JP Morgan CEO Dimon fears for future of EU
Executive believes the US economy is showing positive signs in the run up to the presdiential election
Updated : 09:29
Jamie Dimon, CEO of US investment bank JP Morgan Chase, has spoken of the possibility of the breakup of the European Union in the wake of Britain's vote to leave the bloc.
In an interview with CNBC, the powerful executive said that Europe faced tumultuous times after the referendum on June 23.
When asked about whether it could signal the end for the European project in the near future, Dimon did not hold back.
"Unfortunately, that could be one of the fat-tail outcomes of Brexit," he said, adding that "It may take more than five years, but may very well happen."
However, he did say that the outlook for the US is a distinctly more positive one. Despite staff cuts by many of the major US banks, JP Morgan said it would be hiring more employees and opening more branches on the back of improved earnings this year.
"If we can find a good place to open a branch, we'll open a branch," he said. ""I wouldn't be over-sensitive to short-term data," the chairman and CEO said in Irvine, California.
Dimon refused to specify whether he would be supporting Donald Trump or Hillary Clinton in the upcoming US presidential election, and said regardless of who the new occupant of the White House is, if they make good decisions, the economy will grow at a faster rate than it is currently.
"If the next president focuses on the right things, I think we grow at 4%," Dimon said.