Introduction - The case for a golden age of banking
One of the most interesting interviews with a corporate leader I have seen in some time was given by JPMorgan Chase's (JPM) CEO, Jamie Dimon, on June 1. Per the Seeking Alpha transcript, the key and potentially actionable part of this telephone interview reads as follows:
Operator
Is there a bull case for the profitability of the banking industry over time, it just gets more efficient as you get more digitization - you know, fewer Brinks trucks driving cash around?
Jamie Dimon
You guys thought I was kidding when, years ago, I said you’re going to have a golden age of banking. I mean, you’re going to have a golden age of banking. You have a golden age of banking.
In the earlier part of the interview, and following this comment, Mr. Dimon goes on to provide some basic reasons why he has been saying this. Some of the reasons include:
