Chairman and chief executive of JPMorgan Chase, which he has led since 2005 after turning around Bank One.
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Their wordsAnd so, I always look what I call the fat tails and manage that we can handle all the all the fat tails. And not the stress test the Fed gives us, but all the fat tails.
Their wordsif we if if today PEs were 15 as opposed to 23, I say that's a lot less risk. A lot less to fall and you have some upside. I would say at 23, there's not a lot of upside and there's a long way to fall.
Their wordsAnd so, I always look what I call the fat tails and manage that we can handle all the all the fat tails. And not the stress test the Fed gives us, but all the fat tails.
Their wordsif you look at the history of banks from up until 2007, a lot of banks were earning 30% equity. Most of them went bankrupt. We never did that much. Okay, but in '08 and '09, we were fine, and they weren't.
Their wordswe can cut billions of dollars of marketing out tomorrow. We can stop opening branches and save a billion dollars next year. We could do a lot of things. Your margins will go up. Your growth will go down. Your long-term margins will probably get worse.
Their wordsSo, you while we kind of saved the system a lot, we bailed a lot of people out, they made us pay 5 billion dollars on the more the bad mortgages that Bear Stearns had done. And that's what made me make the statement I wouldn't do it again.
Their wordsSo you if you look at the leverage in some of these securitization books and mortgage books if you have 30 times leverage and you're getting 20% of the profits you'll go to 40 times leverage. It's just going to it's literally will add you know 25% to your bonus.
Their wordsThere are no winks there are no nods there are no side deals there's almost no one paid on a particular thing because if you're paid on a particular thing you can do the wrong thing and meanwhile not helping the company you know manage its risk or something like that.
Their wordsI've always been very risk-conscious. And risk-conscious does not mean getting rid of risk. It means properly pricing it and understanding the potential outcomes.