WHEN: TODAY, WEDNESDAY, MAY 11
WHERE: CNBC'S "SQUAWK BOX"
Following is the unofficial transcript of a CNBC interview with JPMorgan Chase Chairman & CEO Jamie Dimon on CNBC's "Squawk Box" today. Following are links to video of the interview on CNBC.com: http://video.cnbc.com/gallery/?video=3000516824, http://video.cnbc.com/gallery/?video=3000516825 and http://video.cnbc.com/gallery/?video=3000516826.
All references must be sourced to CNBC.
JOE KERNEN: JOINING US NOW TO TALK THE MARKETS, THE ECONOMY, THE BANKING SECTOR AND MUCH MORE, JPMORGAN CHASE CHAIRMAN AND CEO JAMIE DIMON. GREAT PLEASURE TO HAVE YOU ON THE SHOW THIS MORNING, JAMIE. I'LL START QUICKLY BECAUSE YOU KNOW IT'S ALWAYS COMING WHENEVER WE GET TO TALK AND YOU'RE ALWAYS VERY HONEST AND STRAIGHTFORWARD. YESTERDAY WE HAD KINDLER ON FROM MORGAN STANLEY. HE SAID THERE IS STILL A LOT OF FINANCIAL ACTIVITY THAT IS NOT MOVING AHEAD AND THAT NO MATTER WHO IS ELECTED IN NOVEMBER, IT'S GOING TO GET BETTER THAN WHAT IT'S BEEN FOR THE FINANCIAL SECTOR. DO YOU AGREE WITH THAT?
JAMIE DIMON: JOE, GOOD MORNING. SCOTT, KELLY AND MY BUDDIES DAVID AND KEN LANGONE, IT'S A PLEASURE TO BE ON WITH YOU. LOOK, I DON'T KNOW. IT'S VERY HARD TO FORECAST THE FUTURE. WE SEE THERE IS PLENTY OF ACTIVITY NOW. BOND MARKETS SEEM TO BE RATHER WIDE OPEN. THERE IS A LOT OF M&A CHATTER. IT'S OBVIOUSLY FAR BETTER IN APRIL AND MAY THAN IT WAS IN JANUARY AND FEBRUARY. AND I'M HOPING WHOEVER BECOMES PRESIDENT, THE AMERICAN ECONOMY CONTINUES TO DO WELL. I DO THINK IF THE NEXT PRESIDENT DOES THE RIGHT THINGS AROUND IMMIGRATION, CORPORATE AND INDIVIDUAL TAX REFORM, PROPER INFRASTRUCTURE SPENDING, AMERICA WILL BE BOOMING AND THAT BOOM WOULD HELP THE PEOPLE WHO NEED IT MOST. THE PEOPLE AT THE BOTTOM OF THE LADDER.
KERNEN: SO, YOU'VE BEEN OUTSPOKEN IN THE PAST. BARELY A DEMOCRAT. SOME OF THOSE GREAT COMMENTS THAT YOU'VE MADE IN THE PAST. AND I'M SURE THERE WAS A TIME IN HILLARY CLINTON'S PAST WHERE SHE LOOKED LIKE SHE MIGHT BE FRIENDLY TO THE PRIVATE SECTOR AND TO THE BANKING GROUP. IN YOUR HEART OF HEARTS, DO YOU THINK SHE STILL IS AND HAS REALLY BEEN JUST PUSHED TOO FAR LEFT BY BERNIE SANDERS? OR IS THIS THE REAL HILLARY WE'RE SEEING NOW? AND WOULD IT BE DETRIMENTAL TO YOUR BUSINESS?
DIMON: MY FRIENDS OUT THERE, KEN AND DAVID, KNOW THAT ANOTHER BOARD MEMBER OF OURS WHEN YUM BRANDS WENT PUBLIC A LONG TIME AGO WAS JOHN WEINBERG. HE USED TO SAY SOME PEOPLE GROW INTO THE JOB AND SOME PEOPLE SWELL INTO IT. YOU DON'T REALLY KNOW WHAT SOMEONE COULD BE LIKE WHEN THEY GET THE BIG JOB, AND THAT COULD BE THE PRESIDENT OR THE CEO, UNTIL THEY'RE DOING IT. AND YOU KNOW, WE ALL WANT THEM TO DO WELL. SO I JUST DON'T KNOW. I WANT PEOPLE – WHAT I KNOW WHAT DOESN'T WORK IS DENIGRATION, SCAPEGOATING, FINGER POINTING AND YELLING. AND WHAT DOES WORK IS COLLABORATION AND ANALYSIS. YOU KNOW, GETTING PEOPLE TOGETHER ACROSS THE SPECTRUM FROM CIVIC SOCIETY, NOT FOR PROFIT, EDUCATION, GOVERNMENT AND BUSINESS, AND THINGS WILL WORK. YOU CAN MAKE THEM WORK FOR EVERYBODY.
