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JP Morgan's Dimon rolls eyes up at gloom and Davos billionaires

February 23, 2016 at 05:54 pm EST

(Reuters) - JP Morgan Chase & Co Chief Executive Jamie Dimon said on Tuesday that current worries over the state of the global economy reminded him of excessive talk of gloom at the elitist World Economic Forum in Davos, Switzerland.

"They (the attendees at Davos) have always been wrong. I went there in 2007 and 2008 and they were wrong back then and then in 2009 they were completely panicked about the whole world," Dimon told an annual investor day in New York.

"Everyone has become a risk expert, fear, fear, fear, fear, fear, fear, fear. Every report that comes out from official institutions says they are worried about the fate of this, there are going to be fire sales of that. It is getting overdone," Dimon said.

The World Economic Forum, held every year in the Swiss ski resort of Davos, focuses on trying to solve the world's problems, such as income inequality.

But Dimon said the best description he had heard of the meeting was that: "It is where billionaires tell millionaires what the middle class feels."

(Reporting by Carmel Crimmins; Editing by Tom Brown)

By Dan Freed

Stocks mentioned in the article

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Jamie Dimon

Mr. James Dimon is a Chairman & Chief Executive Officer at JPMorgan Chase Bank, NA and JPMorgan Chase & Co. and a Member at The Business Council. He became Chairman of the Board on December 31, 2006, and has been Chief Executive Officer and President since December 31, 2005. Mr. Dimon is on the Board of Directors of Harvard Business School and Catalyst; Chairman of the Business Roundtable; and a member of The Business Council. He is also on the Board of Trustees of New York University School of Medicine. He does not serve on the board of any publicly traded company other than JPMorgan Chase. Mr. Dimon was President and Chief Operating Officer following JPMorgan Chase’s merger with Bank One Corporation in July 2004. At Bank One, he was Chairman and Chief Executive Officer from March 2000 to July 2004. Before joining Bank One, Mr. Dimon held a wide range of executive roles at Citigroup Inc., the Travelers Group, Commercial Credit Company and American Express Company. He graduated from Tufts University and received an M.B.A. from Harvard Business School.

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JPMorgan Chase Bank, NA (Investment Management) JPMorgan Chase Bank, NA (Investment Management) Investment ManagersFinance JPMorgan Chase Bank, NA (Investment Management) (JPMC-IM) is the investment management division of JPMorgan Chase Bank, NA, ultimately held by JPMorgan Chase & Co. (NYSE: JPM), a global financial services firm. Headquartered in New York City, JPMC-IM provides asset management services for corporations, institutional investors, hedge funds, governments, healthcare organizations, educational institutions and affluent individuals.	Chief Executive Officer

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