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Jamie Dimon, CEO of JPMorgan Chase, stated when discussing competition in the financial industry that he has begun to detect conditions similar to those preceding the 2008 financial crisis, when a lending boom ultimately ended in disaster. He emphasized that JPMorgan Chase will not engage in high-risk lending to boost net interest income, but some will take risks to generate revenue. Dimon anticipates that the credit cycle will eventually deteriorate, though the timing is uncertain, and he has been warning for months about a potential decline in credit quality. In recent weeks, various industries have been facing significant disruptions from AI, and Dimon believes that there are always variables in the credit cycle, with the software industry potentially being the most affected by AI this time.
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