JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said corporate leaders shouldn’t give earnings guidance because they can’t predict the future and should focus instead on long-term performance.
Some CEOs “start making promises they shouldn’t make,” Dimon, 59, said Monday in a Bloomberg Television interview with Stephanie Ruhle. “Don’t make earnings forecasts. You don’t know what’s going to happen every quarter. I don’t even care about quarterly earnings.”
Dimon, who’s also chairman of the biggest U.S. bank, touched on topics including slowing economic growth in China and Europe and why banks settled with regulators after the financial crisis. He offered an upbeat view on the U.S. and said the Federal Reserve raising rates would benefit the country. He again dismissed the idea of running for political office or serving in government.
While many JPMorgan shareholders “completely appreciate” long-term investing, other market participants overreact to short-term results, Dimon said. The New York-based firm last week reported third-quarter profit that missed analysts’ estimates as a slump in trading and mortgage banking drove revenue lower from a year earlier.
JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said corporate leaders shouldn’t give earnings guidance because they can’t predict the future and should focus instead on long-term performance.
Some CEOs “start making promises they shouldn’t make,” Dimon, 59, said Monday in a Bloomberg Television interview with Stephanie Ruhle. “Don’t make earnings forecasts. You don’t know what’s going to happen every quarter. I don’t even care about quarterly earnings.”
Dimon, who’s also chairman of the biggest U.S. bank, touched on topics including slowing economic growth in China and Europe and why banks settled with regulators after the financial crisis. He offered an upbeat view on the U.S. and said the Federal Reserve raising rates would benefit the country. He again dismissed the idea of running for political office or serving in government.
While many JPMorgan shareholders “completely appreciate” long-term investing, other market participants overreact to short-term results, Dimon said. The New York-based firm last week reported third-quarter profit that missed analysts’ estimates as a slump in trading and mortgage banking drove revenue lower from a year earlier.
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