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.
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