Jamie Dimon has a warning for Wall Street: The scramble to juice profits is starting to look uncomfortably familiar.
The longtime JPMorgan Chase CEO said he’s seeing echoes of the years leading up to the 2008 financial crisis, when an aggressive push to make loans ended in disaster.
“Unfortunately, we did see this in ’05, ’06 and ’07, almost the same thing — the rising tide was lifting all boats, everyone was making a lot of money,” Dimon said at the firm’s 2026 company update on Monday.
Today’s buoyant market environment is fueling a similar sense of confidence, he suggested.
“My own view is that people are getting a little comfortable that this is real — that these high asset prices and high volumes mean we won’t have any kind of problem whatsoever. So we’re quite cautious about that.”
Dimon indicated that some competitors may be taking a different approach.
“I see a couple of people doing some dumb things,” Dimon said, adding that some firms are stretching to boost net interest income or claim they’re winning in the markets business.
JPMorgan, he added, is sticking to its own rules — even if that means losing some business.
The competition is stiff.
“All of our main competitors are back — in the United States, in Europe. The Japanese are back here. I mean, everyone’s back. I think that’s good. That’s good for the world, etc. I just don’t know how long it’s going to be great for everybody,” he said.
Dimon’s comments come as worries swirl over risks in the private credit markets.
The JPMorgan CEO has for months cautioned that credit conditions could deteriorate.
In October, Dimon pointed to cracks in the market, citing the high-profile collapse of subprime auto lender Tricolor Holdings and debt-laden auto-parts company First Brands as signs of potential stress.
“When you see one cockroach, there’s probably more,” Dimon said at the time.
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