DAVID NOVAK: HEY JAMIE, I REALLY APPRECIATE YOU CALLING IN FROM, I THINK YOU'RE IN SILICON VALLEY. WHAT ARE YOU DOING OUT THERE?
DIMON: I'M WITH MY MANAGEMENT TEAM AND WE ARE ACTUALLY VISITING ALL THE COMPANIES OUT HERE, LARGE AND SMALL, TALKING ABOUT CLOUD, DATA, SECURITY, MACHINE LEARNING, INFRASTRUCTURE, ALL THE THINGS THAT WE NEED TO STAY ON TOP OF. IT'S BEEN GREAT. WE'RE LEARNING A LOT. WE'RE TAKING A LOT OF NOTES. WE'RE PROBABLY GOING TO MAKE A LOT OF DIFFERENT THINGS WHEN WE GET BACK TO NEW YORK.
NOVAK: GREAT, GREAT. YOU KNOW, ONE OF THE THINGS WE'VE TALKED ABOUT OBVIOUSLY, IS RECOGNITION. YOU'RE IN AN INDUSTRY THAT CONSTANTLY GETS VILIFIED. HOW DO YOU PUMP UP THE TROOPS AND MAKE THEM REALLY REALIZE THE GREAT SERVICE THEY'RE DOING FOR OUR COUNTRY?
DIMON: WELL FIRST DAVID, LET ME JUST TELL YOU, I'M THRILLED TO SEE YOU ON THE SHOW AND GETTING THROUGH YOUR TREATMENTS AND ALL THAT. FOR ALL THE PEOPLE IN THE TV, I MEAN, DAVID NOVAK IS ONE OF THE GREAT BUSINESS LEADERS OF THE LAST 30 OR 40 YEARS. AND DAVID, YOU TAUGHT US ALL A LOT BECAUSE I REMEMBER WHEN WE WENT PUBLIC AT YUM BRANDS – THERE IS THIS THOUGHT OUT THERE THAT BUSINESSES KIND OF – YOU HAVE TO CRAWL OVER BROKEN GLASS TO SUCCEED, YOU HAVE TO KILL THE OTHER GUY. AND WHAT IS REALLY IS THAT YOU HAVE TO LEARN THAT PEOPLE HAVE TO LEARN TO WORK TOGETHER. SOMETIMES IT'S MORE ABOUT HEART THAN IT IS ABOUT MIND. AND YOU WORK WITH THE GREAT ANDY PEARSON AND IT WAS AMAZING TO WATCH THE TWO OF YOU GUYS BOND AND LEARN FROM EACH OTHER. AND THE THING HE LEARNED FROM YOU WAS RECOGNITION. AND RECOGNITION IS ACTUALLY – AND I LEARNED THAT FROM YOU. I DIDN'T QUITE FULLY UNDERSTAND IT UNTIL I SAW YOU DO IT. BUT IT'S NOT JUST THAT YOU ARE RECOGNIZING OTHER PEOPLE. AT THE HEART OF RECOGNITION IS YOU'RE ACKNOWLEDGING YOU DON'T KNOW IT ALL. YOU'RE ACKNOWLEDGING OTHER PEOPLE ARE REALLY GOOD. YOU'RE APPLAUDING OTHER PEOPLE FOR THEIR CONTRIBUTIONS. YOU'RE TELLING THEM THAT YOU WANT TO HEAR WHAT THEY HAVE TO SAY. IT KIND OF OPENS UP A WHOLE OTHER DOOR OF MANAGEMENT, IF IT'S DONE RIGHT, AND IT FEEDS RIGHT INTO THAT PART – I SAY GOOD MANAGEMENT IS ALSO ABOUT THE HEART. IT'S ABOUT PEOPLE TRUSTING YOU AND PEOPLE KNOWING YOU GIVE A DAMN. AND IN OUR BUSINESS, OBVIOUSLY, I WORRY ABOUT WHAT DOES IT MEAN WHEN WE HAVE THESE – THAT WE HAVE TO PROTECT OUR COMPANY, SERVE OUR CLIENTS. SO EVERYDAY WHEN I COME IN, WE SAY TO THE TROOPS, LOOK, WE'RE GOING TO SATISFY THE REGULATORS. OBVIOUSLY, WE'RE GOING TO TAKE A LOT OF HEAT IN THE PRESS, BUT DO A GREAT JOB FOR YOUR CLIENTS. AND WE ARE DOING A GREAT JOB FOR OUR CLIENTS. WE HAVE A GREAT COMPANY AND WE'RE DOING A GREAT JOB FOR OUR CLIENTS AND THAT'S WHAT, AT THE END OF THE DAY, REALLY MATTERS.
SCOTT WAPNER: JAMIE, IT'S SCOTT. I'D LIKE TO ASK YOU ABOUT THE SORT OF PERCEPTION OF THE LARGE BANKS. ON APRIL 5, YOU WROTE AN OP-ED IN THE WALL STREET JOURNAL ON HOW LARGE AND SMALL BANKS SHOULD BE ALLIES RATHER THAN ENEMIES. SOMEBODY WITH THE INDEPENDENT COMMUNITY BANKERS ASSOCIATION RESPONDED BY SAYING, AND I'D LIKE YOUR REACTION TO IT IF YOU WOULD, "JUST BECAUSE JAMIE DIMON SAYS LET'S SING KUMBAYA, DOESN'T MEAN COMMUNITY BANKS ARE GOING TO JUST LINE UP LIKE A GREEK CHORUS. THIS IS JUST AN ATTEMPT TO LINK THE INTERESTS OF MEGA BANKS TO COMMUNITY BANKS IN ORDER TO MITIGATE THE POLITICAL HEAT THAT IS ON THEM RIGHT NOW. CEOs OF ALL OF THE TOO BIG TO FAIL BANKS ARE CLEARLY WORRIED ABOUT THE POLITICAL CLIMATE." HOW WOULD YOU RESPOND TO THAT?
DIMON: I THINK THE GUY WHO WROTE THAT IS A JERK, OK? AND YOU KNOW, THE FACT IS, I WAS STATING A FACT. WE ARE ONE OF THE BIGGEST BANKS TO COMMUNITY BANKS. WE TO DO MORTGAGE LENDING TO THEM, WE DO SECURITIES FOR THEM, WE DO FX FOR THEM, WE RAISE MONEY FOR THEM. YOU KNOW, WE BANK – I'VE GOT ABOUT 800 OF THEM OR SOMETHING LIKE THAT. THE AMERICAN ECONOMY IS SYMBIOTIC. EVERY SINGLE TIME PEOPLE DO WELL SOMEWHERE, IT HELPS OTHER PEOPLE. SMALL BUSINESS, MIDDLE MARKET AND LARGE ARE SYMBIOTIC. WE ALSO BANK, YOU KNOW, HUGE COMPANIES IN 40 COUNTRIES AROUND THE WORLD. AND YOU KNOW, A COMMUNITY BANK CAN'T DO THAT. I'M COMPLETELY SYMPATHETIC TO THE COMMUNITY BANK SAYING THAT SOME OF THESE REGULATIONS ARE KILLING US, THESE REGULATORS WERE MEANT FOR LARGE BANKS. I AGREE WITH THAT. I WANT THEM TO HAVE, YOU KNOW, SOME OF THESE BURDENS REDUCED FROM THEM WHETHER OR NOT THEY ARE REDUCED ON US. I COMPLETELY AGREE WITH THAT. BUT YOU KNOW, AT THE END OF THE DAY, WE HAVE BEEN THERE FOR OUR CLIENTS THROUGH THICK AND THIN, AND I MEAN THICK AND THIN INCLUDING THOSE COMMUNITY BANKS. YOU KNOW, THERE ARE A LOT OF BANKS OUT THERE WHO YOU KNOW, WE WERE THERE FOR THEM WHEN THEY HAD NOWHERE ELSE TO GO TO. YOU KNOW, WHAT PEOPLE FORGET ABOUT BANKS IS THAT WE ROLLED OVER – ALL OF US, ALL OF THE BIG BANKS – TRILLIONS OF DOLLARS OF LOANS IN THE CRISIS WHEN EVERYBODY ELSE WAS RUNNING TO THE EXITS. EVERYBODY. AND I'M TALKING ABOUT HEDGE FUNDS, INVESTORS, INDIVIDUALS. BUT WE ROLLED OVER THE LOANS TO MIDDLE MARKET COMPANIES, SMALL BUSINESSES, SMALL BANKS. AND I JUST THINK THIS BANK ON BANK VIOLENCE AND EVEN THIS COMPANY TO COMPANY VIOLENCE IS JUST WRONG. WE SHOULD STOP. IT IS KIND OF DENIGRATING – AT ONE POINT IT DENIGRATES OUR COUNTRY. WE SHOULD WORK TOGETHER TO GET THINGS RIGHT AND I THINK THE BUSINESS COMMUNITY SHOULD BE MORE OF ONE VOICE TO MAKE SURE THAT WE TRY TO BUILD CONDUCIVE TO GROWING BUSINESS. 145 MILLION PEOPLE WORK IN AMERICA. 125 MILLION WORK FOR BUSINESS. THAT'S WHERE THE JOBS COME FROM AND THAT'S WHAT WE HAVE TO GROW AND THEN THAT WILL HELP ALL THESE OTHER ISSUES THAT PEOPLE TALK ABOUT ALL THE TIME, PART OF WHICH ARE CAUSING THE ANGER IN THE POPULATION.
KELLY EVANS: WHERE DOES THAT LEAVE, JAMIE, SOME OF THE START UP ONLINE LOAN PLATFORMS, ESPECIALLY WITH YOU BEING OUT IN SILICON VALLEY AND THE WAY THAT SENTIMENT HAS TURNED KIND OF SOUR AGAINST LENDING CLUB AND THESE OTHER PLATFORMS?
DIMON: WHEN YOU SAY SENTIMENT, OK, SENTIMENT IS YOU. IT'S THE PRESS. YOU LOVE THEM AND THEN HATE THEM AND YOU GO UP AND DOWN, STUFF LIKE THAT. I AM A GREAT BELIEVER THAT IT IS A WONDERFUL THING IN AMERICA THAT PEOPLE TRY TO COMPETE WITH EACH OTHER. IT'S CALLED CAPITALISM. OF COURSE COMPANIES ARE LOOKING FOR WEAKNESSES IN BANKS AND THINGS THEY CAN DO FASTER. BUSINESS GROWS WHEN THEY CAN DO SOMETHING BETTER, FASTER, QUICKER OR CHEAPER FOR A CUSTOMER. AND IF THEY CAN DO THAT BETTER THAN ME, SO BE IT. I HAVE TO LEARN TO GET BETTER OR I LOSE. SO, SOME OF THEM – LOOK, I THINK SOME OF THESE ONLINE LENDERS ARE QUITE GOOD AT WHAT THEY'RE DOING. IT'S NOT – YOU KNOW, JEFF BEZOS ALWAYS SAYS YOUR MARGIN IS MY OPPORTUNITY. IN THIS CASE, SOME ARE MORE EXPENSIVE. BUT WHAT THEY HAVE DONE, YOU KNOW, THEY'RE QUITE GOOD IN SILICON VALLEY – NOT JUST THEIR TECHNOLOGY, BUT MAKING IT SIMPLER FOR THE CUSTOMER. GOING ONLINE AND GETTING A LOAN IN 15 MINUTES AS OPPOSED TO 15 DAYS THROUGH A BANK. SO YOU KNOW, MY ATTITUDE IS THAT THOSE ARE GREAT STUFF. IF THEY CAN MAKE IT BETTER, THEY SHOULD. THE BIGGEST ISSUE WITH ONLINE LENDERS, WHICH I'VE BEEN VERY CONSISTENT ABOUT THIS, AND THEY CALL MARKETPLACE BORROWERS, IF THEY HAVE TO BORROW IN THE MARKETPLACE – INDIVIDUALS, HEDGE FUNDS OR SECURITIZED MARKETS – THEY WON'T BE THERE IN TOUGH TIMES. AND THAT'S THEIR PROBLEM. NOT THE OTHER SIDE OF IT. AND SO YOU SAW THAT JANUARY TO FEBRUARY, YOU SAW A LOT OF THEM LOOKING FOR DIVERSIFIED SOURCE OF FUNDING. I THINK, I MEAN, I WAS WITH ONE YESTERDAY, I THINK HE'S JUST REALLY GOOD. SO YOU HAVE TO EVALUATE THEM ONE BY ONE. I JUST DON'T WANT TO DRAW THEM ALL WITH THE SAME BRUSH.
