š Dimon isnāt cashing out
Plus: Stall Wars.
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Still bankinā on Jamie
Jamie Dimon isnāt stepping down just yet. On Monday, the longtime JPMorgan Chase CEO said his departure is still āseveral years awayā ā despite saying last year heād likely retire within five years. In the meantime, heās keeping the door open to a post-CEO role as executive chairman.
āI love what I do. I love my country,ā Dimon told Fox News, before adding that his fate lies with āGod and the board.ā That may not be JPMorganās official governance structure, but after nearly 20 years at the helm, Dimonās word still carries considerable weight.
Dimon has led JPMorgan through a financial crisis, economic recoveries, and several reinventions, with the bankās stock rising more than 500% since he became CEO in 2006. A leadership reshuffle in January gave increased responsibility to several potential successors ā 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. āThat includes small businesses, high-yield debt, real estate loans,ā he said. āThatās why you should worry about volatility.ā
For now, Dimonās staying right where he is ā watching markets, steering the bank, and holding onto the top job a little bit longer. Quartzās Joseph Zeballos-Roig has more on the JPMorgan Chase CEOās long goodbye.
Truce or dare
The fragile U.S.āChina tariff truce may be wearing thin. Over the weekend, Chinaās Ministry of Commerce accused the U.S. of āundermining Chinaās interestsā and threatened āforceful measuresā in response ā 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 dĆ©tente. China responded by insisting it had āstrictly implementedā the deal and implied the real problem is Washingtonās mixed signals.
And those signals are getting blurrier. Treasury Secretary Scott Bessent admitted last week that talks are āa bit stalledā 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 Trumpās original tariff plan may have been unlawful, allowing those duties to remain ā 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 ā textbook signs of fear and flight. Quartzās Catherine Baab has more on the art of not quite dealing.