London Daily

Focus on the big picture.
Thursday, Jul 31, 2025

Jamie Dimon says JPMorgan Chase should absolutely be 'scared s---less' about fintech threat

Jamie Dimon says JPMorgan Chase should absolutely be 'scared s---less' about fintech threat

JPMorgan Chase CEO Jamie Dimon has watched while a new breed of fintech players, led by PayPal, Square and tech giants around the world have exponentially grown users and market value.
His message to the management team of his $3.4 trillion banking goliath: Be frightened.

“Absolutely, we should be scared s---less about that,” Dimon said Friday in a conference call with analysts. “We have plenty of resources, a lot of very smart people. We’ve just got to get quicker, better, faster. ... As you look at what we’ve done, you’d say we’ve done a good job, but the other people have done a good job, too.”

Dimon’s blunt assessment was in response to questions from analysts including Mike Mayo of Wells Fargo who pointed out that with rich, tech-like valuations, fintech players have “trounced” the traditional banks in recent years.

Dimon said he sent his deputies a list of global competitors, and that PayPal, Square, Stripe, Ant Financial as well as U.S. tech giants including Amazon, Apple and Google were names the bank needs to keep an eye on. The rivals are also clients of JPMorgan’s commercial and investment banking in many cases, he added.

Competition will be particularly tight in the world of payments, he said: “I expect to see very, very tough, brutal competition in the next 10 years,” Dimon said. “I expect to win, so help me God.”

Dimon added that in some cases, the new players were “examples of unfair competition” that the bank would do something about eventually. He included players that take advantage of richer debit-card revenue for small banks and firms Dimon accused of not taking precautions against money laundering.

He specifically called out Plaid, the payments start-up whose acquisition by Visa recently collapsed, saying “people who improperly use data that’s been given to them, like Plaid.”

Plaid CEO Zach Perret declined to directly respond to the accusation during an interview with CNBC’s David Faber, adding that Plaid is spending time with the bank on a partnership.

When contacted for further comment, a Plaid spokeswoman said the company is “focused on ensuring people have access to their own financial information so they can securely share it with permission in order to use the fintech apps they choose.”

She added that “data privacy and security are core to everything we do, including the data exchange agreements we have with JPMorgan Chase among many other banks.”
#ANT 
Newsletter

Related Articles

0:00
0:00
Close
Former Judge Charged After Drunk Driving Crash Kills Comedian in Brazil
Jeff Bezos hasn’t paid a dollar in taxes for decades. He makes billions and pays $0 in taxes, LEGALLY
China Increases Use of Exit Bans Amid Rising U.S. Tensions
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Procter & Gamble to Raise U.S. Prices to Offset One‑Billion‑Dollar Tariff Cost
House Republicans Move to Defund OECD Over Global Tax Dispute
Botswana Seeks Controlling Stake in De Beers as Anglo American Prepares Exit
Trump Administration Proposes Repeal of Obama‑Era Endangerment Finding, Dismantling Regulatory Basis for CO₂ Emissions Limits
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
A family has been arrested in the UK for displaying the British flag
Mel Gibson refuses to work with Robert De Niro, saying, "Keep that woke clown away from me."
Trump Steamrolls EU in Landmark Trade Win: US–EU Trade Deal Imposes 15% Tariff on European Imports
ChatGPT CEO Sam Altman says people share personal info with ChatGPT but don’t know chats can be used as court evidence in legal cases.
The British propaganda channel BBC News lies again.
Deputy attorney general's second day of meeting with Ghislaine Maxwell has concluded
Controversial March in Switzerland Features Men Dressed in Nazi Uniforms
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
Thai Civilian Death Toll Rises to 12 in Cambodian Cross-Border Attacks
TSUNAMI: Trump Just Crossed the Rubicon—And There’s No Turning Back
Over 120 Criminal Cases Dismissed in Boston Amid Public Defender Shortage
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
Trump Announces $550 Billion Japanese Investment and New Trade Agreements with Indonesia and the Philippines
US Treasury Secretary Calls for Institutional Review of Federal Reserve Amid AI‑Driven Growth Expectations
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Severe Flooding in South Korea Claims Lives Amid Ongoing Rescue Operations
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
CEO Resigns Amid Controversy Over Relationship with HR Executive
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
US Revokes Visas of Brazilian Corrupted Judges Amid Fake Bolsonaro Investigation
U.S. Congress Approves Rescissions Act Cutting Federal Funding for NPR and PBS
North Korea Restricts Foreign Tourist Access to New Seaside Resort
Brazil's Supreme Court Imposes Radical Restrictions on Former President Bolsonaro
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Judge Criticizes DOJ Over Secrecy in Dropping Charges Against Gang Leader
Apple Closes $16.5 Billion Tax Dispute With Ireland
Von der Leyen Faces Setback Over €2 Trillion EU Budget Proposal
UK and Germany Collaborate on Global Military Equipment Sales
Trump Plans Over 10% Tariffs on African and Caribbean Nations
Flying Taxi CEO Reclaims Billionaire Status After Stock Surge
Epstein Files Deepen Republican Party Divide
Zuckerberg Faces $8 Billion Privacy Lawsuit From Meta Shareholders
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
SpaceX Nears $400 Billion Valuation With New Share Sale
×