JPMorgan CEO Jamie Dimon: S&P Downgrade 'Just An Opinion'
Amidst downgrades, debt crises and declining stocks, one of Wall Street's biggest names is keeping it cool.
On Wednesday, Jamie Dimon, CEO of JPMorgan Chase, told CNBC Tuesday that despite the current state of the economy, it's been "business as usual" at JPMorgan.
And while Standard and Poor's credit downgrade of the U.S. cause an onslaught of emotional reactions, and preceded the sixth-worst point loss in Dow Jones history, Dimon isn't so concerned. He says S&P ratings don't carry quite the weight that many assume.
"I think people have their right to their opinions and S&P is just an opinion," Dimon said, referring to the downgrade. "Most people I speak to in the marketplace, the big participants, they don't rely on S&P ratings."
As for the European debt crisis, Dimon gave no indication JPMorgan would be running for the hills. "We have manageable exposure to all of the [European] banks," he said. "We won't cut and run."
To Dimon, the show must go on, despite the recently winding ways of the market.
"Markets are volatile, probably for pretty good reasons," Dimon explained. "[There's] a lot of uncertainty in the world out there, but we will still open branchs tomorrow and hire bankers tomorrow and create clients tomorrow."
Watch Jamie Dimon's appearance on CNBC here: