Dimon Speaks on Financial Reform at World Economic Forum
The World Economic Forum continues its five-day annual meeting on Tuesday with a lineup of sessions focused on risk and growth. The forum is meeting in Davos, Switzerland, to discuss the top issues facing the world right now. As it stands, many, if not most, of them are economic problems, and the agenda is packed with conversations on the financial industry, capitalism, and global economy.
Heading into the event, Professor Klaus Schwab, chairman of the forum, indicated the different U.S. and European debt crises as top issues to address this week. Schwab believes that the world is still in crisis mode, but that many major economies are showing the early stages of a recovery.
The forum wasted no time diving into hot issues. At an early session on the global financial context, moderator Maria Bartiromo, an anchor and managing editor at CNBC, asked JPMorgan Chase (NYSE:JPM) CEO Jamie Dimon if financial institutions like his could come back from the bad sentiment and misdeeds of the past.
“Everyone I know is trying to do a good job for their clients,” Dimon responded. The bank’s multi-billion-dollar loss in 2012 was featured in a dramatic video that kicked off the morning session, and Dimon seemed eager to leave the loss where it was, and move on. He suggested that most banks and business have already come back from whatever crisis plagued them.