JPMorgan Chase to let clients buy bitcoin — despite CEO Jamie Dimon’s skepticism

JPMorgan Chase, nan largest US bank, will soon let clients to bargain bitcoin — contempt CEO Jamie Dimon’s persistent disapproval of nan world’s largest cryptocurrency.

Dimon, 69, announced nan awesome U-turn astatine nan bank’s yearly investor time connected Monday, wherever speculation continued to swirl complete nan early of nan seasoned banker, who has been successful nan apical occupation for astir 2 decades.

“We are going to let you to bargain it,” Dimon told investors. “We’re not going to custody it. We’re going to put it successful statements for clients.”

Dimon has agelong been a vocal skeptic of bitcoin, citing risks for illustration money laundering, and unclear ownership. The Queens autochthonal erstwhile called nan coin “worthless” successful 2021 and a “pet rock” that “does nothing” successful a CNBC question and reply successful Davos past year.

He moreover suggested successful a 2023 Senate grounds that nan authorities should adjacent it down complete fears it is linked to a drawstring of criminal activities.

Meanwhile, crosstown rival Morgan Stanley became nan first awesome slope successful nan United States to let its customers to bargain coins successful August 2024, pinch its CEO Ted Pick vowing to deepen its engagement successful crypto.

JPMorgan’s displacement comes arsenic nan Trump management adopts a much crypto-friendly regulatory situation pursuing 4 years of nan Gary Gensler-led SEC launching ineligible battles against a drawstring of integer plus firms.

JPMorgan’s succession scheme was besides nether nan microscope connected Monday aft calls from apical Wall Street expert Mike Mayo of Wells Fargo for Dimon to rethink his plans to measurement down.

Dimon reiterated that he has plans to stay arsenic executive president of JPMorgan’s committee for a clip aft stepping down from his CEO role.

“Obviously, it’s up to nan board. If I’m present for 4 much years and possibly 2 more, 3 arsenic executive chair. That’s a agelong time. That’s for illustration a batch of nan coming worth of nan world,” he told investors.

Dimon had said astatine JPMorgan’s erstwhile investor time past May that his succession timeline was not 5 years anymore, starring to an contiguous diminution successful nan banal price.

Speculation complete who should return complete peaked astir nan US statesmanlike predetermination past year, since Dimon was floated arsenic a imaginable Treasury caput candidate.

Four names are considered to beryllium successful nan frame: Marianne Lake, nan company’s caput of Consumer & Community Banking, co-CEOs of JPMorgan’s finance banking operations, Doug Petno and Troy Rohrbaugh, and Mary Erdoes, who leads its plus and wealthiness guidance unit.

A seasoned of much than 3 decades astatine JPMorgan, main operating serviceman Jennifer Piepszak was 1 of nan frontrunners to win Dimon until she withdrew from nan title successful January, insisting she did not want nan apical job.