Interesting article, especially the end: Dimon also spared a few words for cybersecurity threats, an issue that has plagued JP Morgan and other financial institutions in the last year.
"Regarding privacy, I do not believe that most people fully understand what no longer is private and how their information is being bought, sold and used," he wrote. "As a bank, we are appropriately restricted in how we can use our data, but we have found many examples of our data being misused by a third party. We are going to be very aggressive in limiting and controlling how third parties can use JPMorgan Chase data."
The man who runs America's biggest bank can't stop worrying about tech startups. In his annual letter to shareholders this week, JP Morgan CEO Jamie Dimon warned investors and those in the banking industry that "Silicon Valley is coming." "There are hundreds of startups with a lot of brains and money working on various alternatives to traditional banking," Dimon wrote in the letter. "The ones you read about most are in the lending business, whereby the firms can lend to individuals and small businesses very quickly and — these entities believe — effectively by using Big Data to enhance credit underwriting."