TIMES FOR THE ENERGY PATCH A YEAR FROM NOW?
DIMON: I DON'T KNOW. I DON'T THINK ANYONE KNOWS. BUT YOU KNOW, THE FUTURE CURVE SHOWS OIL AT 40, YOU KNOW, EVENTUALLY IT'S SUPPLY AND DEMAND WILL SORT OUT. YOU KNOW, IT'S OBVIOUSLY CONFUSING TO FIGURE OUT HOW IT IS GOING TO HAPPEN, BUT IT WILL EVENTUALLY HAPPEN. THIS HAS HAPPENED TO ALL COMMODITIES. OKAY? AND SO IT'S NOT SURPRISING THAT COMMODITIES HAVE IMBALANCES AND YOU HAVE RAPID MOVES. THIS WAS OBVIOUSLY VERY LARGE AND "UNEXPECTED." I DON'T REMEMBER ANY ONE OF THEM BEING EXPECTED.
SORKIN: TWO QUICKIES. NEGATIVE INTEREST RATES. WHAT DO YOU THINK OF THAT? DOES THAT MAKE SENSE TO YOU?
DIMON: MY VIEW, FIRST OF ALL, IN THE UNITED STATES, I DON'T THINK IT'S IN THE CARDS. AND PEOPLE SAY, WELL IT'S THE LAST THING THE CENTRAL BANKS – THAT'S JUST NOT TRUE. I THINK THERE ARE PLENTY OF TOOLS. AND THERE ARE ALSO FISCAL TOOLS. SO IF I WAS IN THE CENTRAL BANK, I WOULD BE WORKING WITH THE POLICY MAKERS ON THE FISCAL SIDE SAYING WE NEED JOINT COORDINATED INTELLIGENT POLICY NOT THE CENTRAL BANK TRYING TO MAKE UP FOR EVERYTHING. OR EVERY TIME THERE IS A WOBBLE IN THE MARKET, LIKE WE ALL LOOK AT THE CENTRAL BANK. YOU KNOW, OVERSEAS, LOOK, I DON'T THINK IT IS GOING TO WORK THAT WELL. I THINK IT IS GOING TO HAVE A LOT OF UNINTENDED CONSEQUENCES THAT WE DON'T UNDERSTAND. AND YOU GUYS WILL BE WRITING BOOKS FOR 50 YEARS ON IT. LIKE WHAT WE COULD HAVE DONE, SHOULD HAVE DONE, MIGHT HAVE DONE AND LEARN.
SORKIN: OK. FINAL QUESTION. JIMMY WAS A REPUBLICAN, YOU HISTORICALLY HAVE BEEN A DEMOCRAT. WHAT WOULD THE CONVERSATION BE ABOUT WHAT'S GOING ON TODAY IN POLITICS?
DIMON: SO WE BOTH LOVE THE COUNTRY DEEPLY AND WE BOTH THINK THE VALUES ARE IMPORTANT. WE BOTH WOULD HAVE SAID THINGS LIKE – I DON'T REALLY CARE IF A PERSON IS A DEMOCRAT OR REPUBLICAN. I THINK EVERYONE SHOULD READ THE OTHER SIDE, UNDERSTAND THE OTHER SIDE, COLLABORATE. YOU KNOW, WE EXTOLL GEORGE WASHINGTON AND ABE LINCOLN. WE TALK ABOUT – AND THEY ARE GODS. BUT THEY DID NOT DENIGRATE PEOPLE, THEY DIDN'T DEMORALIZE PEOPLE, THEY DIDN'T SCAPEGOAT PEOPLE, THEY DIDN'T STORM AT PEOPLE, THEY WORKED WITH PEOPLE AND THEY COMPROMISED AND THEY COLLABORATED TO DO THE BEST THING FOR THE PEOPLE. YOU AND I CAN HAVE A LONG DISCUSSION ABOUT WHAT THOSE POLICIES ARE AND HOW WE CAN LIFT UP THE PEOPLE WHO NEED IT, WHICH I WANT TO DO. A LOT OF MY REPUBLICAN FRIENDS WANT TO DO. WHAT YOU TALK ABOUT IS HOW YOU DO IT. EARNED INCOME TAX CREDITS, WORK FOR US, EDUCATION, SKILLS. NOT JUST EITHER OR. THE WORLD IS NOT BINARY. I THINK THE PRESSURE – THIS BINARY THING. THIS WAY OR THAT WAY. SOME OF THESE THINGS IF WE SIT DOWN, WE'LL FIND A SOLUTION AND WE WILL MAKE IT BETTER. FOR ALL THE PEOPLE OUT THERE, THIS COUNTRY IS GOING TO DO FINE. WE CAN DO BETTER. IT'S THE BEST IT'S EVER BEEN. WARREN BUFFETT SAID IT LAST NIGHT, IT'S AN UNBELIEVABLE COUNTRY. EVEN AT 2% GROWTH, THE AVERAGE GDP PER PERSON – THE AVERAGE FOUR PERSON FAMILY IS GOING TO GO UP $75,000 OVER THE NEXT GENERATION. 