JPMorgan CEO: Facebook's Libra is "an idea that will never be realized"

By Liang CHE

Source: than push

According to Bloomberg News, Jamie Dimon, chief executive of JPMorgan Chase, the largest bank in the US, said Libra, the encryption project for social media giant Facebook, is "an idea that will never be realized."


According to the report, Dimon expressed his views on Libra in a panel discussion at a meeting of the International Finance Institute in Washington on Friday. In addition to indicating that Libra "will never be realized," he added that the idea is not particularly unique, and JPMorgan Chase has also released its own stable coin, JPM Coin.

In the ensuing discussion, Dimon and Morgan Stanley's CEO, James Gorman, also talked about the technical efforts of their respective companies and the risks associated with these developments. JPMorgan’s spending on technology this year exceeded $11 billion, while Morgan Stanley’s budget was $4 billion.

Gorman said that after the financial crisis broke out, the financial industry changed from the first choice of technical talents to the final choice, but the competition for senior talents in the industry is becoming more and more fierce. As more and more bank data is transferred to the cloud, he is concerned about potential risks.

Dimon warned clients that if they allowed a fintech company to access their bank account and the company was hacked, the bank account was lost, not JP Morgan Chase.

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Disclaimer: It is only the author's point of view and does not constitute investment advice. Investment is risky and at your own risk.