đ Dimon isnât cashing out
Plus: Stall Wars.
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Still bankinâ on Jamie
Jamie Dimon isnât stepping down just yet. On Monday, the longtime JPMorgan Chase CEO said his departure is still âseveral years awayâ â despite saying last year heâd likely retire within five years. In the meantime, heâs keeping the door open to a post-CEO role as executive chairman.
âI love what I do. I love my country,â Dimon told Fox News, before adding that his fate lies with âGod and the board.â That may not be JPMorganâs official governance structure, but after nearly 20 years at the helm, Dimonâs word still carries considerable weight.
Dimon has led JPMorgan through a financial crisis, economic recoveries, and several reinventions, with the bankâs stock rising more than 500% since he became CEO in 2006. A leadership reshuffle in January gave increased responsibility to several potential successors â but none appear poised to take the baton just yet.
Dimon also used the interview to sound a familiar alarm: that rising U.S. debt could roil bond markets and widen credit spreads. âThat includes small businesses, high-yield debt, real estate loans,â he said. âThatâs why you should worry about volatility.â
For now, Dimonâs staying right where he is â watching markets, steering the bank, and holding onto the top job a little bit longer. Quartzâs Joseph Zeballos-Roig has more on the JPMorgan Chase CEOâs long goodbye.
Truce or dare
The fragile U.S.âChina tariff truce may be wearing thin. Over the weekend, Chinaâs Ministry of Commerce accused the U.S. of âundermining Chinaâs interestsâ and threatened âforceful measuresâ in response â a notable departure from the cautiously cooperative tone struck just a few weeks ago.
The shift came after President Donald Trump claimed China had violated the recent Geneva agreement, which paused tit-for-tat tariffs in a surprise May dĂ©tente. China responded by insisting it had âstrictly implementedâ the deal and implied the real problem is Washingtonâs mixed signals.
And those signals are getting blurrier. Treasury Secretary Scott Bessent admitted last week that talks are âa bit stalledâ and said progress may depend on a call between Trump and Chinese President Xi Jinping. Meanwhile, a federal appeals court has issued a temporary stay on a ruling that said parts of Trumpâs original tariff plan may have been unlawful, allowing those duties to remain â for now.
Now, boardrooms are bracing... again. A Conference Board survey found that 83% of U.S. CEOs expect a recession within the next 18 months, and markets seem to agree. On Monday morning, Nasdaq and the S&P both slipped, while gold and the VIX spiked â textbook signs of fear and flight. Quartzâs Catherine Baab has more on the art of not quite dealing.