KERNEN: JAMIE, YOU'VE BEEN OUTSPOKEN ON THE REGULATORY HEADWINDS THAT YOU'VE BEEN FACING. I THINK YOU GO TO WORK MAYBE WITH THE HELMET ON SOME DAYS. SO HERE WE ARE, BERNIE SANDERS WON AGAIN YESTERDAY. ELIZABETH WARREN IS, YOU KNOW, A DEMAGOGUE IN THE DEMOCRATIC PARTY. NEEL KASHKARI THINKS BIG BANKS SHOULD BROKEN UP. DO YOU EXPECT THE REGULATORY ENVIRONMENT OVER THE NEXT FOUR YEARS TO BE GREATER THAN, EQUAL TO, OR LESS THAN THE LAST EIGHT YEARS?
DIMON: OH, I THINK IT'S SLOWLY GETTING BETTER. WHEN I TRAVEL AROUND AMERICA I GET A HUGE AMOUNT OF COMPLAINTS ABOUT REGULATION. SMALL BUSINESS, MIDDLE MARKET, LARGE COMPANIES. I MEAN, THERE IS NO QUESTION THAT IT IS PART OF WHAT'S SLOWING DOWN THE ECONOMY. AND I DO THINK, I'M HOPING – I DON'T KNOW, JOE, BUT I'M HOPING THE NEXT PRESIDENT LOOKS AT IT AND SAYS WHAT'S THE GOOD REGULATIONS? WHAT ARE THE ONES THAT ARE JUST HAMPERING AND HAVEN'T CREATED GOOD? AND IT'S A NORMAL THING TO LOOK AT THEM AND CLEAN THEM UP AND MAKE SURE WE ARE DOING THE RIGHT THING TO PROTECT THE PEOPLE, PROTECT THE CONSUMER, BUT ALSO, PROTECT THE ECONOMY.
KERNEN: THAT'S FUNNY. SO IT CAN'T GET ANY WORSE? THAT'S AMAZING WITH THE RHETORIC THAT WE HAVE ON REALLY BOTH SIDES. BUT I THINK YOU'RE PROBABLY RIGHT. I MEAN, HOW COULD IT GET WORSE?
NOVAK: HEY, JUST CHANGING SUBJECT A LITTLE BIT. I KNOW JPMORGAN CHASE IS DOING A LOT WITH DETROIT. WHAT'S GOING ON THERE AND WHY, JAMIE?
DIMON: YEAH, SO ONE OF THE THINGS, OBVIOUSLY, THE MOST IMPORTANT THING WE DO AS A BANK IS THE BANK CONSUMERS AND SMALL AND LARGE BUSINESSES IN THE CITY, AND THAT'S WHAT WE DO IN DETROIT. BUT WHAT WE SAW IN DETROIT WAS A GOVERNOR, A REPUBLICAN GOVERNOR, A DEMOCRATIC MAYOR, WHO SAID WE'VE GOT TO FIX THIS CITY. THE POPULATION HAD GONE FROM 1.8 MILLION TO SOMETHING LIKE 700,000 PEOPLE OVER 30 YEARS. IT WAS A TRAIN WRECK THAT YOU COULD HAVE SEEN 20 YEARS AGO. TWO FORMER MAYORS WERE IN JAIL AND THEY SAID WE'VE GOT TO FIX IT. BUT FIXING IT MEANT WE NEED JOBS, WE NEED EDUCATION, WE NEED THE STREET LIGHTS ON, WE NEED THE POLICE GOING TO MORE AREAS, WE NEED TO GET RID OF 40,000 ABANDONED HOMES, WE NEED TO BUILD AFFORDABLE HOUSING. SO THEY HAD TO MAKE PROGRESS ACROSS THIS HUGE FRONT AND THEY HAD TO DO IT ALL AT ONCE. BUT THAT IS THE RIGHT THING FOR THE POPULATION. NOT YELLING AND SCREAMING AT EACH OTHER. AND SO WE SAID WE'RE ALL IN. WE'RE GOING TO HELP THESE GUYS. AND WE SENT A TEAM OF PEOPLE UP TO DETROIT, LITERALLY FOR A LONG PERIOD OF TIME, SAID WHAT CAN WE DO TO HELP TO HELP ACCELERATE THIS. AND WE DO THINGS LIKE START AFFORDABLE HOUSING, START ENTREPRENEURS. WE'VE BEEN UP THERE MANY TIMES. WE HAVE GIVEN A LOT OF ADVICE FOR NOT FOR PROFITS. AND THAT MAYOR IS UNBELIEVABLE. ACTUALLY, THE POPULATION FROM WHAT WE CAN ESTIMATE, HAS ACTUALLY STARTED TO GROW AGAIN.
