The annual letter to shareholders can be a soul-searching exercise for CEOs. In the shareholder letter that Jamie Dimon of J.P. Morgan Chase released last April, he was sober and fretful about the future of big banks. Rightfully so. “The growing competition to banks from each other, shadow banks, fintechs and large technology companies is intensifying and clearly contributing to the diminishing role of banks and public companies…” Dimon writes.
He sees the threat of demise from all sides. Walmart
Jamie Dimon avoids a key point: in some ways, the existential threat facing banks today is their own fault. They overlooked and underserved small businesses, the backbone of job growth in the U.S. economy. Two weeks ago Wall Street Journal reporter Dion…