75,000. THAT'S AN UNBELIEVABLE THING. SHOULD IT BE SHARED DIFFERENTLY? PROBABLY. YOU KNOW, WILL THERE BE SOME UPSET? YOU GUYS ALWAYS POINT OUT TECHNOLOGY IS GOING TO TAKE AWAY JOBS. TECHNOLOGY PRODUCTIVITY IS THE BEST THING THAT EVER HAPPENED TO MANKIND. IF IT HADN'T HAPPEN, YOU ALL, ALL OF US WOULD BE HUNTING BUFFALO AND LIVING IN TENTS AND DYING AT 35. SO PEOPLE HAVE GOT TO BE VERY CAREFUL WHEN THEY KILL THE GOLDEN GOOSE. IF THINGS HAPPEN THAT MAKE IT BETTER, FIX IT. RETRAINING, EDUCATION. PROPER SAFETY NETS. SO JIMMY AND I WOULD BE TALKING ABOUT HOW WE COULD MAKE IT BETTER AND OFFERING OUR HELP. SO WHAT WE TRY TO DO THROUGHOUT ALL THE CRISIS ALL AROUND THE WORLD, EVEN WHEN WE ARE GETTING KILLED BY SOME OF THESE PEOPLE, WHAT CAN WE DO TO MAKE IT BETTER FOR THE PEOPLE OF YOUR COUNTRY. PERIOD.
SORKIN: JAMIE DIMON, THANK YOU. AND THANK YOU FOR HONORING JIMMY, TODAY.
DIMON: THANK YOU. AND THANK YOU FOR COMING HERE AND DOING THIS. AND WE REALLY DO MISS HIM. THANK YOU.
About CNBC:
With CNBC in the U.S., CNBC in Asia Pacific, CNBC in Europe, Middle East and Africa, CNBC World and CNBC HD , CNBC is the recognized world leader in business news and provides real-time financial market coverage and business information to approximately 371 million homes worldwide, including more than 100 million households in the United States and Canada. CNBC also provides daily business updates to 400 million households across China. The network's 15 live hours a day of business programming in North America (weekdays from 4:00 a.m. - 7:00 p.m. ET) is produced at CNBC's global headquarters in Englewood Cliffs, N.J., and includes reports from CNBC News bureaus worldwide. CNBC at night features a mix of new reality programming, CNBC's highly successful series produced exclusively for CNBC and a number of distinctive in-house documentaries.
CNBC also has a vast portfolio of digital products which deliver real-time financial market news and information across a variety of platforms. These include CNBC.com, the online destination for global business; CNBC PRO, the premium, integrated desktop/mobile service that provides real-time global market data and live access to CNBC global programming; and a suite of CNBC Mobile products including the CNBC Real-Time iPhone and iPad Apps.
Members of the media can receive more information about CNBC and its programming on the NBC Universal Media Village Web site at http://www.nbcumv.com/mediavillage/networks/cnbc/.