NOVAK: THAT'S GREAT.
DIMON: COMPANIES ARE MOVING IN, THERE'S AFFORDABLE HOUSING. WE'RE TRAINING KIDS IN ROBOTICS THAT ARE IMMEDIATELY HIRED FOR JOBS AT THE LOCAL MANUFACTURING COMPANIES. AND IT'S STARTING TO WORK. AND I'M HOPING THAT IF IT DOES WORK, WE LOOK BACK ONE DAY AND THIS HAS BEEN A RENAISSANCE AND AN EXAMPLE OF AMERICA, AFTER HAVING MADE A MISTAKE, COMING TOGETHER AND FIXING IT.
WAPNER: JAMIE, THIS IS SCOTT AGAIN. COULD YOU HAVE FORESEEN THE KIND OF MARKET REACTION THAT TOOK PLACE AFTER YOU BOUGHT SHARES OF JPMORGAN? AROUND THESE PARTS WE'RE CALLING IT THE DIMON BOTTOM. THE DOW'S UP 12% OR SO SINCE THEN AND FINANCIAL STOCKS HAD DONE WELL SINCE YOU MADE THAT MOVE.
DIMON: LISTEN, IT COULD JUST AS EASILY HAVE GONE DOWN AFTER I BOUGHT IT AND YOU'D ALL COMMENT AND SAY DIMON IS AS DUMB AS ALL OF THE OTHER STOCK BUYERS. I BOUGHT IT BECAUSE I THOUGHT MY STOCK WAS VERY CHEAP. I THOUGHT PEOPLE WERE MASSIVELY OVERREACTING TO SOME OF THE NEWS AROUND THE WORLD. AND FORTUNATELY, IT HAPPENED THAT WAY AND I SEE HOW RISKY IT IS NOW THAT THAT GOT SO MUCH PRESS.
WAPNER: YEAH.
KERNEN: I JUST SAID, YOU KNOW – HOW MUCH DID YOU BUY, JAMIE? YOU'RE A BILLIONAIRE.IT'S LIKE YOU FOUND SOME POCKET CHANGE IN YOUR COUCH CUSHION.
WAPNER: BUT IT WAS A – JAMIE –
KERNEN: I KNOW, I KNOW. THAT WAS NOT A COMMENTARY ON THE MARKET, IT WAS A COMMENTARY ON HIS STOCK.
WAPNER: THE MARKET THOUGH – WHAT DO YOU MAKE THOUGH, JAMIE, THE FACT THAT THE MARKET TOOK IT AS A VOTE OF CONFIDENCE THAT NO MATTER HOW MUCH STOCK YOU BOUGHT, THE FACT THAT AT THAT MOMENT, ON FEBRUARY 10th OR WHENEVER IT WAS – 10THOR THE 11TH– IT MARKED A NEAR-TERM BOTTOM AT LEAST FOR THE MARKET. THAT PEOPLE SAW WHAT YOU DID AND SAID, OKAY, IF JAMIE'S JUMPING IN TO HIS STOCK AT THIS TIME, MAYBE WE SHOULD START BUYING STOCKS AGAIN.
DIMON: I THINK IT WAS SERENDIPITY THAT I BOUGHT AT THE BOTTOM AS OPPOSED TO THAT I MADE THE STOCK MARKET GO UP. REMEMBER, THE STOCK MARKET HAS, YOU KNOW, HUNDREDS OF MILLIONS OF PARTICIPANTS MAKING THEIR OWN DECISIONS EVERY DAY. SO I THINK I WAS JUST FORTUNATE ON THE OTHER SIDE.
KERNEN: ALL RIGHT. JAMIE DIMON, THANK YOU FOR CALLING IN. WE APPRECIATE IT.
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